Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the Company, the Lenders, the Agents, all future holders of the Loans, and their respective successors and assigns, except that the Company may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender. (b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender. (c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c). (d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph. (e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company. (f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h). (g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6. (h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above. (i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 3 contracts
Samples: Credit Agreement (Be Aerospace Inc), Credit Agreement (Be Aerospace Inc), Credit Agreement (Be Aerospace Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its their rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such 101 Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.10 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect; provided that, it is understood and agreed that (A) a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and (B) an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof, (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.18 and 5.23 9.5 with respect to its participation in the Letters of Credit and (A) in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, occurred and (yB) each such Participant shall be subject to the provisions of paragraph (c) of Section 5.20 limitations and (z) a obligations set forth in Sections 2.16, 2.17, 2.18 and 9.5 as if such Participant that would be a Foreign Lender if it were was a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lenderhereunder.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies, financial institutions, investment funds or financial institutions other entities (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $2,500,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's Revolving Commitment and Revolving Loans), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative Agent, the Issuing Lender and the Swing Line Lender, Borrower (to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (Ai) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orApproved Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Borrower nor shall any such sale or assignment be subject to the Administrative Agentminimum assignment amounts specified herein, and (Bii) each Assignee which is so long as no Default or Event of Default shall have occurred and be continuing, any other sale or assignment (except as referred to in subclause (i) above) of a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or the Revolving Loans (without duplication). For purposes of clauses (A) and (B) a Revolving Loan Commitment shall require the consent of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyBorrower. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (xA) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (yB) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall continue to be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of the Revolving Commitment Percentages Percentage arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. On or prior to the Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section 9.6, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Credit Agreement to its designation agreement and an Affiliate or an Approved Fund of such Lender without regard delivering an Commitment Transfer Supplement to the limitations set forth Administrative Agent; provided, however, that (x) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until an Commitment Transfer Supplement has been delivered to the Administrative Agent for recordation on the Register, (y) the failure of such assigning lender to deliver a Commitment Transfer Supplement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment and (z) an Commitment Transfer Supplement between the assigning Lender an Affiliate or Approved Fund of such Lender shall be effective as of the date specified in the first sentence of this Section 12.6(c)such Commitment Transfer Supplement.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. A Loan (and the related Note) recorded on the Register may be assigned or sold in whole or in part upon registration of such assignment or sale on the Register. The entries in the Register shall be conclusive, presumed correct in the absence of manifest demonstrable error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No In the case of an assignment pursuant to the last sentence of Section 9.6(c) as to which an Commitment Transfer Supplement is not delivered to the Administrative 103 Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register on behalf of the Credit Parties. In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall be effective for purposes maintain, as agent of this Amended Agreement unless the Borrower, a register on which it has been enters the name of all participants in such Loans held by it (the "Participant Register"). A Loan recorded in on the Register as provided (and the registered Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Note shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Subsidiaries which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender Borrower and the Administrative Agent hereby confirms that it will not institute against the appropriate Internal Revenue Service Forms (and, if applicable, a Conduit Lender or join any other Person Tax Exempt Certificate) described in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceedingSection 2.19.
Appears in 2 contracts
Samples: Credit Agreement (Belden Inc.), Credit Agreement (Belden CDT Inc.)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that none of the Company Credit Parties may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, in each case in minimum amounts of $1,000,000 (or, if less, the entire amount of such Lender’s Obligations, Commitments or other Credit Documentsinterests). In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of a Participant if such Participant’s participation is not increased as a result thereof), (ii) release the Borrower or any material Guarantor from its obligations under the Guaranty, (iii) release any material portion of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.14, 5.192.15, 5.202.16, 5.21 2.17 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or entities but neither to the Borrower nor any Affiliate of the Borrower (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of (i) $2,500,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating InterestRevolving Commitment and Revolving Loans) and (ii) $1,000,000 (or any lesser amount as approved by the Administrative Agent) with respect to its Tranche B Term Loans (or, if less, the entire amount of such Lender’s Tranche B Term Loans), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative Agent, the Issuing Lender and the Swing Line Lender, Agent (to the extent their consent required) and, so long as no Default or Event of Default has occurred and is required)continuing, the Borrower, and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orApproved Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Borrower nor shall any such sale or assignment be subject to the Administrative Agent, minimum assignment amounts specified herein and (B) each Assignee which is any sale or assignment of a Foreign Lender shall comply with portion of the provisions of Section 5.23(e) Tranche B Term Loan and (h) hereof; and provided, further that the foregoing a Tranche B Term Loan Commitment shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) require the consent of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyBorrower. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby.
(d) The Administrative Agent Agent, acting on behalf solely for this purpose as an agent of and as agent for the CompanyBorrower, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender (except for any assignment by a Lender to an Affiliate of such Lender), as agreed between them, of a registration and processing fee of $3,500 for each Purchasing Lender (except that in the case of contemporaneous assignments by a Lender to more than one Approved Fund managed by the same investment advisor which are not then Lenders hereunder, only a single such $3,500 fee shall be payable for contemporaneous assignments) listed in such Commitment Transfer Supplement and the Company Notes subject to such Commitment Transfer Supplement (for which neither the Borrower, nor any Subsidiary shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretionany obligations for payment or reimbursement), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Commitment Transfer Supplement and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyRegister.
(f) IfEach Credit Party authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Credit Parties and their Affiliates which has been delivered to such Lender by or on behalf of a Credit Party pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter on behalf of a Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of Party in connection with such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit Lender’s credit evaluation of the assigning Lender, the Administrative Agent Credit Parties and the Company) that under applicable law and treaties no Taxes will be required their Affiliates prior to be withheld by the Administrative Agent, the Company or the assigning Lender with respect becoming a party to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.14.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any right to payment of principal and interest under any Note) to secure obligations of such Lender, including without limitation, (i) any pledge or assignment (i) by to secure obligations to a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a in the case of any Lender or a Lender Affiliate which that is a fund or trust or entity that invests in commercial bank loans in the ordinary course of business, any pledge or assignment to its any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in support this Section 9.6 shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall be treated as an assignment thereof which shall not be made without compliance with have any voting rights under this Credit Agreement unless and until the requirements of for assignments set forth in this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender 9.6 are complied with in connection with any foreclosure or similar action taken by such proceedingpledgee or assignee.
Appears in 2 contracts
Samples: Credit Agreement (Nci Building Systems Inc), Credit Agreement (Nci Building Systems Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign assign, transfer or transfer delegate any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking or finance business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents; provided that the holder of any such participation, other than an Affiliate of such Lender, shall not be entitled to require such Lender to take or omit to take any action hereunder except action directly affecting the extension of the maturity of any portion of the principal amount of a Loan, or any portion of interest or fees related thereto allocated to such participation or a reduction of the principal amount or principal payment amount of or the rate of interest payable on the Loans or any fees related thereto, or a release of any Obligor or any substantial portion of the Collateral or the Guarantor Collateral or any increase in participation amounts. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement and the other Credit Loan Documents, the Company and the Administrative Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans Notes are due and or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan Note to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; Note, provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, thereof as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender9.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 2 contracts
Samples: Credit Agreement (Point 360), Credit Agreement (Point 360)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrowers, the Administrative Agent, the Lenders, the Agents, all future holders of the LoansNotes, and their respective successors and assigns, except that the Company Borrowers may not assign or transfer any of its their rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (“Participants”) participating interests in a minimum amount of $250,000 in any Revolving Loan or any Term Loan or other Obligation owing to such Lender, any participating interest of such Lender in the Letters of Credit, Revolving Note or any Term Note held by such Lender, and any Revolving Commitment or any Term Loan Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a any Lender of participating interests to a Participant, (i) such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible for the performance thereof, (iii) such Lender shall remain the holder of any such Loan Revolving Note or any such Term Note for all purposes under this Amended Agreement and Agreement, (iv) the other Credit DocumentsBorrowers, the Company Borrowers’ Agent and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and (v) the other Credit Documents; provided, however, agreement pursuant to which such Participant acquires its participating interest herein shall provide that such Lender shall notretain the sole right and responsibility to enforce the Obligations, including, without limitation the right to consent of the Participant, or agree to any amendment, modification, consent or waiver with respect to this Agreement or any other modification described Loan Document, provided that such agreement may provide that such Lender will not consent or agree to any such amendment, modification, consent or waiver with respect to the matters set forth in Section 12.1(iSections 9.1(a) that affects through (e) without the prior consent of such Participant. The Company Each Borrower agrees that if amounts outstanding under this Amended Agreement Agreement, the Revolving Notes, the Term Notes and the Loans Loan Documents are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have have, to the extent permitted by applicable law, the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Revolving Note, any Term Note or other Loan Document to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any LoanRevolving Note, any Term Note or other Loan Document; provided provided, that such Participant shall only be entitled to such right of setoff if it shall have agreed in be subject to the agreement pursuant to which it shall have acquired its participating interest obligation of such Participant to share with the Lenders, and the Lenders the proceeds thereofagree to share with such Participant, as provided in Section 12.78.11. The Company Each Borrower also agrees that each Participant shall be entitled to the benefits of Sections 5.122.18, 5.192.19, 5.202.20, 5.21 2.21 and 5.23 9.2 with respect to its participation in the Letters of Credit Revolving Commitments, Term Loan Commitments, Revolving Loans and in the Commitments and the Loans outstanding from time to timeTerm Loans; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Each Lender may, in the ordinary course of its business and in accordance with applicable lawfrom time to time, with the prior written consent of the Issuing Lender Administrative Agent and the Swing Line Lender Borrowers’ Agent (in the case neither of the Revolving Credit Facilitywhich consents shall be unreasonably withheld or delayed; and if an Event of Default shall have occurred and be continuing, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written then consent of the Company Borrowers’ Agent shall not be required), assign to other lenders (subject “Assignees”) all or part of its rights or obligations hereunder or under any Loan Document in a minimum amount of $1,000,000 evidenced by any Revolving Note then held by that Lender, together with equivalent proportions of its Revolving Commitment, any Term Note then held by that Lender, its Term Loan Commitment pursuant to written agreements executed by such assigning Lender, such Assignee(s), the penultimate sentence of this clause (c)) Borrowers and the Administrative Agent (in substantially the form of Exhibit H, which agreements shall specify in each case instance the portion of the Obligations evidenced by the Revolving Notes and Term Notes which is to be assigned to each Assignee and the portion of the Revolving Commitment and Term Loan Commitment of such Lender to be assumed by each Assignee (each, an “Assignment Agreement”); provided, however, that the assigning Lender must pay to the Administrative Agent a processing and recordation fee of $3,500 per assignment. Upon the execution of each Assignment Agreement by the assigning Lender, the relevant Assignee, the Borrowers and the Administrative Agent, payment to the assigning Lender by such Assignee of the purchase price for the portion of the Obligations being acquired by it and receipt by the Borrowers’ Agent of a copy of the relevant Assignment Agreement, (x) such Assignee lender shall thereupon become a “Lender” for all purposes of this Agreement with a pro rata share of the Revolving Commitment and a Term Loan Commitment in the amount set forth in such Assignment Agreement and with all the rights, powers and obligations afforded a Lender under this Agreement, (y) such assigning Lender shall have no further liability for funding the portion of its Commitment assumed by such Assignee and (z) the address for notices to such Assignee shall be as specified in the Assignment Agreement executed by it. Concurrently with the execution and delivery of each Assignment Agreement, the assigning Lender shall surrender to the Administrative Agent the Revolving Note and Term Note a portion of which is being assigned, and the Borrowers shall execute and deliver a Revolving Note and Term Note to the Assignee in the amount of its Revolving Commitment and its Term Loan Commitment, respectively, and a new Revolving Note and Term Note to the assigning Lender in the amount of its Revolving Commitment and Term Loan Commitment, respectively, after giving effect to the reduction occasioned by such assignment, all such Notes to constitute “Revolving Notes” and “Term Notes” for all purposes of this Agreement and of the other Loan Documents.
(d) The Borrowers shall not be unreasonably withheld, conditioned, liable for any costs incurred by the Lenders in effecting any participation under subparagraph (b) of this subsection or delayed), sell to one or more additional banks or financial institutions by the Lenders in effecting any assignment under subparagraph (an “Assignee”), all or any part c) of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, subsection except with respect to the Letters of Credit, Administrative Agent as provided in this Section 9.6.
(e) Each Lender may disclose to any Assignee or Participant and to any prospective Assignee or Participant any and all financial information in such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender possession concerning the Borrowers or any of their Subsidiaries (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and if any) which has been delivered to such Lender by or on behalf of the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale Borrowers or any of their Subsidiaries pursuant to this Section 12.6(c) Agreement or which has been delivered to such Lender by or on behalf of a the Borrowers or any of their Subsidiaries in connection with such Lender’s rights and obligations (I) credit evaluation of such Borrower or any of its Subsidiaries prior to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a entering into this Agreement, provided that prior to disclosing such information, such Lender shall be first obtain the agreement of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (prospective Assignee or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) Participant to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e9.7.
(f) and (h) hereof; and providedNotwithstanding any other provision in this Agreement, further that the foregoing shall not prohibit any Lender may at any time create a Lender from selling participating interests in accordance with Section 12.6(b) in security interest in, or pledge, all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) rights under and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or and any Loan or Letter note held by it in favor of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently federal reserve bank in accordance with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit Regulation A of the assigning LenderBoard or U. S. Treasury Regulation 31 CFR § 203.14, the Administrative Agent and the Company) that such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)law.
(g) For avoidance of doubtNotwithstanding any other provision in this Agreement, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) all Revolving Loan, Term Loan or other Obligations owing to CoBank hereunder that are retained by CoBank for its own account and are not part of a Lender sale of a participation interest or the assignment of any rights or obligations under the Loan or Note Documents, shall be entitled to any Federal Reserve Bank patronage distributions in accordance with applicable law the bylaws of CoBank and its practices and procedures related to patronage distributions and (ii) any Revolving Loan, Term Loan or other Obligations owing to CoBank hereunder that are not retained by CoBank for its own account and are part of a Lender or sale of a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of participation interest or the exercise assignment of remedies any rights or obligations under any such pledge shall be treated as an assignment thereof which the Loan Documents, shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes entitled to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) abovesuch patronage distributions.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 2 contracts
Samples: Credit Agreement (Golden Oval Eggs LLC), Credit Agreement (Golden Oval Eggs LLC)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each LenderLender and no Lender may assign or transfer any of its rights or obligations under this Credit Agreement or the other Credit Documents without the prior written consent of the Borrower, except as otherwise permitted by this Section 11.6.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable lawlaw and, so long as no Event of Default has occurred and is continuing, with the consent of the Borrower (which consent shall not be unreasonably withheld), at any time sell to one or more banks or other financial institutions entities ("Participant" or Lender Affiliates (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, provided, however, that at all times such Lender shall retain for its own account interests in Loans owing to such Lender in an aggregate outstanding principal amount which, when added to the other Credit Documentsaggregate outstanding principal amount of any interests in Loans sold by such Lender to Participants who are Affiliates of such Lender, equals not less than fifty percent (50%) of the aggregate principal amount of all such Lender's outstanding Loans. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or Fees thereon except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any Participant if the Participant's participation is not increased as a result thereof, (ii) release all or substantially all of the collateral, or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.123.6, 5.193.7, 5.203.8, 5.21 3.9 and 5.23 11.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell or assign to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to Agent and, so long as no Event of Default has occurred and is continuing or at any time if any such sale or assignment would increase any amount payable by the penultimate sentence Borrower hereunder, the consent of this clause (c)) and the Administrative Agent Borrower (which in each case consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended AgreementCredit Agreement and the Notes in minimum amounts of $10,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations) if the Purchasing Lender is not a Lender hereunder, or with no minimum amount if the Purchasing Lender is a Lender hereunder, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof so long as no Event of Default has occurred and is continuing, by the Company, the Administrative Agent, the Issuing Lender Borrower and the Swing Line Lender, to the extent their consent is requiredAgent), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted Agent in exchange for the Note delivered to the Agent pursuant to such Commitment Transfer Supplement a new Note to the order of such Purchasing Lender in an amount equal to the Commitment assumed by law)it pursuant to such Commitment Transfer Supplement and, after unless the occurrence transferor Lender has not retained a Commitment hereunder, a new Note to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Except for the expense of executing and during delivering such new Note to the continuance of an Event of Default Agent pursuant to this Section, the Borrower shall not be obligated to pay any transfer fees, costs or expenses to the Agent or any Lender may sell all or in connection with any part of its rights such transfer. Such new Note shall be dated the Closing Date and obligations under this Amended Agreement without shall otherwise be in the consent form of the CompanyNote replaced thereby. Notwithstanding The Note surrendered by the foregoing, any Conduit transferor Lender may assign at any time to its designating Lender hereunder without shall be returned by the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked "canceled."
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 11.2 a copy of each Assignment and Acceptance Commitment Transfer supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender and, in the case of a Purchasing Lender that is not then a Lender (or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, (as agreed between them) of a registration and processing fee of $3,500 (which fee 2,500 for each Purchasing Lender listed in such Commitment Transfer Supplement, and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender each, (a "Transferee") and any permitted prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)this Credit Agreement.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 11.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans Borrower and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security intereststhe Agent the appropriate Internal Revenue Service Forms (and, includingif applicable, without limitation, any pledge or assignment (ia U.S. Tax Compliance Certificate) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) aboveSection 3.9.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 2 contracts
Samples: Credit Agreement (C2 Inc), Credit Agreement (C2 Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrowers, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrowers may not assign assign, transfer or transfer delegate any of its their rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking or finance business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any ------------ Loan owing to such Lender, any participating interest Letter of Credit participated in by such Lender in the Letters of CreditLender, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents; provided -------- that the holder of any such participation, other than an Affiliate of such Lender, shall not be entitled to require such Lender to take or omit to take any action hereunder except action directly affecting the extension of the maturity of any portion of the principal amount of a Loan or Commitment, the expiration of a Letter of Credit Documentsor any portion of interest or fees related thereto allocated to such participation or a reduction of the principal amount or principal payment amount of or the rate of interest payable on the Loans or any fees related thereto or reduction of the amount to be reimbursed under any Letter of Credit, or a release of any Obligor or any substantial portion of the Collateral or the Guarantor Collateral or any increase in participation amounts. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note and the participant in any such Letter of Credit for all purposes under this Amended Agreement and the other Credit Loan Documents, the Company and the Administrative Borrowers and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees Borrowers agree that if amounts outstanding under this Amended Agreement and the Loans Notes are due and or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan Note to the same extent as if the amount continuing of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; Note, provided that such Participant shall only be entitled to -------- such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, thereof as provided in Section 12.79.7. The Company Borrowers also agrees agree that each -------- Participant shall be entitled to the benefits of Sections 5.122.13, 5.19, 5.20, 5.21 2.14 and 5.23 2.15 with respect to its participation in the Letters of Credit and in the Commitments and the Loans and the Letters of Credit outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender of its Affiliates or to any Lender, any Affiliate thereof or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks lenders or financial institutions institutions, which additional lenders shall be subject to the consent of the Borrowers, such consent not to be unreasonably withheld and not to be required if a Default has occurred and is continuing (an “Assignee”), "Purchasing ---------- Lenders") all or any part of its rights and obligations under this Amended Agreement, ------- the Notes and the other Credit Loan Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance substantially in the form of Exhibit C, executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Purchasing Lender and the Swing Line Lender, to the extent their consent is required), such transferor Lender and delivered to the Administrative Agent for its acceptance and recording in the Register; provided Register (as defined in (d) below), provided, that (A) each any such -------- sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a must result in the Purchasing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining having at least $5,000,000 in aggregate amount of obligations under this Agreement, the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company Notes and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyother Loan Documents. Upon such execution, delivery, acceptance and recording, from and after the transfer effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, such assigned portion and as reflected provided in such Assignment and Acceptance, be released from its obligations under this Amended Agreement and the other Loan Documents (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement, the Notes and the other Loan Documents. Notwithstanding anything herein On or prior to the contrary (transfer effective date determined pursuant to such Assignment and Acceptance, the Borrowers, at their own expense, shall execute and deliver to the extent permitted Agent in exchange for the surrendered Note or Notes a new Note or Notes to the order of such Purchasing Lender in an amount equal to the Commitments assumed by law)it pursuant to such Assignment and Acceptance, after and if the occurrence and during transferor Lender has retained a Commitment hereunder, new Notes to the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent order of the Companytransferor Lender in an amount equal to the Commitments retained by it hereunder. Notwithstanding Such new Notes shall be dated the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without Closing Date and shall otherwise be in the consent form of the Company or Notes replaced thereby. The Notes surrendered by the Administrative transferor Lender shall be returned by the Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrowers marked "canceled."
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and -------- the Commitment Commitments of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and and, if such Lender has any Revolving Credit Commitmentapplicable, the L/C Participating Interests ofLetters of Credit participated in by, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrowers, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests and the participant in the Letters of Credit, if applicable, recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrowers or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning a transferor Lender and Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Assignee (and Affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrowers and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent (except in the case of a Lender assigning to its Affiliate) of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion)2,500, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyBorrowers.
(f) The Borrowers authorize each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and ---------- all financial information in such Lender's possession concerning the Borrowers and their Subsidiaries and Affiliates which has been delivered to such Lender by or on behalf of the Borrowers pursuant to this Agreement or any other Loan Document or which has been delivered to such Lender by or on behalf of the Borrowers in connection with such Lender's credit evaluation of the Borrowers and their Subsidiaries and Affiliates prior to becoming a party to this Agreement.
(g) If, pursuant to this Section 12.6Section, any interest in this Amended Agreement or Agreement, any Loan or Letter of Credit or any Note is transferred to any Transferee which would be a Foreign Lender upon is organized under the effectiveness laws of such transferany jurisdiction other than the United States or any state thereof, the assigning transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning transferor Lender and the Agent (for the benefit of the assigning transferor Lender, the Administrative Agent and the CompanyBorrowers) that under applicable law and treaties no Taxes taxes will be required to be withheld by the Administrative Agent, the Company Borrowers or the assigning transferor Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Intereststhe Letters of Credit, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Registertransferor Lender, the Administrative Agent and the Company) such Borrowers either U.S. Internal Revenue Service Forms required Form 4224 or U.S. Internal Revenue Service Form 1001 (wherein such Transferee claims entitlement to be furnished pursuant to Section 5.23(e) and (hcomplete exemption from U.S. federal withholding tax on all interest payments hereunder) and (iii) to agree (for the benefit of the assigning transferor Lender, the Administrative Agent and the CompanyBorrowers) to be bound provide the transferor Lender, the Agent and the Borrowers a new Form 4224 or Form 1001 upon the expiration or obsolescence of any previously delivered form and comparable statements in accordance with applicable U.S. laws and regulations and amendments duly executed and completed by the provisions of Section 5.23(e) such Transferee, and (h)to comply from time to time with all applicable U.S. laws and regulations with regard to such withholding tax exemption.
(gh) For avoidance Nothing herein shall prohibit any Lender from pledging or assigning any of doubtits rights under its Notes, the parties to this Amended Agreement acknowledge that the provisions or, if applicable, its participation in any Letter of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interestsCredit, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6law.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 2 contracts
Samples: Credit Agreement (Entravision Communications Corp), Credit Agreement (Entravision Communications Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the Agents, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower and the Guarantors may not assign or transfer any of its their rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lenderall the Lenders.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower or the Guarantors of any of their rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit DocumentsDocuments (the Participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall be determined as if such Lender had not sold such participation; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended AgreementAgreement and the Notes in minimum amounts of $5,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interestinterests and obligations), pursuant to an Assignment and Acceptance Agreement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate or Approved Fund thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyrecording. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Assignment Agreement, the Borrower, at its own expense and upon reasonable request, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Assignment Agreement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be promptly returned by the Administrative Agent to the Borrower marked “cancelled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 10.3 a copy of each Assignment and Acceptance Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register such register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register such register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an a duly executed Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Agreement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee in the amount of $3,500 for each Purchasing Lender (which fee other than an affiliate of such Lender or an Approved Fund) listed in such Assignment Agreement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Assignment Agreement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Agreement and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender Borrower in connection with any such proceedingLender’s credit evaluation of the Borrower and its Affiliates prior to becoming a party to this Agreement, in each case subject to Section 10.16.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Royal Gold Inc), Revolving Credit Agreement (Royal Gold Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Loans and their respective successors and assignsassigns (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement Agreement, other than in connection with an assignment or transfer otherwise permitted hereunder, without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in without the ordinary course consent of its business and in accordance with applicable lawthe Borrower or the Administrative Agent, at any time sell to one or more banks or other financial institutions or Lender Affiliates (each, a “ParticipantsParticipant”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest interests of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such its Loan for all purposes under this Amended Agreement Agreement, and the other Credit DocumentsBorrower, the Company Issuing Banks, and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in the proviso in the second sentence of Section 12.1(i) 9.1 that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and Without affecting the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed limitations in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereofpreceding sentence, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.2.14,
Appears in 2 contracts
Samples: Credit Agreement (Phillips 66), Credit Agreement (Phillips 66)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign assign, transfer or transfer delegate any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking or finance business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any ------------ Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents; provided that the holder of any such participation, other than an -------- Affiliate of such Lender, shall not be entitled to require such Lender to take or omit to take any action hereunder except action directly affecting the extension of the maturity of any portion of the principal amount of a Loan or any portion of interest or fees related thereto allocated to such participation or a reduction of the principal amount or principal payment amount of or the rate of interest payable on the Loans or any fees related thereto, or a release of any Obligor or any substantial portion of the Collateral or the Guarantor Collateral or any increase in participation amounts. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement and the other Credit Loan Documents, the Company and the Administrative Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans Notes are due and or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan Note to the same extent as if the amount continuing of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; Note, provided that such -------- Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, thereof as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender9.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 2 contracts
Samples: Term Loan Agreement (Entravision Communications Corp), Term Loan Agreement (Entravision Communications Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its their rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to, or supplement, modification or waiver of, this Agreement or any other Credit Document except to the extent such amendment, supplement, modification or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.9 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect; provided that, it is understood and agreed that (A) any waiver, reduction or deferral of a mandatory prepayment required pursuant to Section 2.7(b) and any amendment of Section 2.7(b) or the definitions of Asset Disposition, Debt Issuance, Equity Issuance, or Recovery Event, (B) any waiver of any Default or Event of Default and (C) any increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof, (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.14, 5.192.15, 5.202.16, 5.21 2.17 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies, financial institutions, investment funds or financial institutions other entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended AgreementAgreement and the Notes in minimum amounts of (i) $1,000,000 (or such lesser amount approved by the Administrative Agent and, so long as no Default or Event of Default shall have occurred and be continuing, the Notes and the other Credit Documents and, Borrower) with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating InterestRevolving Commitment and Revolving Loans) and (ii) $1,000,000 (or such lesser amount approved by the Administrative Agent and so long as no Default or Event of Default shall have occurred and be continuing, the Borrower) with respect to its Term Loans (or, if less, the entire amount of such Lender’s Term Loans), pursuant to an Assignment and Acceptance Agreement, executed by such AssigneePurchasing Lender and such transferor Lender, consented to (such assigning Lender (and consent not to be unreasonably withheld or delayed) by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, Borrower (to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orApproved Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Borrower, the Issuing Lender or the Administrative AgentAgent (but shall be accepted and acknowledged by the Administrative Agent for the sole purpose of recording same in the Register) nor shall any such sale or assignment be subject to the minimum assignment amounts specified herein, and (B) each Assignee which is so long as no Default or Event of Default shall have occurred and be continuing, except as provided in the foregoing clause (A), any sale or assignment of a Foreign Lender portion of the Revolving Loans and a Revolving Loan Commitment shall comply with require the provisions consent of Section 5.23(ethe Borrower (such consent not to be unreasonably withheld), (C) except as provided in the foregoing clause (ii), any sale or assignment of a portion of the Term Loan and a Term Loan Commitment shall not require the consent of the Borrower and (hD) hereof; and provided, further that the foregoing shall not prohibit contemporaneous sales and/or assignments to a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Purchasing Lender and its Lender Affiliates, if anyAffiliates and Approved Funds shall be treated as one assignment for purposes of determining compliance with the minimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (x1) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y2) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall continue to be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement and the Notes. On or prior to the Transfer Effective Date specified in such Assignment Agreement, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent pursuant to such Assignment Agreement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be in the form of the Notes replaced thereby. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Agreement to its designation agreement and an Affiliate or a Approved Fund of such Lender without regard delivering an Assignment Agreement to the limitations set forth in Administrative Agent; provided, however, that (x) the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of Credit Parties and as agent for the Company, shall maintain at the address of the Administrative Agent referred may continue to in Section 12.2 a copy of each deal solely and directly with such assigning Lender until an Assignment and Acceptance Agreement has been delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and for recordation on the Lenders shall treat each Person whose name is recorded in Register, (y) the Register as the owner failure of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice such assigning Lender to deliver an Assignment Agreement to the contrary. The Register Administrative Agent shall be available for inspection by not affect the Company legality, validity or any Lender at any reasonable time binding effect of such assignment and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(ez) Upon its receipt of an Assignment and Acceptance executed by an Agreement between the assigning Lender and an Assignee (and by Affiliate or Approved Fund of such Lender shall be effective as of the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent date specified in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyAgreement.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 2 contracts
Samples: Credit Agreement (Orthofix International N V), Credit Agreement (Orthofix International N V)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Loan Agreement shall be binding upon and inure to the benefit of the CompanyBorrowers, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrowers may not assign or transfer any of its rights or obligations under this Amended Loan Agreement or the other Loan Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Revolving Note held by such Lender, any Revolving Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, in each case in minimum amounts of $5,000,000 (or, if less, the entire amount of such Lender's obligations, Revolving Commitments or other Credit Documentsinterests). In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Loan Agreement to the other parties to this Amended Loan Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Revolving Note for all purposes under this Amended Agreement Loan Agreement, and the other Credit Documents, the Company Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Loan Agreement. No Lender shall nottransfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Loan Agreement or any other Loan Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Revolving Note or any installment thereon in which such Participant is participating (it is understood and agreed that no waiver, without reduction or deferral of a mandatory prepayment required pursuant to Section 2.03(b), nor any amendment of Section 2.03(b) or the consent definitions of Debt Issuance or Equity Issuance shall constitute a reduction of the amount of, or an extension of the scheduled date of, any principal installment of any Loan or Revolving Note), or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, agree to and that an increase in any amendment, waiver Revolving Commitment or other modification described in Section 12.1(i) that affects Loan shall be permitted without consent of a Participant if such Participant. The Company agrees that if amounts outstanding 's participation is not increased as a result thereof), (ii) release any guarantor from its obligations hereunto, (iii) release any material portion of the Collateral, or (iv) consent to the assignment or transfer by the Borrowers of any of their rights and obligations under this Amended Agreement and Loan Agreement. In the Loans are due and unpaidcase of any such participation, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to not have any rights under this Loan Agreement or any of the right of setoff other Loan Documents (the Participant's rights against such Lender in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrowers hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.10, 5.192.11, 5.20, 5.21 2.12 and 5.23 9.04 with respect to its participation in the Letters of Credit and in the Revolving Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies or other financial institutions or any funds investing in bank loans (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended AgreementLoan Agreement and the Revolving Notes in minimum amounts of $5,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate thereof, the Administrative AgentAgent and, so long as no Default or Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrowers), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) an existing Lender, an Affiliate of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and Approved Fund shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrowers nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Revolving Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Loan Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Loan Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Loan Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Revolving Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementLoan Agreement and the Revolving Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrowers, at their own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Revolving Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Revolving Notes to the order of such Purchasing Lender in an amount equal to the Revolving Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Revolving Commitment hereunder, new Revolving Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Revolving Commitment retained by it hereunder. Such new Revolving Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Revolving Notes replaced thereby. The Revolving Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled."
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 its principal office a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Revolving Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrowers, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Loan Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrowers or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender (except for any assignment by a Lender to an Affiliate of such Lender), as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Commitment Transfer Supplement and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyRegister.
(f) IfEach Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrowers and their Affiliates which has been delivered to such Lender by or on behalf of the Borrowers pursuant to this Section 12.6, any interest in this Amended Loan Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrowers in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrowers and their Affiliates prior to furnish becoming a party to the assigning Lender (andthis Loan Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.13.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.03 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for federal income tax purposes, the parties respective assignee Lender shall provide to the Borrowers and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.12 Certificate) described in Section 2.12.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Loan Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Revolving Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 2 contracts
Samples: Revolving Loan Agreement (Capital Lease Funding Inc), Revolving Loan Agreement (Capital Lease Funding Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable lawApplicable Law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (each, a “ParticipantsParticipant”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, in each case in minimum amounts of $10,000,000 (or, if less, the entire amount of such Lender’s obligations, Commitments or other Credit Documentsinterests). In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating (except in connection with the extension of the Commitment Termination Date pursuant to Section 2.20), or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of a Participant if such Participant’s participation is not increased as a result thereof), (ii) release any material Guarantor from its obligations under the Guaranty or the Guaranty Agreement (except as otherwise expressly permitted by Sections 5.9, 5.13 or 5.14), (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement or (iv) release all or substantially all of the Collateral. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit DocumentsDocuments (the Participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall be determined as if such Lender had not sold such participation; provided, howeverthat, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.202.18, 5.21 2.19 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) provided, further, that, no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable lawApplicable Law, at any time, sell or assign with the prior written consent of the Administrative Agent and the Issuing Lender and, so long as no Default or Event of Default has occurred and is continuing, the Swing Line Lender Initial Borrower (in the case of the Revolving Credit Facilityeach case, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written which consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies or other financial institutions or any funds investing in bank loans (an each, a “AssigneePurchasing Lender”), all or any part of its rights and obligations under this Amended AgreementCredit Agreement and the Notes in minimum amounts of $10,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating InterestCommitment), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative AgentAgent and, so long as no Default or Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is required)Initial Borrower, and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that consent from the Issuing Lender shall not be required if the Purchasing Lender has a senior unsecured debt rating from any two of S&P, Xxxxx’x and Fitch equal to or higher than A- (A) each such or A3 with respect to Xxxxx’x); provided, further, that any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a another Lender or to an Affiliate or of an existing Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign the Issuing Lender shall comply with or the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyBorrower. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (xi) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (yii) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Initial Borrower marked “cancelled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Initial Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender (except for any assignment by a Lender to an Affiliate of such Lender), as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes, if any, subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register Register, and (iii) unless Initial Borrower’s consent to such assignment is not required give prompt notice of such acceptance and recordation to the Lenders and the CompanyInitial Borrower.
(f) IfEach Credit Party authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its affiliates which has been delivered to such Lender by or on behalf of a Credit Party pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter on behalf of a Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of Party in connection with such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit Lender’s credit evaluation of the assigning Lender, the Administrative Agent Borrower and the Company) that under applicable law and treaties no Taxes will be required its affiliates prior to be withheld by the Administrative Agent, the Company or the assigning Lender with respect becoming a party to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for federal income tax purposes, the parties respective assignee Lender shall provide to the Initial Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6Applicable Laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 2 contracts
Samples: Credit Agreement (Capitalsource Inc), Credit Agreement (Capitalsource Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable lawApplicable Law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (each, a “ParticipantsParticipant”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, in each case in minimum amounts of $10,000,000 (or, if less, the entire amount of such Lender’s obligations, Commitments or other Credit Documentsinterests). In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating (except in connection with the extension of the Commitment Termination Date pursuant to Section 2.20), or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of a Participant if such Participant’s participation is not increased as a result thereof), or (ii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit DocumentsDocuments (the Participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall be determined as if such Lender had not sold such participation; provided, howeverthat, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.202.18, 5.21 2.19 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) provided, further, that, no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable lawApplicable Law, at any time, sell or assign with the prior written consent of the Administrative Agent and the Issuing Lender and, so long as no Default or Event of Default has occurred and is continuing, the Swing Line Lender Initial Borrower (in the case of the Revolving Credit Facilityeach case, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written which consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies or other financial institutions or any funds investing in bank loans (an each, a “AssigneePurchasing Lender”), all or any part of its rights and obligations under this Amended AgreementCredit Agreement and the Notes in minimum amounts of $10,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating InterestCommitment), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative AgentAgent and, so long as no Default or Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is required)Initial Borrower, and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that consent from the Issuing Lender shall not be required if the Purchasing Lender has a senior unsecured debt rating from any two of S&P, Mxxxx’x and Fitch equal to or higher than A- (A) each such or A3 with respect to Mxxxx’x); provided, further, that any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a another Lender or to an Affiliate or of an existing Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign the Issuing Lender shall comply with or the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyBorrower. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (xi) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (yii) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Initial Borrower marked “cancelled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Initial Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender (except for any assignment by a Lender to an Affiliate of such Lender), as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes, if any, subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register Register, and (iii) unless Initial Borrower’s consent to such assignment is not required give prompt notice of such acceptance and recordation to the Lenders and the CompanyInitial Borrower.
(f) IfEach Credit Party authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of a Credit Party pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter on behalf of a Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of Party in connection with such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit Lender’s credit evaluation of the assigning Lender, the Administrative Agent Borrower and the Company) that under applicable law and treaties no Taxes will be required its Affiliates prior to be withheld by the Administrative Agent, the Company or the assigning Lender with respect becoming a party to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for federal income tax purposes, the parties respective assignee Lender shall provide to the Initial Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6Applicable Laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 2 contracts
Samples: Credit Agreement (Capitalsource Inc), Credit Agreement (Capitalsource Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement and the or any other Credit Documents; provided, however, Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon (it being understood and agreed that such Lender any extension or waiver of a mandatory prepayment required pursuant to Section 2.7(b)(ii)-(vi) shall not, without require the consent of the Required Lenders only) in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, agree and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the collateral (if any), or (iv) consent to the assignment or transfer by the Borrower of any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding of its rights and obligations under this Amended Agreement and Credit Agreement. In the Loans are due and unpaidcase of any such participation, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to not have any rights under this Credit Agreement or any of the right of setoff other Credit Documents (the Participant's rights against such Lender in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.15, 5.192.16, 5.20, 5.21 2.17 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Related Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or entities (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment, its Revolving Loans or its Term Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an Affiliate or Related Fund thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orRelated Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender Borrower and the Administrative Agent hereby confirms that it will not institute against the appropriate Internal Revenue Service Forms (and, if applicable, a Conduit Lender or join any other Person 2.18 Certificate) described in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceedingSection 2.18.
Appears in 2 contracts
Samples: Credit Agreement (Intermagnetics General Corp), Credit Agreement (Intermagnetics General Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each LenderLender and no Lender may assign or transfer any of its rights or obligations under this Credit Agreement or the other Credit Documents without the prior written consent of the Borrower, except as otherwise permitted by this Section 11.6.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable lawlaw and, so long as no Event of Default has occurred and is continuing, with the consent of the Borrower if the Participant (as defined below) is not an Affiliate of such Lender (which consent shall not be unreasonably withheld), at any time sell to one or more banks or other financial institutions entities (“Participant” or Lender Affiliates (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Revolving Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, provided, however, that at all times such Lender shall retain for its own account interests in Loans owing to such Lender in an aggregate outstanding principal amount which, when added to the other Credit Documentsaggregate outstanding principal amount of any interests in Loans sold by such Lender to Participants who are Affiliates of such Lender, equals not less than fifty percent (50%) of the aggregate principal amount of all such Lender’s outstanding Loans. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan, Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or Fees thereon except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Revolving Commitment or Loan shall be permitted without consent of any Participant if the Participant’s participation is not increased as a result thereof, or (ii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.123.6, 5.193.7, 5.203.8, 5.21 3.9 and 5.23 11.5 with respect to its participation in the Letters of Credit and in the Revolving Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell or assign (i) to any Lender or any Affiliate thereof, except that any such sale or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, assignment shall be made only with the prior written consent of the Company (subject to Borrower if such sale or assignment would increase any amount payable by the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditionedBorrower hereunder, or delayed), sell (ii) to one or more additional banks or financial institutions (an “AssigneePurchasing Lenders”), except that any such sale or assignment shall be made only with the consent of the Agent and, so long as no Event of Default has occurred and is continuing or at any time if any such sale or assignment would increase any amount payable by the Borrower hereunder, the consent of the Borrower: all or any part of its rights and obligations under this Amended AgreementCredit Agreement and the Notes in minimum amounts of $10,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interestobligations) if the Purchasing Lender is not a Lender hereunder, or with no minimum amount if the Purchasing Lender is a Lender hereunder, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Affiliate thereof so long as no Event of Default has occurred and is continuing, by the Company, the Administrative Agent, the Issuing Lender Borrower and the Swing Line Lender, to the extent their consent is requiredAgent), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that Register (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplicationas defined below). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Revolving Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted Agent in exchange for the Note delivered to the Agent pursuant to such Commitment Transfer Supplement a new Note to the order of such Purchasing Lender in an amount equal to the Revolving Commitment assumed by law)it pursuant to such Commitment Transfer Supplement and, after unless the occurrence transferor Lender has not retained a Revolving Commitment hereunder, a new Note to the order of the transferor Lender in an amount equal to the Revolving Commitment retained by it hereunder. Except for the expense of executing and during delivering such new Note to the continuance of an Event of Default Agent pursuant to this Section, the Borrower shall not be obligated to pay any transfer fees, costs or expenses to the Agent or any Lender may sell all or in connection with any part of its rights such transfer. Such new Note shall be dated the Closing Date and obligations under this Amended Agreement without shall otherwise be in the consent form of the CompanyNote replaced thereby. Notwithstanding The Note surrendered by the foregoing, any Conduit transferor Lender may assign at any time to its designating Lender hereunder without shall be returned by the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked “canceled.”
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 11.2 a copy of each Assignment and Acceptance Commitment Transfer supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Revolving Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender and, in the case of a Purchasing Lender that is not then a Lender (or an Assignee (and Affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, (as agreed between them) of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement, and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender each, (a “Transferee”) and any permitted prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)this Credit Agreement.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 11.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Agent the appropriate Internal Revenue Service Forms (and, if applicable, a U.S. Tax Compliance Certificate) described in Section 3.9.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 2 contracts
Samples: Credit Agreement (Journal Communications Inc), Credit Agreement (Journal Communications Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of each of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Loans and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement Agreement, other than in connection with an assignment or transfer otherwise permitted hereunder, without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in without the ordinary course consent of its business and in accordance with applicable lawthe Borrower or the Administrative Agent, at any time sell to one or more banks or other financial institutions or Lender Affiliates (“Participants”each, a "Participant") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest interests of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such its Loan for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in the proviso in the second sentence of Section 12.1(i) 9.1 that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and Without affecting the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed limitations in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereofpreceding sentence, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.2.14,
Appears in 2 contracts
Samples: Credit Agreement (Phillips 66), Credit Agreement (Phillips 66)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any Participant if the Participant's participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.123.10, 5.193.11, 5.20, 5.21 3.12 and 5.23 10.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Related Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or entities (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Commitment and Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lenderand, to the extent their consent is requiredrequired above, the Administrative Agent and the Borrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall still be entitled to any indemnification rights hereunder). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 10.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee 3,500.00 for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Subsidiaries prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)10.16.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 10.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender Borrower and the Administrative Agent hereby confirms that it will not institute against the appropriate Internal Revenue Service Forms (and, if applicable, a Conduit Lender or join any other Person 3.13 Certificate) described in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceedingSection 3.13.
Appears in 2 contracts
Samples: 364 Day Credit Agreement (Dial Corp /New/), 364 Day Credit Agreement (Dial Corp /New/)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign assign, transfer or transfer delegate any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking or finance business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest Letter of Credit participated in by such Lender in the Letters of CreditLender, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents; provided that the holder of any such participation, other than an Affiliate of such Lender, shall not be entitled to require such Lender to take or omit to take any action hereunder except action directly affecting the extension of the maturity of any portion of the principal amount of a Loan or Commitment, the expiration of a Letter of Credit Documentsor any portion of interest or fees related thereto allocated to such participation or a reduction of the principal amount or principal payment amount of or the rate of interest payable on the Loans or any fees related thereto or reduction of the amount to be reimbursed under any Letter of Credit, or a release of any Obligor or any substantial portion of the Collateral or the Guarantor Collateral or any increase in participation amounts. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note and the participant in any such Letter of Credit for all purposes under this Amended Agreement and the other Credit Loan Documents, the Company and the Administrative Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans Notes are due and or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan Note to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; Note, provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.proceeds
Appears in 2 contracts
Samples: Credit Agreement (Classic Communications Inc), Credit Agreement (Black Creek Management LLC)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Note and their respective successors and assigns, except that the Company Borrower and the Guarantors may not assign or transfer any of its their rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lenderall the Lenders.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any the Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of the Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or the Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower or the Guarantors of any of their rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit DocumentsDocuments (the Participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall be determined as if such Lender had not sold such participation; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended AgreementAgreement and the Note in minimum amounts of Five Million Dollars ($5,000,000) (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interestinterests and obligations), pursuant to an Assignment and Acceptance Agreement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate or Approved Fund thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyrecording. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement. Notwithstanding anything herein to Agreement and the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Note.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 10.3 a copy of each Assignment and Acceptance Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any the Loan owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register such register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register such register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an a duly executed Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Agreement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee in the amount of Three Thousand Five Hundred Dollars ($3,500 3,500) for each Purchasing Lender (which fee other than an affiliate of such Lender or an Approved Fund) listed in such Assignment Agreement and the Company shall have no obligation Note subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Assignment Agreement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Agreement and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender Borrower in connection with any such proceedingLender’s credit evaluation of the Borrower and its Affiliates prior to becoming a party to this Agreement, in each case subject to Section 10.16.
Appears in 2 contracts
Samples: Term Loan Facility Agreement (Royal Gold Inc), Term Loan Facility Agreement (Royal Gold Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrowers, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Loans and their respective successors and assigns, except that the Company neither Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (each, a “ParticipantsParticipant”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest interests of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such its Loan for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in Section 12.1(iclause (a) of the proviso to subsection 9.1 that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and Without affecting the Loans are due and unpaidlimitations in the preceding sentences, the participating banks or other financial institutions, shall have been declared or shall have become due and payable upon the occurrence of an Event of Defaultnot be Lenders hereunder for any purpose except, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the participation agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereofso provides, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections 2.14, 5.192.16, 5.20, 5.21 and 5.23 2.17 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to timetime as if it were a Lender; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to any such Sections subsection than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred; and provided further, (y) each that, in the case of subsection 2.16, such Participant shall be subject to have complied with the provisions requirements of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lendersubsection.
(c) Any Lender other than any Conduit Each Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Borrowers (which shall not be unreasonably withheld and which will not be required during the existence of an Event of Default under subsections 7(g) or (h)), the Same Day Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which except no consent of the Borrowers or the Administrative Agent shall be required in each the case shall not be unreasonably withheld, conditioned, of an assignment to a Lender or delayed), an Affiliate of a Lender) sell or assign to one or more Lenders or additional banks or financial institutions other entities (an a “AssigneePurchasing Lender”), ) all or any a part of its rights and obligations under this Amended Agreement, the Agreement and any Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative Agent, the Issuing Same Day Lender and the Swing Line LenderBorrowers; provided, that, if such sale is not to one or more Lenders and is to an additional lender, (i) such sale shall be in a minimum amount of $10,000,000 and (ii) the extent their consent is required)Commitment retained by such transferor Lender after such sale shall be at least $10,000,000, unless the transferor Lender sells all of its Commitment hereunder. Upon (i) the execution of such Assignment and delivered to the Administrative Agent for its acceptance and recording Acceptance, (ii) delivery of any executed forms required by subsection 2.16, (iii) recordation of such transfer in the Register; provided that Register and (Aiv) each payment by such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Purchasing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights registration and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or processing fee described in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplicationsubsection 9.6(e). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date Transfer Effective Date determined pursuant to such Assignment and Acceptance, Acceptance (x) which shall not be earlier than the Assignee thereunder shall be a party hereto and, to date which is five Business Days after the extent provided in such date the Administrative Agent has received the Assignment and Acceptance), such Purchasing Lender shall for all purposes be a Lender party to this Agreement and shall have all the rights and obligations of a Lender hereunder under this Agreement to the same extent as if it were an original party hereto with the Commitments and Loans a Commitment as set forth therein, therein and (y) the assigning transferor Lender thereunder shall, shall be released from any further obligations under this Agreement to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its assigned interests; if such transferor Lender no longer holds any rights or obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto)“Lender” hereunder except that its rights under subsections 2.14, 2.16, 2.17 and 9.5 shall not be affected. Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of the Commitments and the Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement. Notwithstanding anything herein Upon the consummation of any transfer to the contrary (and a Purchasing Lender pursuant to the extent permitted by lawthis subsection 9.6(c), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoingtransferor Lender, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all and the Borrowers shall make appropriate arrangements so that, if required, a replacement Note is issued to such transferor Lender and a new Note or, as appropriate, a replacement Note, is issued to such Purchasing Lender, in each case in principal amounts reflecting their respective Commitments. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Notes replaced thereby.
(d) The Administrative Agent acting on behalf of and shall maintain, as agent for the CompanyBorrowers, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 9.2, a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrowers, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement. Any assignment of any Loan, notwithstanding any notice whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register. Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance, and thereupon one or more new Notes shall be issued to the contrarydesignated Assignee. The Register shall be available for inspection by the Company either Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment Upon the written request of the Borrowers, the Administrative Agent shall be effective for purposes deliver promptly a copy of this Amended Agreement unless it has been recorded in the Register as provided in this paragraphto the Borrowers.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Companya transferor Lender, the Issuing a Purchasing Lender, the Swing Line Lender Borrowers, the Same Day Lender, and the Administrative Agent to the extent required hereby)Agent, together with payment by the Purchasing Lender to the Administrative Agent of a registration and processing fee of $3,500 from such Purchasing Lender and/or such transferor Lender (which fee including in the Company shall have no obligation case of assignments to pay and which fee may be waived by the Administrative Agent in its discretionAffiliates of assigning Lenders), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Acceptance, (ii) on the effective date Transfer Effective Date determined pursuant thereto, thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyBorrowers.
(f) IfEach Borrower authorizes each Lender to disclose to any Transferee and any prospective Transferee any and all financial information (other than Confidential Information, except as permitted by subsection 9.4) in such Lender’s possession concerning such Borrower which has been delivered to such Lender by such Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred which has been delivered to any Transferee which would be a Foreign such Lender upon the effectiveness by such Borrower in connection with such Lender’s credit evaluation of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) Borrower prior to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)entering into this Agreement.
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section subsection 9.6 concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by law; provided that no such assignment, whether to a Federal Reserve Bank or other entity, shall release a Lender or a Lender Affiliate which is a fund to its trustee in support from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge shall be treated Federal Reserve Bank or other entity for such Lender as a party hereto or permit an absolute assignment thereof which shall not be made without compliance to occur other than in accordance with the requirements such provisions of this Section 12.6subsection 9.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 2 contracts
Samples: 364 Day Credit Agreement (Chevron Phillips Chemical Co LLC), Credit Agreement (Chevron Phillips Chemical Co LLC)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the collateral (if any), or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.15, 5.192.16, 5.20, 5.21 2.17 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Related Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or entities (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment, its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an Affiliate or Related Fund thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orRelated Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender Borrower and the Administrative Agent hereby confirms that it will not institute against the appropriate Internal Revenue Service Forms (and, if applicable, a Conduit Lender or join any other Person 2.18 Certificate) described in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceedingSection 2.18.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrowers may not assign or transfer any of its their rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release all or substantially all of the Collateral, or (iii) consent to the assignment or transfer by the Borrowers of any of their rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrowers hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.18 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate affiliate or Lender Affiliate Related Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Parent Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or entities (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended AgreementAgreement and the Notes in minimum amounts of $5,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interest's interests and obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate or Related Fund thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredParent Borrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Revolving Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrowers, at their own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Parent Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrowers, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Parent Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 3,500.00 for each Purchasing Lender (which fee other than an affiliate of such Lender or a Related Fund) listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyParent Borrower.
(f) IfThe Borrowers authorize each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrowers and their Affiliates which has been delivered to such Lender by or on behalf of the Borrowers pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrowers and their Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.16.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Parent Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.62.18.
(h) The Company, upon receipt Any Lender may at any time pledge or assign a security interest in all or any portion of written notice from the relevant its rights under this Credit Agreement to secure obligations of such Lender, agrees including any such pledge or assignment to issue Notes a Federal Reserve Bank, and this Section 9.6 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join from any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit obligations hereunder or limit the ability of substitute any such Person to file claims against assignee for such Lender as a Conduit Lender in connection with any such proceedingparty hereto.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future Lenders and holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any Participant if the Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.15, 5.192.16, 5.20, 5.21 2.17 and 5.23 10.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its lending business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Related Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Default or Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions or entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Commitment and Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interestobligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lenderand, to the extent their consent is requiredrequired above, the Administrative Agent and the Borrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) that, except in the case of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be assignment of the entire remaining amount of the Assigning Lenders rights transferor Lender’s Commitment and obligations orthe Loans at the time owing to it, if the principal outstanding balance of the Loans of the transferor Lender subsequent to the effectiveness of the Commitment Transfer Supplement shall not be less than such entire remaining amount$5,000,000, unless each of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; Agent and, so long as no Event of Default has occurred and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentencecontinuing, the amount described therein shall Borrower otherwise consent (each such consent not to be aggregated in respect of each Lender and its Lender Affiliates, if anyunreasonably withheld or delayed). Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall still be entitled to any indemnification rights hereunder). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower shall execute and deliver to the Administrative Agent in exchange for any Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender, to the extent permitted requested by law)such Purchasing Lender, after in an amount equal to the occurrence and during Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the continuance of an Event of Default any transferor Lender may sell all or any part of its rights and obligations under this Amended Agreement without has not retained a Commitment hereunder, new Notes, if requested, to the consent order of the Companytransferor Lender in an amount equal to the Commitment retained by it hereunder. Notwithstanding Such new Notes shall be dated the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without Closing Date and shall otherwise be in the consent form of the Company or Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked “canceled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 10.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Subsidiaries prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)10.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 10.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) abovelaws.
(i) Each Any sale or assignment pursuant to this Section 10.6 shall contain a representation and warranty by the Transferee to the effect that none of the Companyfunds, each Lender monies, assets or other consideration to be used by it to make the purchase or assignment of or to fund any Loan, LOC Obligation or other extension of credit under this Credit Agreement or other Credit Documents constitutes “plan assets” as defined in ERISA and that the Administrative Agent hereby confirms that it rights benefits and interests of the Transferee in and under this Credit Agreement and other Credit Documents will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding be “plan assets” under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceedingERISA.
Appears in 1 contract
Samples: Credit Agreement (Hni Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release any of the Guarantors from their obligations under the Guaranty or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.13, 5.192.14, 5.20, 5.21 2.15 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (xa) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, occurred and (yb) each such Participant shall be subject to the provisions of paragraph (c) of Section 5.20 limitations and (z) a obligations set forth in Sections 2.13, 2.14, 2.15 and 9.5 as if such Participant that would be a Foreign Lender if it were was a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lenderhereunder.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Default or Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), a constant, and not a varying, percentage of all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Commitment and its Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate thereof, the Administrative AgentAgent and, so long as no Default or Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.16.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties assignee Lender shall provide to this Amended Agreement acknowledge that the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.15 Certificate) described in Section 2.15 and shall be subject to the provisions of Section 2.15.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, Agreement (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Dimon Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Revolving Credit Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, and after notice to the Borrower, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Revolving Credit Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Revolving Credit Note held by such Lender, any Revolving Credit Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Revolving Credit Note for all purposes under this Amended Agreement and the other Credit Loan Documents, and the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans Revolving Credit Notes are due and or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan Revolving Credit Note to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; Revolving Credit Note, provided that that, in purchasing such participating interest, such Participant shall only be entitled deemed to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, thereof as provided in Section 12.7subsection 11.7
(a) as fully as if it were a Lender hereunder. The Company Borrower also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections 4.9, 5.19, 5.20, 5.21 4.10 and 5.23 4.11 with respect to its participation in the Revolving Credit Commitments, the Revolving Credit Loans and the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, 70 77
(yb) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a extent the Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lenderdirectly affected thereby.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate successor or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) Borrower and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or funds that regularly purchase loans (an “Assignee”), "Purchasing Lenders") all or any part of its rights and obligations under this Amended Agreement, the Notes Agreement and the other Revolving Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, Notes pursuant to an Assignment and Acceptance Acceptance, substantially in the form of Exhibit M, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof, by the Company, Borrower and the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), ) and delivered to the Administrative Agent for its acceptance and recording in the Register; Register ,provided that no such assignment to an assignee (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a other than any Lender or an Affiliate or Lender Affiliate any affiliate of a Lender any Lender) shall be of the entire remaining in an aggregate principal amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 10,000,000 (or other than in the case of any Incremental Term Loan an assignment of all of a Lender's interest under this Agreement) and the assigning Lender shall have retained at least $10,000,000 of Revolving Credit Commitments (unless it is assigning all of its Revolving Credit Commitments and Incremental Term Revolving Credit Loans), $1,000,000) or more unless otherwise agreed by the Company Borrower and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of to each Lender and its Lender Affiliatesrelated affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date Transfer Effective Date determined pursuant to such Assignment and Acceptance, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Revolving Credit Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party heretohereto but shall continue to be entitled to the benefit of the indemnity and expense reimbursement provisions of the Loan Documents to the extent relating to matters during the time it was a Lender). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Revolving Credit Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date determined pursuant to such Assignment and Acceptance, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Revolving Credit Note of the Loans transferor Lender a new Revolving Credit Note to the order of such Purchasing Lender in an amount equal to the Revolving Credit Commitment assumed by it may have funded hereunder and pursuant to its designation agreement such Assignment and without regard Acceptance and, if the transferor Lender has retained Revolving Credit Commitments hereunder, a new Revolving Credit Note to the limitations set forth order of the transferor Lender in an amount equal to the Revolving Credit Commitment retained by it hereunder. Such new Revolving Credit Notes shall be dated the Closing Date, and shall otherwise be in the first sentence form of this Section 12.6(c)the Revolving Credit Note replaced thereby. The Revolving Credit Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "cancelled".
(d) The Administrative Agent acting Agent, on behalf of and as agent for the CompanyBorrower, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 11.2 a copy of each Assignment and Acceptance delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Revolving Credit Commitment of, the and principal amount of any Swing Line Loans, the Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Revolving Credit Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. Any assignment of any Revolving Credit Loan or other Obligations hereunder not evidenced by a Revolving Credit Note shall be effective only upon appropriate entries with respect thereto being made in the Register. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning a transferor Lender and Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion)4,000, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date Transfer Effective Date determined pursuant thereto, thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)this Agreement.
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section subsection concerning assignments of Revolving Credit Loans and Revolving Credit Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Revolving Credit Loan or Revolving Credit Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6law.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyLoan Parties, the Lenders, the Agents, Administrative Agent all future holders of the Loans, Notes and their respective successors and assigns, except that neither the Company Borrower nor any Guarantor may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, at its sole cost and expense, without notice to or consent of the Administrative Agent and the Borrower, in the ordinary course of its lending business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement and the other Credit Loan Documents, and the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that . No Lender shall grant any participation under which the Participant shall have the right to require such Lender shall notto take or omit to take any action hereunder or approve any amendment to or waiver of this Agreement or the Notes or any other Loan Document, without except to the consent extent such amendment or waiver would: (i) extend the final maturity date of, or extend any date for payment of any principal, interest or fees applicable to, the Loans, or Commitments in which such Participant is participating, (ii) reduce the interest rate or the amount of principal or fees applicable to the Loans in which such Participant is participating or (iii) release any Lien granted pursuant to Section 2.16(a) hereof and the Interim Order (or the Final Order, as applicable) on all or substantially all of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such ParticipantCollateral. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans Notes are due and or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff set off in respect of its participating interest in amounts owing under this Amended Agreement and any Loan Note to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; Note, provided that that, in purchasing such participating interest, such Participant shall only be entitled deemed to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, thereof as provided in Section 12.711.7(a) as fully as if it were a Lender hereunder. The Company Borrower also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 2.10 and 5.23 2.11 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to timetime as if it were a Lender; and provided that (x) no the Participant and the transferor Lender shall not be entitled to receive in the aggregate any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business of making or investing in loans and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions Eligible Assignees (an “Assignee”), each a "Purchasing Lender") all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance Acceptance, substantially in the form of Exhibit E, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and and, in the case of a Purchasing Lender that is not then a Lender, by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), ) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (Ai) each such sale pursuant to this Section 12.6(c) other than in the case of a Lender’s rights and obligations (I) sale to a Person Purchasing Lender that is an Affiliate of the transferor Lender or to another Lender, or to an Affiliate or Related Fund of any Lender (collectively, a "Related Party Transfer"), the consent of the Administrative Agent shall be required (which consent shall not be unreasonably withheld or delayed), (ii) other than (x) in the case of a Related Party Transfer or (y) in connection with the syndication process which shall not extend beyond 45 days after the Closing Date, the consent of the Borrower shall be required (which consent shall not be unreasonably withheld or delayed), unless a Default or Event of Default shall have occurred and is continuing, (iii) if such Purchasing Lender is not then a Lender Lender, such sale must be to either (A) a commercial bank having total assets in excess of $5,000,000,000, (B) a finance company, insurance company or other financial institution or fund which is regularly engaged in the making of, purchasing or investing in, loans and having total assets in excess of $100,000,000 or (C) such other Person approved by the Administrative Agent and the Borrower (which approval shall not be unreasonably withheld or delayed) (each, an Affiliate "Eligible Assignee") and (iv) if such sale is not to another Lender, Related Fund or Lender Affiliate of a Lender shall be any Lender, or does not involve all of the entire remaining transferor Lender's rights and obligations under this Agreement, (A) the amount of the Assigning Lenders rights and obligations orso sold shall, if unless otherwise agreed to in writing by the Administrative Agent, not be less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or the entire amount of its rights and obligations if less than $5,000,0000) and in the each case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person be an entity which is then not restricted from making future advances under a Lender revolving credit facility or to an Affiliate entity that has filed for relief under the Bankruptcy Code or Lender Affiliate of is a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, financially distressed company and (B) after giving effect to such assignment, the Commitment of each Assignee which is a Foreign of the transferor Lender and the transferee Lender shall comply with be at least $5,000,000, or such lesser amount agreed to by the provisions of Section 5.23(e) Administrative Agent and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyBorrower. Upon such execution, delivery, acceptance and recordingrecording of an Assignment and Acceptance, from and after the effective date of such transfer determined pursuant to and as defined in such Assignment and Acceptance, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an a Assignment and Acceptance covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement (including Schedule 1.1 hereof) to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of the Revolving Credit Commitment Percentages Percentage and Commitment of each of the transferor Lender and the Purchasing Lender arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein To the extent requested in writing by the transferor Lender or the Purchasing Lender on or prior to the contrary (effective date of such transfer determined pursuant to such Assignment and Acceptance, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Note of the Loans transferor Lender a new Note to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it may have funded hereunder and pursuant to its designation agreement such Assignment and without regard Acceptance and, if the transferor Lender has retained a Commitment hereunder, a new Note to the limitations set forth order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this the Note replaced thereby. To the extent the transferor Lender requested a Note pursuant to Section 12.6(c2.5(e), the Note surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "cancelled".
(d) The Administrative Agent Agent, acting on behalf of and as agent for the CompanyBorrower, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 11.2 a copy of each Assignment and Acceptance delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No Any assignment of any Loan whether or not evidenced by a Note shall be effective for purposes of this Amended Agreement unless it has been recorded only upon appropriate entries with respect thereto being made in the Register as provided (and each Note shall expressly so provide). Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance, and thereupon one or more new Notes in this paragraphthe same aggregate principal amount shall be issued to the designated Purchasing Lender and the old Notes shall be returned by the Administrative Agent to the Borrower marked "cancelled".
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning a transferor Lender and an Assignee a Purchasing Lender (and by and, in the Company, the Issuing case of a Purchasing Lender that is not then a Lender, the Swing Line Lender and by the Administrative Agent and the Borrower to the extent required hereby), under paragraph (c) above) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion)3,500, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Acceptance, (ii) on the effective date of such transfer determined pursuant thereto, thereto record the information contained therein in the Register and (iii) give notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfSubject to Section 11.12, pursuant the Borrower authorizes each Lender to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred disclose to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Participant or Purchasing Lender (for the benefit of the assigning Lendereach, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(ea "Transferee") and any prospective Transferee (h) and (iii) in each case which agrees to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by comply with the provisions of Section 5.23(e11.12 hereof) any and (h)all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or any other Loan Document or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender's credit evaluation of the Borrower and its Affiliates prior to becoming a party to this Agreement.
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not Nothing herein shall prohibit assignments creating security interests, including, without limitation, any pledge Lender from pledging or assignment (i) by a Lender of assigning any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a law. In the case of any Lender or a Lender Affiliate which that is a fund to its trustee that invests in support bank loans, such Lender may, without the consent of the Borrower or the Administrative Agent, assign or pledge all or any portion of its Notes or any other instrument evidencing its rights as a Lender under this Agreement to any trustee for, or any other representative of, holders of obligations to its trusteeowed or securities issued, by such fund, as security for such obligations or securities; provided that any transfer of Loans foreclosure or Notes upon, similar action by such trustee or in lieu of, enforcement of or the exercise of remedies under any such pledge representative shall be treated as an assignment thereof which shall not be made without compliance with subject to the requirements provisions of this Section 12.611.6 concerning assignments.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Term Loan, Revolving Credit, Guarantee and Security Agreement (Mississippi Chemical Corp /MS/)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, and all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial lending business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement and the other Credit Loan Documents, and the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company Borrower also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections 2.18, 5.192.19, 5.20, 5.21 2.20 and 5.23 10.5(d)(ii) and (iii) with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (xi) no Participant shall be entitled to receive any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (yii) no Participant shall be entitled to any indemnification by the Borrower to the extent that, at the time of its purchase of a participating interest in the Loans, it cannot make the representation specified in the first sentence of subsection 2.19(b) and (iii) each Participant shall be subject bound by the confidentiality provisions contained in subsection 10.11. In no event shall a Lender that sells a participating interest be obligated to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified take or refrain from taking any action hereunder or under any of the participation other Loan Documents except that such Lender may agree that it will not, without the consent of such Participant, agree to (A) increase or extend the term of the Commitments of such Lender, (B) reduce the principal of, or interest sold payable on, the Loans of such Lender or any fees or other amounts payable to such Participant and Lender hereunder, (C) postpone the date fixed for any payment of the principal of, or interest on, the Loans of such Participant agreesLender or other amounts payable to such Lender hereunder, or (D) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans which shall be required for the benefit Lenders or any of the Company, them to comply with Section 5.23(e) and (h) as through it were a Lendertake any action hereunder.
(c) Any Lender other than any Conduit Lender maymay (or in accordance with subsection 2.22(c), must), in the ordinary course of its commercial lending business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any other Lender or to any Affiliate or Lender Affiliate thereof Qualified Financial Institution (including any Affiliate or Subsidiary of all such transferor Lenderpurchasers, collectively, "Purchasing Lenders") and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes Agreement and the other Credit Documents andNote held by it (or any part of such rights and obligations; provided that, with respect after giving effect to the Letters of Creditsuch sale, such Lender’s L/C Participating Interest, transferor Lender and such Purchasing Lender each has Commitments and/or Loans aggregating not less than $5,000,000 pursuant to an Assignment a Commitment and Acceptance Loan Transfer Supplement, substantially in the form of Exhibit C (a "Commitment Transfer Supplement"), executed by such AssigneePurchasing Lender, such assigning transferor Lender (and and, in the case of a Purchasing Lender that is not then a Lender or a Qualified Financial Institution under clause (a) of the definition thereof in subsection 1.1, by the Company, Borrower and the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), ) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that Register (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplicationas hereinafter defined). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date Transfer Effective Date determined pursuant to such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and shall be bound by the provisions hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, shall have the rights and obligations of a Lender hereunder hereunder, with the its Commitments and Loans as set forth thereinin such Commitment Transfer Supplement, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender as a Lender party hereto and the resulting adjustment of Commitment Percentages and Commitments arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Note held by it. Notwithstanding anything herein On the Transfer Effective Date determined pursuant to such Commitment Transfer Supplement, or as soon as possible thereafter, the contrary (Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Note held by the transferor Lender (which Note shall be surrendered to the Administrative Agent for delivery to the Borrower), a new Note to the order of such Purchasing Lender reflecting the respective Commitments and outstanding Loans obtained by it pursuant to such Commitment Transfer Supplement and, if the transferor Lender has retained Commitments and Loans hereunder, a new Note to the order of the transferor Lender reflecting the respective commitments and outstanding Loans retained by it may have funded hereunder hereunder. Such new Notes shall be dated the date which is the first day of the first Interest Period then in effect for which interest has not been paid and pursuant to its designation agreement and without regard shall otherwise be in the form of the Note replaced thereby. The Note surrendered by the transferor Lender shall be returned by the Administrative Agent to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 10.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment Commitments of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and an Assignee Purchasing Lender (and and, in the case of a Purchasing Lender that is not then a Lender or a Qualified Financial Institution under clause (a) of the definition thereof in subsection 1.1, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required herebyAgent), together with payment to the Administrative Agent by the transferor Lender of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion)2,000, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Commitment Transfer Supplement and (ii) on the effective date Transfer Effective Date determined pursuant thereto, thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) The Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial and other information in such Lender's possession concerning the Borrower and its Partners and their respective Affiliates and the Project which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender's evaluation of the Project and its credit evaluation of the Borrower and its Partners and their respective Affiliates prior to becoming a party to this Agreement; provided that such Transferee or prospective Transferee agrees to be bound by the confidentiality provisions contained in subsection 10.11.
(g) If, pursuant to this Section 12.6subsection, any interest in this Amended Agreement or any Loan or Letter of Credit Note is transferred to any Transferee Purchasing Lender which would be a Foreign Lender upon is organized under the effectiveness laws of such transferany jurisdiction other than the United States or any state thereof, the assigning transferor Lender shall cause such TransfereePurchasing Lender, concurrently with the effectiveness of such transfer, (i) to represent to the assigning transferor Lender (for the benefit of the assigning transferor Lender, the Administrative Agent and the CompanyBorrower) that under applicable law and treaties then in effect no Taxes United States federal taxes will be required to be withheld by the Administrative Agent, the Company Borrower or the assigning transferor Lender with respect to any payments to be made to such Transferee Purchasing Lender in respect of the Loans or L/C Participating InterestsLoans, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Borrower either U.S. Internal Revenue Service Forms required Form W-8BEN or W-8ECI (wherein such Purchasing Lender claims entitlement to be furnished pursuant to Section 5.23(e) and (hcomplete exemption from U.S. federal withholding tax on all interest payments hereunder) and (iii) to agree (for the benefit of the assigning transferor Lender, the Administrative Agent and the CompanyBorrower) to be bound provide the Administrative Agent and the Borrower a new Form W-8BEN or W-8ECI upon the expiration or obsolescence of any previously delivered form and comparable statements in accordance with applicable U.S. laws and regulations and amendments duly executed and completed by the provisions of Section 5.23(e) and such Transferee, unless an event (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge change in treaty, law or assignment regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders such forms inapplicable or which would prevent such Purchasing Lender from duly completing and delivering any such forms with respect to it and such Purchasing Lender so advises the Borrower and the Administrative Agent.
(ih) by a Nothing herein shall prohibit any Lender of from pledging or assigning any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) abovelaw.
(i) Each In the event any Lender demands payment of additional amounts pursuant to subsection 2.18 or 2.19, the CompanyBorrower, each at its expense, at any time within three (3) months after such demand, may, so long as no Default or Event of Default shall have occurred and be continuing, require such Lender to sell in accordance with the foregoing provisions of this subsection 10.6, at par plus accrued interest, without recourse or warranty, all its rights and obligations hereunder (including its Commitments and the Administrative Agent hereby confirms Loans at the time owing to it and the Note held by it) to a Qualified Financial Institution specified by the Borrower; provided that it will (A) such assignment shall not institute against a Conduit Lender conflict with or join violate any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full rule or regulation or order of the latest maturing commercial paper note issued by such Conduit Lender; providedany court or other Governmental Authority, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (iiB) the foregoing Borrower shall not prohibit or limit have paid to the ability of any such Person assigning Lender all amounts (other than interest) accrued and owing hereunder to file claims against a Conduit Lender in connection with any such proceedingit (including, without limitation, amounts owing pursuant to subsections 2.18, 2.19 and 2.
Appears in 1 contract
Samples: Credit Agreement (Iroquois Gas Transmission System Lp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyLoan Parties, the Lenders, the Administrative Agents, the Fronting Bank, all future holders of the Loans, Notes and their respective successors and assigns, except that neither the Company Borrower nor any Guarantor may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, without notice to or consent of the Administrative Agents and the Borrower, in the ordinary course of its lending business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement and the other Credit Loan Documents, and the Company Borrower and the Administrative Agent Agents shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that . No Lender shall grant any participation under which the Participant shall have the right to require such Lender shall notto take or omit to take any action hereunder or approve any amendment to or waiver of this Agreement or the Notes or any other Loan Document, without except to the consent extent such amendment or waiver would: (i) extend the final maturity date of, or extend any date for payment of any principal, interest or fees applicable to, the Loans, Letters of Credit or Commitments in which such Participant is participating, (ii) reduce the interest rate or the amount of principal or fees applicable to the Loans or the Letters of Credit in which such Participant is participating or (iii) release any Lien granted pursuant to Section 2.28 hereof and the Interim Order (or the Final Order, as applicable) on all or substantially all of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such ParticipantCollateral. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans Notes are due and or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff set-off in respect of its participating interest in amounts owing under this Amended Agreement and any Loan Note to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; Note, provided that that, in purchasing such participating interest, such Participant shall only be entitled deemed to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, thereof as provided in Section 12.711.7(a) as fully as if it were a Lender hereunder. The Company Borrower also agrees that each Participant shall be entitled to the benefits of Sections 5.122.21, 5.19, 5.20, 5.21 2.22 and 5.23 2.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to timetime as if it were a Lender; and provided that (x) no the Participant and the transferor Lender shall not be entitled to receive in the aggregate any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business of making or investing in loans and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions Eligible Assignees (an each a “AssigneePurchasing Lender”), ) all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance Acceptance, substantially in the form of Exhibit D, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and and, in the case of a Purchasing Lender that is not then a Lender, by the Company, the applicable Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), ) and delivered to the applicable Administrative Agent for its acceptance and recording in the Register; provided that (i) other than in the case of a sale to a Purchasing Lender that is an Affiliate of the transferor Lender or to another Lender, or to an Affiliate or Related Fund of any Lender (collectively, a “Related Party Transfer”), the consent of the applicable Administrative Agent shall be required (which consent shall not be unreasonably withheld or delayed), (ii) if such Purchasing Lender is not then a Lender, such sale must be to either (A) each a commercial bank having total assets in excess of $5,000,000,000, (B) a finance company, insurance company or other financial institution or fund which is regularly engaged in the making of, purchasing or investing in, loans and having total assets in excess of $100,000,000 or (C) such other Person approved by the applicable Administrative Agent (which approval shall not be unreasonably withheld or delayed) (each, an “Eligible Assignee”), (iii) if such sale pursuant is not to this Section 12.6(c) another Lender, Related Fund or Affiliate of a any Lender, or does not involve all of the transferor Lender’s rights and obligations under this Agreement, (IA) the amount of the rights and obligations so sold shall, unless otherwise agreed to a Person in writing by the applicable Administrative Agent, not be less than $1,000,000 and in each case to be an entity which is not then restricted from making future advances under a revolving credit facility or to an entity that has filed for relief under the Bankruptcy Code or that is a financially distressed company and (B) after giving effect to such assignment, the Commitment of each of the transferor Lender or an Affiliate or Lender Affiliate of a and the transferee Lender shall be of at least $1,000,000, or such lesser amount agreed to by the entire remaining amount of the Assigning Lenders rights applicable Administrative Agent and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or iv) in the case of any Incremental Term Loan Commitments and Incremental Term Loanssale under the Revolving Facility (other than to another Lender, $1,000,000) Related Fund or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require Lender), the consent of the Company or Fronting Bank and the Administrative Agent, and (B) each Assignee which is a Foreign Swingline Lender shall comply be required (except the foregoing restrictions contained in clauses (i) through (iv) shall not be applicable to any assignments between DB or CS and an Eligible Assignee in connection with the provisions of Section 5.23(e) syndication process and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein such minimum amounts shall be aggregated in respect of each Lender, an Affiliate of such Lender and its Lender Affiliates, if anyRelated Funds of any Lender). Upon such execution, delivery, acceptance and recordingrecording of an Assignment and Acceptance, from and after the effective date of such transfer determined pursuant to and as defined in such Assignment and Acceptance, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an a Assignment and Acceptance covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement (including Schedule 1.1A hereof) to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of the Commitment Percentages Percentage and Commitment of each of the transferor Lender and the Purchasing Lender arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein To the extent requested in writing by the transferor Lender or the Purchasing Lender on or prior to the contrary (effective date of such transfer determined pursuant to such Assignment and Acceptance, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after applicable Administrative Agent in exchange for the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent Note of the Company. Notwithstanding transferor Lender a new Note to the foregoingorder of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment and Acceptance and, any Conduit if the transferor Lender may assign at any time has retained a Commitment hereunder, a new Note to its designating Lender hereunder without the consent order of the Company or transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Note replaced thereby. To the extent the transferor Lender requested a Note, the Note surrendered by the transferor Lender shall be returned by the applicable Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked “cancelled”.
(d) The Each Administrative Agent Agent, acting on behalf of and as agent for the CompanyBorrower, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 11.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent Agents and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No Any assignment of any Loan whether or not evidenced by a Note shall be effective for purposes of this Amended Agreement unless it has been recorded only upon appropriate entries with respect thereto being made in the Register as provided (and each Note shall expressly so provide). Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance, and thereupon one or more new Notes in this paragraphthe same aggregate principal amount shall be issued to the designated Purchasing Lender and the old Notes shall be returned by the applicable Administrative Agent to the Borrower marked “cancelled”.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning a transferor Lender and an Assignee a Purchasing Lender (and and, in the case of a Purchasing Lender that is not then a Lender, by the Companyapplicable Administrative Agent, the Issuing LenderFronting Bank, the Swing Line Swingline Lender and the Administrative Agent Borrower to the extent required hereby), under paragraph (c) above) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company except such fees shall have no obligation not be payable with respect to pay assignments by DB and which fee may be waived by the Administrative Agent in its discretionCS), the applicable Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Acceptance, (ii) on the effective date of such transfer determined pursuant thereto, thereto record the information contained therein in the Register and (iii) give notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfSubject to Section 11.12, pursuant the Borrower authorizes each Lender to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred disclose to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Participant or Purchasing Lender (for the benefit of the assigning Lendereach, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(ea “Transferee”) and any prospective Transferee (h) and (iii) in each case which agrees to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by comply with the provisions of Section 5.23(e11.12 hereof) any and (h)all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or any other Loan Document or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender’s credit evaluation of the Borrower and its Affiliates prior to becoming a party to this Agreement.
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not Nothing herein shall prohibit assignments creating security interests, including, without limitation, any pledge Lender from pledging or assignment (i) by a Lender of assigning any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a law. In the case of any Lender or a Lender Affiliate which that is a fund to its trustee that invests in support bank loans, such Lender may, without the consent of the Borrower or the Administrative Agents, assign or pledge all or any portion of its Notes or any other instrument evidencing its rights as a Lender under this Agreement to any trustee for, or any other representative of, holders of obligations to its trusteeowed or securities issued, by such fund, as security for such obligations or securities; provided that any transfer of Loans foreclosure or Notes upon, similar action by such trustee or in lieu of, enforcement of or the exercise of remedies under any such pledge representative shall be treated as an assignment thereof which shall not be made without compliance with subject to the requirements provisions of this Section 12.611.6 concerning assignments.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Revolving Credit, Term Loan and Guarantee Agreement (Calpine Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (b) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.14, 5.192.15, 5.20, 5.21 2.16 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not to be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies, funds or financial institutions or entities (an each such Lender, Affiliate, Approved Fund, bank, insurance company, fund or financial institution or entity, a “AssigneePurchasing Lender”), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in minimum amounts of $2,000,000 with respect to the Letters of Credit, such Lender’s L/C Participating Interestits Revolving Commitment or its Revolving Loans, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lenderand, to the extent their consent is requiredrequired herein, the Administrative Agent and the Borrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A1) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orApproved Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Borrower nor shall any such sale or assignment be subject to the Administrative Agent, minimum assignment amounts specified herein and (B2) each Assignee which is a Foreign Lender so long as no Default or Event of Default shall comply with have occurred and be continuing, any other sale or assignment pursuant to this Section 9.6(c) shall require the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) consent of the first proviso contained in the preceding sentence, the amount described therein shall Borrower (such consent not to be aggregated in respect of each Lender and its Lender Affiliates, if anyunreasonably withheld or delayed). Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall still be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. On or prior to the Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked “canceled”. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section 9.6, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Credit Agreement to its designation agreement and an Affiliate or an Approved Fund of such Lender without regard delivering a Commitment Transfer Supplement to the limitations set forth Administrative Agent; provided, however, that (A) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until a Commitment Transfer Supplement has been delivered to the Administrative Agent for recordation on the Register, (B) the failure of such assigning lender to deliver a Commitment Transfer Supplement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment and (C) a Commitment Transfer Supplement between the assigning Lender an Affiliate or Approved Fund of such Lender shall be effective as of the date specified in the first sentence of this Section 12.6(c)such Commitment Transfer Supplement.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans (and Incremental Term Loans, if any stated interest thereon) owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. A Loan (and the related Note) may be assigned or sold in whole or in part upon registration of such assignment or sale on the Register or the Comparable Register. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No In the case of an assignment pursuant to the last sentence of Section 9.6(c) as to which a Commitment Transfer Supplement is not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register (“Comparable Register”) on behalf of the Credit Parties. In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall be effective for purposes maintain a register on which it enters the names and addresses of this Amended Agreement unless all participants in such Loans held by it has been and the principal amount (and stated interest thereon) of the portion of the Loan which is the subject of the participation (the “Participant Register”). A Loan recorded in on the Register as provided (and the registered Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Note shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender (except for any assignment by a Lender to an Affiliate of such Lender), as agreed between them, of a registration and processing fee of $3,500 (which fee 3,500.00 for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender’s credit evaluation of the Borrower and its Subsidiaries prior to becoming a party to this Agreement, in each case subject to Section 9.15.
(g) At the time of each assignment pursuant to this Section 12.69.6 to a Person which is not already a Lender hereunder, the respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a Tax Exempt Certificate) described in and to the extent required under Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Agreement (including, without limitation, any right to payment of principal and interest in this Amended Agreement or under any Loan or Letter of Credit is transferred Note) to any Transferee which would be a Foreign Lender upon the effectiveness secure obligations of such transferLender, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transferincluding without limitation, (i) any pledge or assignment to represent secure obligations to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent a Federal Reserve Bank and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered Lender that is a fund or trust or entity that invests in commercial bank loans in the Registerordinary course of business, any pledge or assignment to any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the Administrative Agent requirements for assignments set forth in this Section 9.6 shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall have any voting rights under this Agreement unless and until the Companyrequirements for assignments set forth in this Section 9.6 are complied with in connection with any foreclosure or similar action taken by such pledgee or assignee.
(i) The Credit Parties hereby acknowledge that the Lenders and each of their Affiliates may sell or securitize all or any part of their respective Loans (a “Securitization”) through the pledge of all or any part of such Internal Revenue Service Forms required Loans as collateral security for loans to such Lenders or their Affiliates or through the sale of all or any part of the Loans or the issuance of direct or indirect interests in all or any part of the Loans, which Loans to such Lenders or their Affiliates or direct or indirect interests may be furnished pursuant rated by Xxxxx’x, S&P or one or more other rating agencies (the “Rating Agencies”). The Credit Parties shall cooperate with such Lenders and their Affiliates, at no cost to Section 5.23(ethe Credit Parties, to effect the Securitization, including by (i) executing such additional documents, as reasonably requested by such Lenders in connection with such Securitization, provided such additional documents shall not affect any Credit Party’s rights and obligations under any of the Credit Documents and (hii) and (iii) to agree (for providing such information as may be reasonably requested by such Lenders in connection with the benefit rating of the assigning LenderLoans or the Securitization, the Administrative Agent and the Company) provided that any Person that is provided such information by such Lenders or their Affiliates shall agree to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that 9.15. Any such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support any of its obligations to its trustee; provided Affiliates that any transfer of Loans or Notes upon, or in lieu of, enforcement of or enters into the exercise of remedies under any such pledge Securitization shall be treated as an assignment thereof which shall not be made without compliance with required to pay the requirements of this Section 12.6.
(h) The Companyfees charged by the Rating Agencies for the issuance and the maintenance, upon receipt of written notice from the relevant Lenderif applicable, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender ratings assigned in connection with any such proceedingthe Securitization.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower and the Guarantors may not assign or transfer any of its their rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.8 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that (A) a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation and (B) an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.14, 5.192.15, 5.202.16, 5.21 2.17 and 5.23 9.5 (subject to the requirements of those sections) with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Related Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell ) and to one or more additional banks or financial institutions or funds (an “AssigneePurchasing Lenders”) with the consent of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (in each case, which consent shall not be unreasonably withheld, delayed or conditioned), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in a minimum amount of $5,000,000 with respect to the Letters of Credit, such Lender’s L/C Participating Interestits Revolving Commitment or its Revolving Loans, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning Lender (and by the Company, the Administrative Agent, the Issuing transferor Lender and the Swing Line LenderAdministrative Agent (and, to in the extent their consent case of a Purchasing Lender that is requirednot then a Lender or an Affiliate or Related Fund thereof, so long as no Event of Default has occurred and is continuing, the Borrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and Related Fund thereof shall not require be subject to the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked “canceled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 3,500.00 for each Purchasing Lender (which fee other than transfers to an Affiliate of such Lender or a Related Fund) listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a Tax Exempt Certificate) described in Section 2.17.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions (including, without limitation, any right to payment of this Section concerning assignments principal and interest under any Note) to secure obligations of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interestsLender, including, without limitation, (i) any pledge or assignment (i) by to secure obligations to a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a in the case of any Lender or a Lender Affiliate which that is a fund or trust or entity that invests in commercial bank loans in the ordinary course of business, any pledge or assignment to its any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in support this Section 9.6 shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall be treated as an assignment thereof which shall not be made without compliance with have any voting rights under this Credit Agreement unless and until the requirements of for assignments set forth in this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender 9.6 are complied with in connection with any foreclosure or similar action taken by such proceedingpledgee or assignee.
Appears in 1 contract
Samples: Credit Agreement (Vycom Corp.)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each LenderLender and no Lender may assign or transfer any of its rights or obligations under this Credit Agreement or the other Credit Documents without the prior written consent of the Borrower, except as otherwise permitted by this Section 11.6.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable lawlaw and, so long as no Event of Default has occurred and is continuing, with the consent of the Borrower if the Participant (as defined below) is not an Affiliate of such Lender (which consent shall not be unreasonably withheld), at any time sell to one or more banks or other financial institutions entities ("Participant" or Lender Affiliates (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Revolving Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, provided, however, that at all times such Lender shall retain for its own account interests in Loans owing to such Lender in an aggregate outstanding principal amount which, when added to the other Credit Documentsaggregate outstanding principal amount of any interests in Loans sold by such Lender to Participants who are Affiliates of such Lender, equals not less than fifty percent (50%) of the aggregate principal amount of all such Lender's outstanding Loans. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or Fees thereon except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Revolving Commitment or Loan shall be permitted without consent of any Participant if the Participant's participation is not increased as a result thereof, or (ii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.123.6, 5.193.7, 5.203.8, 5.21 3.9 and 5.23 11.5 with respect to its participation in the Letters of Credit and in the Revolving Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell or assign (i) to any Lender or any Affiliate thereof, except that any such sale or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, assignment shall be made only with the prior written consent of the Company (subject to Borrower if such sale or assignment would increase any amount payable by the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditionedBorrower hereunder, or delayed), sell (ii) to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), except that any such sale or assignment shall be made only with the consent of the Agent and, so long as no Event of Default has occurred and is continuing or at any time if any such sale or assignment would increase any amount payable by the Borrower hereunder, the consent of the Borrower: all or any part of its rights and obligations under this Amended AgreementCredit Agreement and the Notes in minimum amounts of $5,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations) if the Purchasing Lender is not a Lender hereunder, or with no minimum amount if the Purchasing Lender is a Lender hereunder, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Affiliate thereof so long as no Event of Default has occurred and is continuing, by the Company, the Administrative Agent, the Issuing Lender Borrower and the Swing Line Lender, to the extent their consent is requiredAgent), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that Register (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplicationas defined below). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Revolving Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted Agent in exchange for the Note delivered to the Agent pursuant to such Commitment Transfer Supplement a new Note to the order of such Purchasing Lender in an amount equal to the Revolving Commitment assumed by law)it pursuant to such Commitment Transfer Supplement and, after unless the occurrence transferor Lender has not retained a Revolving Commitment hereunder, a new Note to the order of the transferor Lender in an amount equal to the Revolving Commitment retained by it hereunder. Except for the expense of executing and during delivering such new Note to the continuance of an Event of Default Agent pursuant to this Section, the Borrower shall not be obligated to pay any transfer fees, costs or expenses to the Agent or any Lender may sell all or in connection with any part of its rights such transfer. Such new Note shall be dated the Closing Date and obligations under this Amended Agreement without shall otherwise be in the consent form of the CompanyNote replaced thereby. Notwithstanding The Note surrendered by the foregoing, any Conduit transferor Lender may assign at any time to its designating Lender hereunder without shall be returned by the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked "canceled."
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 11.2 a copy of each Assignment and Acceptance Commitment Transfer supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Revolving Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender and, in the case of a Purchasing Lender that is not then a Lender (or an Assignee (and Affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, (as agreed between them) of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement, and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender each, (a "Transferee") and any permitted prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)this Credit Agreement.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 11.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans Borrower and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security intereststhe Agent the appropriate Internal Revenue Service Forms (and, includingif applicable, without limitation, any pledge or assignment (ia U.S. Tax Compliance Certificate) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) aboveSection 3.9.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, in each case in minimum amounts of $5,000,000 (or, if such participation is to an Affiliate of such Lender, such lesser amount as agreed to by the other Credit DocumentsBorrower). In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Parties and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.15, 5.192.16, 5.20, 5.21 2.17 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time, sell or assign to any Affiliate thereof or with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) Administrative Agent and, so long as no Event of Default or Default that can be cured with the prior written consent payment of money has occurred and is continuing, the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent Borrower (which in each case consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional other Lenders, banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by the CompanyAdministrative Agent and, so long as no Event of Default or Default that can be cured with the payment of money has occurred and is continuing, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each provided, however, if the Borrower refuses to grant its consent to any such sale pursuant or assignment and fails to this Section 12.6(c) of obtain a Lender’s rights and obligations (I) substitute purchaser reasonably satisfactory to a Person which is not then a the selling Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and Agent within thirty (II30) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentencedays after such refusal, the amount described therein Borrower shall be aggregated in respect of each Lender and deemed to have granted its Lender Affiliates, if anyconsent to such sale or assignment. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee 3,000 for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Credit Parties authorize each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Credit Parties and their Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter on behalf of the Credit is transferred Parties in connection with such Lender's credit evaluation of the Credit Parties and their Affiliates prior to any Transferee which would be becoming a Foreign Lender upon the effectiveness of such transferparty to this Credit Agreement, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) in each case subject to represent Section 9.15 and in each case subject to the assigning Lender (for the benefit prior consent of the assigning LenderBorrower, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required such consent not to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)unreasonably withheld.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender Borrower and the Administrative Agent hereby confirms that it will not institute against the appropriate Internal Revenue Service Forms (and, if applicable, a Conduit Lender or join any other Person 2.17 Certificate) described in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceedingSection 2.17.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Loans and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement Agreement, other than in connection with an assignment or transfer otherwise permitted hereunder, without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in without the ordinary course consent of its business and in accordance with applicable lawthe Borrower or the Administrative Agent, at any time sell to one or more banks or other financial institutions or Lender Affiliates (each, a “ParticipantsParticipant”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, or any Commitment other interests of such Lender or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such its Loan for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in the proviso in the second sentence of Section 12.1(i) 9.1 that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and Without affecting the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed limitations in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereofpreceding sentence, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.2.13,
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrowers, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrowers may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of a Participant if such Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Collateral except as contemplated herein, or (iii) consent to the assignment or transfer by the Borrowers of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrowers hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.19, 5.20, 5.21 2.17 and 5.23 2.18 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Parent Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks banks, insurance companies or other financial institutions or any funds investing in bank loans (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, Agreement in minimum amounts of (i) $2,500,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating InterestRevolving Commitment and Revolving Loans or such lesser amount as otherwise agreed to by the Administrative Agent) and (ii) $1,000,000 (or any lesser amount as approved by the Administrative Agent) with respect to its Term Loan or Additional Loan (or, if less, the entire amount of such Lender’s Term Loan or Additional Loan or such lesser amount as otherwise agreed to by the Administrative Agent), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lenderand, to the extent their consent is requiredrequired by this Section 9.6, the Administrative Agent and the Borrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) an existing Lender, an Affiliate of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and Approved Fund shall not require the consent of the Company Parent Borrower nor shall any such sale or assignment be subject to the Administrative Agentminimum assignment amounts specified herein; provided further, and (B) each Assignee which is a Foreign Lender that simultaneous assignments to related Approved Funds shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For be treated as one assignment for purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anydetermining compliance with such minimum assignment amounts. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrowers, at their own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Parent Borrower marked “canceled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. A Loan (and the related Note) recorded on the Register may be assigned or sold in whole or in part in compliance with this Section 9.6 upon registration of such assignment or sale on the Register. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrowers, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrowers or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall be effective for purposes maintain a register on which it enters the name of this Amended Agreement unless all participants in such Loans held by it has been (the “Participant Register”). A Loan recorded in on the Register as provided (and the registered Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Note shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Commitment Transfer Supplement and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice Register; provided, that contemporaneous assignments to or by multiple Approved Funds of a single Lender shall be treated as a single assignment for purposes of such acceptance and recordation to the Lenders and the Companyfee.
(f) IfEach Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrowers and their Affiliates that has been delivered to such Lender by or on behalf of a Borrower pursuant to this Credit Agreement or that has been delivered to such Lender by or on behalf of a Borrower in connection with such Lender’s credit evaluation of the Borrowers and their Affiliates prior to becoming a party to this Credit Agreement, in each case subject to Section 9.15.
(g) At the time of each assignment pursuant to this Section 12.69.6 to a Person that is not already a Lender hereunder and that is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for federal income tax purposes, the respective assignee Lender shall provide to the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a Tax Exempt Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Credit Agreement (including, without limitation, any right to payment of principal and interest in this Amended Agreement or under any Loan or Letter of Credit is transferred Note) to any Transferee which would be a Foreign Lender upon the effectiveness secure obligations of such transferLender, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transferincluding without limitation, (i) any pledge or assignment to represent secure obligations to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent a Federal Reserve Bank and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered Lender that is a fund or trust or entity that invests in commercial bank loans in the Registerordinary course, any pledge or assignment to any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the Administrative Agent requirements for assignments set forth in this Section 9.6 shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall have any voting rights under this Credit Agreement unless and until the Companyrequirements for assignments set forth in this Section 9.6 are complied with in connection with any foreclosure or similar action taken by such pledgee or assignee.
(i) The Borrowers hereby acknowledge that the Lenders and each of their Affiliates may sell or securitize all or any part of their respective Loans (a “Securitization”) through the pledge of all or any part of such Internal Revenue Service Forms required Loans as collateral security for loans to such Lenders or their Affiliates or through the sale of all or any part of the Loans or the issuance of direct or indirect interests in all or any part of the Loans, which Loans to such Lenders or their Affiliates or direct or indirect interests may be furnished pursuant rated by Xxxxx’x, S&P or one or more other rating agencies (the “Rating Agencies”); provided that no purchaser in such Securitization shall be deemed a Lender or Participant hereunder as a result of such purchase. The Borrowers shall cooperate with such Lenders and their Affiliates, at no cost to Section 5.23(ethe Borrowers, to effect the Securitization, including by (A) executing such additional documents, as reasonably requested by such Lenders in connection with such Securitization, provided such additional documents shall not affect any Borrowers’ rights and obligations under any of the Credit Documents and (hB) and (iii) to agree (for providing such information as may be reasonably requested by such Lenders in connection with the benefit rating of the assigning LenderLoans or the Securitization, the Administrative Agent and the Company) provided that any Person that is provided such information by such Lenders or their Affiliates shall agree to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that 9.15. Any such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support any of its obligations to its trustee; provided Affiliates that any transfer of Loans or Notes upon, or in lieu of, enforcement of or enters into the exercise of remedies under any such pledge Securitization shall be treated as an assignment thereof which shall not be made without compliance with required to pay the requirements of this Section 12.6.
(h) The Companyfees charged by the Rating Agencies for the issuance and the maintenance, upon receipt of written notice from the relevant Lenderif applicable, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender ratings assigned in connection with any such proceedingthe Securitization.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the Company, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, and their respective successors and assigns, except that the Company may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Loan Commitment of such Lender or any other interest of such Lender hereunder and or under the other Credit Documentsany Note. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, any Note and the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and any Note. In no event shall any Participant under any such participation have any right to approve any amendment or waiver of any provision of this Agreement or any Note, or any consent to any departure by the Company therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the Loans or any fees payable hereunder, or postpone the date of the
(c) Any Lender may, in accordance with applicable law, at any time assign to one or more banks or other Credit Documentsentities ("Competitive Loan Assignees") any Competitive Loan owing to such Lender and any Note held by such Lender evidencing such Competitive Loan, pursuant to a Competitive Loan Assignment executed by the assignor Lender and the Competitive Loan Assignee. Upon such execution, from and after the date of such Competitive Loan Assignment, the Competitive Loan Assignee shall, to the extent of the assignment provided for in such Competitive Loan Assignment, be deemed to have the same rights and benefits of payment and enforcement with respect to such Competitive Loan and any such Note and the same rights of setoff and obligation to share pursuant to subsection 9.7 as it would have had if it were a Lender hereunder; provided, howeverthat unless such Competitive Loan Assignment shall otherwise specify and a copy of such Competitive Loan Assignment shall have been delivered to the Administrative Agent for its acceptance and recording in the Register in accordance with subsection 9.6(f), that the assignor thereunder shall act as collection agent for the Competitive Loan Assignee thereunder, and the Administrative Agent shall pay all amounts received from the Company which are allocable to the assigned Competitive Loan and Note, if any, directly to such Lender assignor without any further liability to such Competitive Loan Assignee. A Competitive Loan Assignee under a Competitive Loan Assignment shall not, without the by virtue of such Competitive Loan Assignment, become a party to this Agreement or have any rights to consent of the Participant, agree to or refrain from consenting to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under of any provision of this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loanrelated document; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereofprovided, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant Competitive Loan Assignee shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred Competitive Loan Assignment by such transferor Lender to such Participant Competitive Loan Assignee had no such transfer assignment occurred; provided, further, that (x) the assignor under such Competitive Loan Assignment and such Competitive Loan Assignee may, in their discretion, agree between themselves upon the manner in which such assignor will exercise its rights under this Agreement and any related document, and (y) each Participant if a copy of such Competitive Loan Assignment shall be subject have been delivered to the provisions Administrative Agent for its acceptance and recording in the Register in accordance with subsection 9.6(f), neither the principal amount of, the interest rate on, nor the maturity date of paragraph (c) of Section 5.20 any Competitive Loan and (z) a Participant that would be a Foreign Lender Note, if it were a Lender shall not be entitled any, assigned to the benefits Competitive Loan Assignee thereunder will be modified without the written consent of Section 5.23 unless such Competitive Loan Assignee. If a Competitive Loan Assignee has caused a Competitive Loan Assignment to be 44 recorded in the Company is notified of the participation interest sold to Register in accordance with subsection 9.6(f), such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender mayCompetitive Loan Assignee may thereafter, in the ordinary course of its business and in accordance with applicable law, assign such Competitive Loan and Note, if any, to any Lender, to any affiliate or subsidiary of such Competitive Loan Assignee or to any other financial institution that has total assets in excess of $1,000,000,000 and that in the ordinary course of its business extends credit of the same type as such Competitive Loan, and the foregoing provisions of this paragraph (c) shall apply, mutatis mutandis, to any such assignment by a Competitive Loan Assignee. Except in accordance with the prior written consent of preceding sentence, Competitive Loans and any related Notes may not be further assigned by a Competitive Loan Assignee, subject to any legal or regulatory requirement that the Issuing Competitive Loan Assignee's assets must remain under its control.
(d) Any Lender and the Swing Line Lender (may, in the case of the Revolving Credit Facilityaccordance with applicable law, at any time and from time to time sell to any other Lender or any Affiliate affiliate thereof all or Lender Affiliate thereof (including any Affiliate or Subsidiary part of such transferor Lender's rights and obligations under this Agreement (other than its rights with respect to Competitive Loans, assignment of which shall be governed by paragraph (c) andabove) pursuant to an Assignment and Acceptance, executed by such purchasing Lender and such transferor Lender and delivered to the Administrative Agent for its acceptance and recording in the Register. In addition, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), any Lender may, in accordance with applicable law, at any time and from time to time sell to one or more additional banks or banks, financial institutions or other entities that are not then Lenders or affiliates thereof (an “Assignee”together with purchasing Lenders pursuant to the preceding sentence (including, without limitation, any affiliate through which Loans were not previously booked), each a "Purchasing Lender"), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, Agreement pursuant to an Assignment and Acceptance Acceptance, executed by such AssigneePurchasing Lender, such assigning Lender (transferor Lender, the Company and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; , provided that (A) each no such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) assignment to a Person which is not then a Purchasing Lender (other than any Lender or an Affiliate or Lender Affiliate any affiliate of a Lender any Lender) shall be of the entire remaining in an aggregate principal amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or other than in the case of any Incremental Term Loan Commitments and Incremental Term Loansan assignment of all of a Lender's interests under this Agreement), $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Loan Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Notwithstanding any provision of this subsection 9.6, the consent of the Company shall not be required for any assignment that occurs when an Event of Default pursuant to subsection 7(f) shall have occurred and be continuing with respect to the Company. Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(de) The Administrative Agent acting shall, on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 9.2 a copy of each Competitive Loan Assignment and each 45 Assignment and Acceptance delivered to it and a register (the “"Register”") for the recordation of (i) the names and addresses of the Lenders and the Loan Commitment of, the and principal amount and stated interest of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time, and (ii) with respect to each Competitive Loan Assignment delivered to the Administrative Agent, the name and address of the Competitive Loan Assignee and the principal amount and stated interest of each Competitive Loan owing to such Competitive Loan Assignee. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loan and any Notes evidencing the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement. Any assignment of any Loan, notwithstanding any notice whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register (and each Note shall expressly so provide). Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance, and thereupon one or more new Notes shall be issued to the contrarydesignated Assignee. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(ef) Upon its receipt of an a Competitive Loan Assignment and Acceptance executed by an assigning assignor Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)a Competitive Loan Assignee, together with payment from the assignor or assignee Lender to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion)2,000.00, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant theretoCompetitive Loan Assignment, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders assignor Lender, the Competitive Loan Assignee and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter . Upon its receipt of Credit is transferred to any Transferee which would be an Assignment and Acceptance executed by a Foreign transferor Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning a Purchasing Lender (and, in the case of any Assignee registered in a Purchasing Lender that is not then a Lender or an affiliate thereof, by the RegisterCompany and the Administrative Agent) together with payment from the assignor or assignee Lender to the Administrative Agent of a registration and processing fee of $4,000.00, the Administrative Agent shall promptly accept such Assignment and Acceptance and promptly record the information contained therein and the Company) such Internal Revenue Service Forms required to be furnished effective date determined pursuant to Section 5.23(e) and (h) and (iii) to agree (for thereto in the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)Register.
(g) The Company authorizes each Lender to disclose to any Participant, Competitive Loan Assignee or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Company and its affiliates which has been delivered to such Lender by or on behalf of the Company pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Company in connection with such Lender's credit evaluation of the Company and its affiliates prior to becoming a party to this Agreement.
(h) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section subsection 9.6 concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, including any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6law.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: 364 Day Amended and Restated Credit Agreement (Dow Jones & Co Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its their rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.10 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect; provided that, it is understood and agreed that (A) a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and (B) an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof, (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.18 and 5.23 9.5 with respect to its participation in the Letters of Credit and (A) in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, occurred and (yB) each such Participant shall be subject to the provisions of paragraph (c) of Section 5.20 limitations and (z) a obligations set forth in Sections 2.16, 2.17, 2.18 and 9.5 as if such Participant that would be a Foreign Lender if it were was a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lenderhereunder.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies, financial institutions, investment funds or financial institutions other entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $2,500,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating InterestRevolving Commitment and Revolving Loans), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative Agent, the Issuing Lender and the Swing Line Lender, Borrower (to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (Ai) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orApproved Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Borrower nor shall any such sale or assignment be subject to the Administrative Agentminimum assignment amounts specified herein, and (Bii) each Assignee which is so long as no Default or Event of Default shall have occurred and be continuing, any other sale or assignment (except as referred to in subclause (i) above) of a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or the Revolving Loans (without duplication). For purposes of clauses (A) and (B) a Revolving Loan Commitment shall require the consent of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyBorrower. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (xA) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (yB) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall continue to be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of the Revolving Commitment Percentages Percentage arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. On or prior to the Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section 9.6, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Credit Agreement to its designation agreement and an Affiliate or an Approved Fund of such Lender without regard delivering an Commitment Transfer Supplement to the limitations set forth Administrative Agent; provided, however, that (x) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until an Commitment Transfer Supplement has been delivered to the Administrative Agent for recordation on the Register, (y) the failure of such assigning lender to deliver a Commitment Transfer Supplement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment and (z) an Commitment Transfer Supplement between the assigning Lender an Affiliate or Approved Fund of such Lender shall be effective as of the date specified in such Commitment Transfer Supplement. Each Commitment Transfer Supplement shall detail whether such Lender is assigning its Non-Extending Revolving Commitment and/or its Extended Revolving Commitment and the first sentence amounts applicable to each of this Section 12.6(c)its Non-Extending Revolving Commitment and/or its Extended Revolving Commitment, as applicable.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to timetime and whether such Commitment is an Extended Revolving Commitment or a Non-Extending Revolving Commitment. A Loan (and the related Note) recorded on the Register may be assigned or sold in whole or in part upon registration of such assignment or sale on the Register. The entries in the Register shall be conclusive, presumed correct in the absence of manifest demonstrable error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No In the case of an assignment pursuant to the last sentence of Section 9.6(c) as to which an Commitment Transfer Supplement is not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register on behalf of the Credit Parties. In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall be effective for purposes maintain, as agent of this Amended Agreement unless the Borrower, a register on which it has been enters the name of all participants in such Loans held by it (the “Participant Register”). A Loan recorded in on the Register as provided (and the registered Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Note shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Subsidiaries which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a Tax Exempt Certificate) described in Section 2.19.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any right to payment of principal and interest under any Note) to secure obligations of such Lender, including without limitation, (i) any pledge or assignment (i) by to secure obligations to a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a in the case of any Lender or a Lender Affiliate which that is a fund or trust or entity that invests in commercial bank loans in the ordinary course of business, any pledge or assignment to its any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in support this Section 9.6 shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall be treated as an assignment thereof which shall not be made without compliance with have any voting rights under this Credit Agreement unless and until the requirements of for assignments set forth in this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender 9.6 are complied with in connection with any foreclosure or similar action taken by such proceedingpledgee or assignee.
Appears in 1 contract
Samples: Credit Agreement (Belden Inc.)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each LenderLender and no Lender may assign or transfer any of its rights or obligations under this Credit Agreement or the other Credit Documents without the prior written consent of the Borrower, except as otherwise permitted by this Section 11.6.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions entities ("Participant" or Lender Affiliates (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, provided, however, that at all times such Lender shall retain for its own account interests in Loans owing to such Lender in an aggregate outstanding principal amount which, when added to the other Credit Documentsaggregate outstanding principal amount of any interests in Loans sold by such Lender to Participants who are Affiliates of such Lender, equals not less than fifty percent (50%) of the aggregate principal amount of all such Lender's outstanding Loans. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or Fees thereon except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any Participant if the Participant's participation is not increased as a result thereof, or (ii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.124.6, 5.194.7, 5.204.8, 5.21 4.9 and 5.23 11.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell or assign to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to Agent and, so long as no Event of Default has occurred and is continuing, the penultimate sentence consent of this clause (c)) and the Administrative Agent Borrower (which in each case consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended AgreementCredit Agreement and the Notes in minimum amounts of $5,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations) if the Purchasing Lender is not a Lender hereunder, or with no minimum amount if the Purchasing Lender is a Lender hereunder, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof so long as no Event of Default has occurred and is continuing, by the Company, the Administrative Agent, the Issuing Lender Borrower and the Swing Line Lender, to the extent their consent is requiredAgent), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted Agent in exchange for the Note delivered to the Agent pursuant to such Commitment Transfer Supplement a new Note to the order of such Purchasing Lender in an amount equal to the Commitment assumed by law)it pursuant to such Commitment Transfer Supplement and, after unless the occurrence transferor Lender has not retained a Commitment hereunder, a new Note to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Except for the expense of executing and during delivering such new Note to the continuance of an Event of Default Agent pursuant to this Section, the Borrower shall not be obligated to pay any transfer fees, costs or expenses to the Agent or any Lender may sell all or in connection with any part of its rights such transfer. Such new Note shall be dated the Closing Date and obligations under this Amended Agreement without shall otherwise be in the consent form of the CompanyNote replaced thereby. Notwithstanding The Note surrendered by the foregoing, any Conduit transferor Lender may assign at any time to its designating Lender hereunder without shall be returned by the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked "canceled."
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 11.2 a copy of each Assignment and Acceptance Commitment Transfer supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender and, in the case of a Purchasing Lender that is not then a Lender (or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, (as agreed between them) of a registration and processing fee of $3,500 (which fee 2,500 for each Purchasing Lender listed in such Commitment Transfer Supplement, and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender each, (a "Transferee") and any permitted prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter on behalf of the Borrower in connection with such Lender's credit evaluation of the Borrower and its Affiliates prior to becoming a party to this Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transferAgreement, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent subject to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions terms of Section 5.23(e) and (h)11.8 hereof.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 11.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans Borrower and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security intereststhe Agent the appropriate Internal Revenue Service Forms (and, includingif applicable, without limitation, any pledge or assignment (ia U.S. Tax Compliance Certificate) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) aboveSection 4.9.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement and the or any other Credit Documents; provided, however, Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon (it being understood and agreed that such Lender any extension or waiver of a mandatory prepayment required pursuant to Section 2.7(b)(ii)-(v) shall not, without require the consent of the Required Lenders only) in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, agree and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, or (iii) consent to the assignment or transfer by the Borrower of any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding of its rights and obligations under this Amended Agreement and Credit Agreement. In the Loans are due and unpaidcase of any such participation, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to not have any rights under this Credit Agreement or any of the right of setoff other Credit Documents (the Participant’s rights against such Lender in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.15, 5.192.16, 5.20, 5.21 2.17 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time, sell or assign to any Lender with total capital in excess of $250,000,000 or any Affiliate or Related Fund thereof and with the prior written consent of the Issuing Lender Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Swing Line Lender Borrower (in the case of the Revolving Credit Facilityeach case, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written which consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment or its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interestobligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an Affiliate or Related Fund thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orRelated Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked “canceled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (West Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the Company, the Lenders, the Agents, all future holders of the Loans, Administrative Agent and their respective successors and assigns, except that the Company may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest Commitment of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement thereof and the other Credit Documents, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Agreement. No Lender shall nottransfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan in which such Participant is participating, without or reduce the consent stated rate or extend the time of payment of interest or Facility Fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, agree and that an increase in any Commitment or Loan shall be permitted without consent of any Participant if the Participant’s participation is not increased as a result thereof) or (ii) consent to the assignment or transfer by the Company of any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding of its rights and obligations under this Amended Agreement and Agreement. In the Loans are due and unpaidcase of any such participation, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to not have any rights under this Agreement (the right of setoff Participant’s rights against such Lender in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Company hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections 2.15, 5.19, 5.20, 5.21 2.16 and 5.23 8.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell sell, pursuant to a Commitment Transfer Supplement, to (i) any Lender or any Affiliate affiliate thereof all or Lender Affiliate thereof any part of its rights and obligations under this Agreement, and (including any Affiliate or Subsidiary of such transferor Lenderii) and, with the prior written consent of the Administrative Agent and, so long as no Default or Event of Default under subsection 6(a) or (e) is then in existence, the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case case, which consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, in the Notes and case of the other Credit Documents andaforementioned clause (ii), with respect to in minimum amounts of $10,000,000 (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interestobligations) so long as, pursuant to an Assignment in the case of each of the aforementioned clauses (i) and Acceptance (ii) hereof, after giving effect thereto, the remaining Commitment of such selling Lender shall not be less than $10,000,000, unless such selling Lender has not retained any Commitment hereunder, and a Commitment Transfer Supplement has been executed by such AssigneePurchasing Lender, such assigning transferor Lender (and and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof, by the Company, Company and the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 8.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Company and the Administrative Agent to the extent required herebyAgent), together with payment to the Administrative Agent (by the transferor Lender or the Purchasing Lender, as agreed between them) of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent for each Purchasing Lender listed in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the Company.
(f) IfThe Company authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Company and its Affiliates which has been delivered to such Lender by or on behalf of the Company pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Company in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, ’s credit evaluation of the Company or the assigning Lender with respect and its Affiliates prior to any payments becoming a party to be made this Agreement; in each case subject to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)subsection 8.14.
(g) For avoidance At the time of doubteach assignment pursuant to this subsection 8.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Company and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.17 Certificate) described in subsection 2.17.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Loan) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Wyeth)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrowers, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrowers may not assign or transfer any of its their rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release all or substantially all of the Collateral, or (iii) consent to the assignment or transfer by the Borrowers of any of their rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrowers hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.19, 5.20, 5.21 2.17 and 5.23 2.18 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate affiliate or Lender Affiliate Related Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Parent Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or entities (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment or to the Letters extent the Revolving Commitment shall have terminated, its Revolving Loans or its Term Loan (or, if less, the entire amount of Credit, such Lender’s L/C Participating Interest's interests and obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate or Related Fund thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredParent Borrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrowers, at their own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date or the First Amendment Effective Date, as applicable, and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Parent Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrowers, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Parent Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 3,500.00 for each Purchasing Lender (which fee other than an affiliate of such Lender or a Related Fund) listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyParent Borrower.
(f) IfThe Borrowers authorize each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrowers and their Affiliates which has been delivered to such Lender by or on behalf of the Borrowers pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrowers and their Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.16.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Parent Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.62.18.
(h) The Company, upon receipt Any Lender may at any time pledge or assign a security interest in all or any portion of written notice from the relevant its rights under this Credit Agreement to secure obligations of such Lender, agrees including any such pledge or assignment to issue Notes a Federal Reserve Bank, and this Section 9.6 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join from any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit obligations hereunder or limit the ability of substitute any such Person to file claims against assignee for such Lender as a Conduit Lender in connection with any such proceedingparty hereto.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its their respective rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.9 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect; provided that, it is understood and agreed that (A) no waiver, reduction or deferral of a mandatory prepayment required pursuant to Section 2.8(b), nor any amendment of Section 2.8(b) or the definitions of Asset Disposition, Debt Issuance, Equity Issuance, or Recovery Event, shall constitute a reduction of the amount of, or an extension of the scheduled date of, the scheduled date of maturity of, or any installment of, any Loan or Note, (B) a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and (C) an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof, (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.18 and 5.23 10.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time, sell or assign to (each of the following a “Purchasing Lender”): (i) any Lender, (ii) any Affiliate or Approved Fund of a Lender and (iii) with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) Administrative Agent and, beginning with the prior written date that is ninety (90) days after the Closing Date, so long as no Default or Event of Default exists, the Borrower (each such consent of the Company (subject not to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks banks, insurance companies, financial institutions, investment funds or financial institutions (an “Assignee”)other entities, all or any part of its rights and obligations under this Amended Agreement and the Notes in minimum amounts of $1,000,000 (or such lesser amount approved by the Administrative Agent and the Borrower) with respect to its Commitment and its Loans (or, if less, the entire amount of such Lender’s Commitment and Loans), pursuant to an Assignment Agreement, executed by such Purchasing Lender, such transferor Lender, the Notes and the other Credit Documents Administrative Agent and, with respect to the Letters any assignment of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agenta Revolving Commitment, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (x1) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y2) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall continue to be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement and the Notes. On or prior to the Transfer Effective Date specified in such Assignment Agreement, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent pursuant to such Assignment Agreement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Agreement to its designation agreement and an Affiliate or a Approved Fund of such Lender without regard delivering an Assignment Agreement to the limitations set forth Administrative Agent; provided, however, that (x) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until an Assignment Agreement has been delivered to the Administrative Agent for recordation on the Register, (y) the failure of such assigning lender to deliver a Assignment Agreement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment and (z) an Assignment Agreement between the assigning Lender an Affiliate or Approved Fund of such Lender shall be effective as of the date specified in the first sentence of this Section 12.6(c)such Assignment Agreement.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 10.2 a copy of each Assignment and Acceptance Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. A Loan (and the related Note) recorded on the Register may be assigned or sold in whole or in part upon registration of such assignment or sale on the Register. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No In the case of an assignment pursuant to the last sentence of Section 10.6(c) as to which an Assignment Agreement is not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register on behalf of the Credit Parties. In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall be effective for purposes maintain a register on which it enters the name of this Amended Agreement unless all participants in such Loans held by it has been (the “Participant Register”). A Loan recorded in on the Register as provided (and the registered Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Note shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an Assignment The parties to each assignment shall execute and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment deliver to the Administrative Agent of as Assignment and Assumption, together with a registration processing and processing recordation fee of $3,500 (which fee 3,500, and the Company assignee, if it is not a Lender, shall have no obligation deliver to pay and which fee may be waived by the Administrative Agent in its discretion)an Administrative Questionnaire; provided, that the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance processing and recordation fee set forth above shall not be required for assignments from a Lender to the Lenders and the Companyits Affiliates or its Approved Funds.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Credit Parties and their Subsidiaries which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Credit Parties and their Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)10.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any right to payment of principal and interest under any Note) to secure obligations of such Lender, including without limitation, (i) any pledge or assignment (i) by to secure obligations to a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a in the case of any Lender or a Lender Affiliate which that is a fund or trust or entity that invests in commercial bank loans in the ordinary course, any pledge or assignment to its any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in support this Section shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall be treated as an assignment thereof which shall not be made without compliance with have any voting rights under this Agreement unless and until the requirements of for assignments set forth in this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender are complied with in connection with any foreclosure or similar action taken by such proceedingpledgee or assignee.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its their rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, without the consent of, or notice to the Borrower or the Administrative Agent, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) ), but not to entities prohibited to receive assignments under Section 9.6(c)(iv), participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit DocumentsCompany, the Company Administrative Agent, the Issuing Lender and the Administrative Agent Swingline Lender shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 8.7 with respect to any payments made by such Lender to its Participant(s). No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement and the or any other Credit Documents; providedDocument except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, howeveror reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.9 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, that such Lender shall not, without or increase the consent amount of the Participant’s participation over the amount thereof then in effect; provided that, agree to it is understood and agreed that (A) a waiver of any amendment, waiver Default or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of DefaultDefault shall not constitute a change in the terms of such participation, each Participant and (B) an increase in any Commitment or Loan shall be deemed to have the right permitted without consent of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as participant if the amount of its participating interest were owing directly to it Participant’s participation is not increased as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds result thereof, (ii) except as provided in Section 12.78.11, release a Borrower or all or substantially all of the Guarantors from their obligations under the US Guaranty or the Foreign Guaranty, as applicable, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrowers of any of their rights and obligations under this Credit Agreement. The Company also agrees In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents (the Participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrowers hereunder shall be determined as if such Lender had not sold such participation; provided that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.202.18 and 9.5 (subject to the requirements and limitations therein, 5.21 including the requirements under Section 2.18 (it being understood that the documentation required under Section 2.18 shall be delivered to the participating Lender)) to the same extent as if it were a Lender and 5.23 with respect had acquired its interest by assignment pursuant to its participation in paragraph (c) of this Section; provided, further that such Participant (A) agrees to be subject to the Letters provisions of Credit Sections 2.18(c) and in the Commitments 2.20 as if it were an assignee under paragraph (c) of this Section; and the Loans outstanding from time to time; provided that (xB) no Participant shall not be entitled to receive any greater amount pursuant payment under Sections 2.16 or 2.18, with respect to such Sections any participation, than the transferor its participating Lender would have been entitled to receive in respect if the participating Lender were still the owner of such interest as of the amount date of such Change in Law . Each Lender that sells a participation agrees, at the participation transferred by such transferor Lender Company’s request and expense, to such Participant had no such transfer occurred, (y) each Participant shall be subject use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of paragraph (c) of Section 5.20 and (z) a 2.20 with respect to any Participant. To the extent permitted by law, each Participant that would be a Foreign Lender if it were a Lender also shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to 9.7(b) as though it were a Lender; provided that such Participant and such Participant agrees, for the benefit of the Company, agrees to comply with be subject to Section 5.23(e) and (h9.7(a) as through though it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies, financial institutions, investment funds or financial institutions other entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes (including all or a portion of its Commitment and the other Credit Documents and, Loans at the time owing to it) in minimum amounts of (x) $5,000,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating InterestRevolving Commitment and Revolving Loans), and (y) $1,000,000 in the case of Term Loans, and in each such case, subject to the following conditions:
(i) Such assignment shall be pursuant to an Assignment and Acceptance Agreement, executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative Agent, the Issuing Lender Agent and the Swing Line Lender, Company (to the extent their consent is required), ) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that ,
(Aii) each any assignment shall require the consent of the Administrative Agent, the Issuing Lender and the Swingline Lender (such sale pursuant consent not to this Section 12.6(cbe unreasonably withheld or delayed) for assignments in respect of the Revolving Loans or any unfunded Commitment to any Person who is not a Lender’s rights and obligations (I) to a Person which is not then , an Affiliate of a Lender or an Affiliate Approved Fund,
(iii) so long as no Default or Lender Affiliate Event of a Lender Default shall have occurred and be continuing, any sale or assignment of all or any portion of the entire remaining amount of the Assigning Lenders rights and obligations orRevolving Loans, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) a Term Loan Commitment or more unless otherwise agreed by a Revolving Loan Commitment shall require the Company and consent of the Administrative Agent; and (II) Company, provided, however. that any sale or assignment to a Person which is then a Lender an existing Lender, or an Affiliate or Lender Affiliate of a Lender may be in any amount and Approved Fund thereof, shall not require the consent of the Company nor shall any such sale or assignment be subject to the minimum assignment amounts specified herein, and provided further that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative AgentAgent within five (5) Business Days after having received notice thereof.
(iv) No assignment of any Loans or Commitment shall be made to (A) any Borrower or any of the Borrowers’ Affiliates or Subsidiaries, and or (B) each Assignee which is a Foreign to any Defaulting Lender shall comply with the provisions or any of Section 5.23(e) and (h) hereof; and providedits Subsidiaries, further that the foregoing shall not prohibit or any Person who, upon becoming a Lender from selling participating interests in accordance with Section 12.6(bhereunder, would constitute a Defaulting Lender or a Subsidiary thereof, or (C) in all to a natural Person (or any portion of its Commitments and/or Loans a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person).
(without duplication). For purposes of clauses (Av) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment Agreement, and Acceptancesubject to the other terms and conditions hereof, (x1) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y2) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall continue to be entitled to any rights under Sections 2.16, 2.17, 2.18 and 9.5 with respect to facts and circumstances occurring prior to the effective date of such assignment), and provided further that, except to the extent otherwise expressly agreed to by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (b) of this Section. Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (and to Transfer Effective Date specified in such Assignment Agreement, the extent permitted by law)Borrowers, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Companytheir own expense, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment execute and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment deliver to the Administrative Agent of a registration and processing fee of $3,500 (which fee in exchange for the Company shall have no obligation Notes delivered to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept pursuant to such Assignment Agreement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein shall otherwise be in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit form of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)Notes replaced thereby.
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Lionbridge Technologies Inc /De/)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Revolving Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or Fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Revolving Commitment or Loan shall be permitted without consent of any Participant if the Participant's participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors, or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections 3.6, 5.193.7, 5.203.8, 5.21 3.9 and 5.23 11.5 with respect to its participation in the Letters of Credit and in the Revolving Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended AgreementCredit Agreement and the Notes in minimum amounts of $5,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations) if the Purchasing Lender is not a Lender hereunder, or with no minimum amount if the Purchasing Lender is a Lender hereunder, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof so long as no Event of Default has occurred and is continuing, by the Company, the Administrative Agent, the Issuing Lender Borrower and the Swing Line Lender, to the extent their consent is requiredAgent), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Revolving Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Revolving Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted Agent in exchange for the Note delivered to the Agent pursuant to such Commitment Transfer Supplement a new Note to the order of such Purchasing Lender in an amount equal to the Revolving Commitment assumed by law)it pursuant to such Commitment Transfer Supplement and, after unless the occurrence and during transferor Lender has not retained a Revolving Commitment hereunder, a new Note to the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent order of the Companytransferor Lender in an amount equal to the Revolving Commitment retained by it hereunder. Notwithstanding Such new Note shall be dated the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without Closing Date and shall otherwise be in the consent form of the Company or Note replaced thereby. The Note surrendered by the Administrative transferor Lender shall be returned by the Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 11.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Revolving Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent (by the transferor Lender or the Purchasing Lender, as agreed between them) of a registration and processing fee of $3,500 (which fee 2,500 for each Purchasing Lender listed in such Commitment Transfer Supplement, and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (and, this Credit Agreement; in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required subject to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)subsection 11.14.
(g) For avoidance At the time of doubteach assignment pursuant to this subsection 11.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans Borrower and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security intereststhe Agent the appropriate Internal Revenue Service Forms (and, includingif applicable, without limitation, any pledge or assignment (ia U.S. Tax Compliance Certificate) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) aboveSection 3.9.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsLender, all future holders of the Loans, Revolving Note and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender; except to the extent any such assignment results from the consummation of a merger or consolidation permitted pursuant to Section 6.2 of this Credit Agreement.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of CreditRevolving Note, any Note held by such Lenderthe Commitment, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Agreement Borrower shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan the Revolving Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company and the Administrative Agent Borrower shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement and or any of the other Credit Documents; provided, however, that such Lender shall not, without the consent of Documents (the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and ’s rights against the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff Lender in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it shall have acquired its participating interest to share with executed by Lender in favor of the Lenders Participant relating thereto) and all amounts payable by the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant Borrower hereunder shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to determined as if Lender had not sold such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lenderparticipation.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Related Fund thereof (including any Affiliate or Subsidiary provided, so long as no Event of such transferor Lender) andDefault has occurred and is continuing, with the prior written Borrower shall consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent thereto (which in each case consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions or entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, the Notes Credit Agreement and the other Credit Documents andRevolving Note.
(d) The Borrower authorizes Lender to disclose to any Participant or Purchasing Lender (each, with respect to the Letters of Credit, such a “Transferee”) and any prospective Transferee any and all financial information in Lender’s L/C Participating Interest, possession concerning the Borrower and its Affiliates which has been delivered to Lender by or on behalf of the Borrower pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and this Credit Agreement or which has been delivered to the Administrative Agent for Lender by or on behalf of the Borrower in connection with Lender’s credit evaluation of the Borrower and its acceptance and recording Affiliates prior to becoming a party to this Credit Agreement, in each case subject to Section 9.15.
(e) At the Register; provided that (A) time of each such sale assignment pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) 9.5 to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than United States person (as such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or term is defined in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B7701(a)(30) of the first proviso contained in the preceding sentenceCode) for Federal income tax purposes, the amount described therein respective assignee lender shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, provide to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Borrower and the resulting adjustment of Commitment Percentages arising from Lender the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to appropriate Internal Revenue Service Forms described in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company2.21.
(f) If, pursuant to Nothing herein shall prohibit Lender from pledging or assigning any of its rights under this Section 12.6, any interest in this Amended Credit Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (iright to payment of principal and interest under the Revolving Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Ims Health Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the Company, the Lenders, the Agents, all future holders of the Loans, and their respective successors and assigns, except that the Company may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions institutions, Approved Funds or Lender Affiliates (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h5.23(g) as through though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Credit Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitment, Loans, Notes or Letters of Credit or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loans, Notes or Letters of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
(c) Any Lender other than any Conduit Lender (an “Assignor”) may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender (provided that no consent of an Issuing Lender shall be required if (x) an Event of Default occurs with respect to the Company under Section 10.1(f) and the Swing Line (y) such Issuing Lender (in the case has no outstanding Letters of the Revolving Credit Facilityat that time), at any time sell to any Lender or Lender, any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) or any Approved Fund and, with the prior written consent of the Company (provided that the Company shall be deemed to have consented unless the Company shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof, and in any case subject to the penultimate sentence of this clause paragraph (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions institutions, as one or more assignees thereof (together, an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance Assumption executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, Agent and the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders assigning Lender’s rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof5.23(g); and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of sub-clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and AcceptanceAssumption, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAssumption, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and AcceptanceAssumption, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Assumption covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance Assumption shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as an agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance Assumption delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance Assumption executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Assumption and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee Person (such Person, a “Transferee”) which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h5.23(g) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h5.23(g).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank or other central bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (hg) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one (1) day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender Xxxxxx hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (KLX Energy Services Holdings, Inc.)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the Company, the Lenders, Lenders and the AgentsAdministrative Agent, all future holders of the Loans, and their respective successors and assigns, except that the Company may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documents. Notwithstanding anything to the contrary in the immediately preceding sentence, each Lender shall have the right to sell one or more participations in all or any part of its Loans or any other Obligation to one or more lenders or other Persons that provide financing to such Lender in the form of sales and repurchases of participations without having to satisfy the foregoing requirements. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, Documents and the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7subsection 11.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12of, 5.19and shall be subject to the limitations of, 5.20subsections 4.9, 5.21 4.16, 4.17, 4.18 and 5.23 4.19 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive (i) any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurredoccurred or (ii) the benefits of subsection 4.19 unless such Participant complies with subsections 4.19(e), (y4.19(f) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender 4.19(g)as if it were a Lender. Each Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agreesthat sells a participation, acting solely for the benefit this purpose as an agent of the Company, shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”). The entries in the Participant Register shall be conclusive, and such Lender, each Credit Party and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to comply with Section 5.23(e) and (h) the terms hereof as through it were a Lenderthe owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender Administrative Agent and the Swing Line Lender Issuing Lenders (which in the each case of the Revolving Credit Facilityshall not be unreasonably withheld or delayed), at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to Company, the penultimate sentence of this clause (c)) Issuing Lenders and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance Assumption executed by such Assignee, such assigning Lender (and by the Company, Company and the Administrative Agent, the Issuing Lender and the Swing Line Lender, Agent to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the RegisterRegister (as defined below); provided that (A) each such sale pursuant to this Section 12.6(csubsection 11.6(b) of less than all of a Lender’s rights and obligations Obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) 1,000,000 or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount amount, (B) in the event of a sale of less than all of such rights and obligations, such Lender after such sale shall not require the consent of the Company or the Administrative Agent, retain Loans (without duplication) aggregating at least $1,000,000 and (BC) each Assignee which is a Foreign Non-U.S. Lender shall comply with the provisions of Section 5.23(e) and (h) subsection 4.19 hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(bsubsection 11.6(a) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and AcceptanceAssumption, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAssumption, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and AcceptanceAssumption, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Assumption covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance Assumption shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Relevant Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an any Event of Default Default, any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 subsection 11.2 a copy of each Assignment and Acceptance Assumption delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, and/or the L/C Participating Interests of, owing to each Lender from time to timeLender. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance Assumption executed by an assigning Lender and an Assignee (and and, in the case of an Assignee that is not then a Lender or an Affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Company and the Administrative Agent to the extent required herebyAgent), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which if the Assignee is not a Lender or an Affiliate or Lender Affiliate thereof prior to the execution of such Assignment and Assumption, and no such fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion)otherwise, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Assumption and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company. The Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Company and its Affiliates and their related parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws.
(f) If, pursuant The Company authorizes each Lender to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred disclose to any Participant or Assignee (each, a “Transferee”) and any prospective Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments pledgee referred to be made in subsection 11.6(g) or to any direct or indirect contractual counterparty in swap agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) contractual counterparty agrees to be bound by confidentiality provisions at least as restrictive as those of subsection 11.14) any and all financial information in such Lender’s possession concerning the provisions Company and its Subsidiaries which has been delivered to such Lender by or on behalf of Section 5.23(e) the Company pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Company in connection with such Lender’s credit evaluation of the Company and (h)its Subsidiaries and Affiliates prior to becoming a party to this Agreement.
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section subsection concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6subsection 11.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (hg) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Loans and Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (other than any competitor of the Borrower in the hospitality industry) (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any Participant if the Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty (except as otherwise permitted herein) or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.15, 5.192.16, 5.20, 5.21 2.17 and 5.23 10.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its lending business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Related Fund thereof (including any in each case, so long as such Affiliate or Subsidiary Related Fund is not a competitor of such transferor Lenderthe Borrower in the hospitality industry) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Default or Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions or entities (an in each case, so long as such assignee is not a competitor of the Borrower in the hospitality industry) (“AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Commitment and Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interestobligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lenderand, to the extent their consent is requiredrequired above, the Administrative Agent and the Borrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) that, except in the case of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be assignment of the entire remaining amount of the Assigning Lenders rights transferor Lender’s Commitment and obligations orthe Loans at the time owing to it, if the principal outstanding balance of the Loans of the transferor Lender subsequent to the effectiveness of the Commitment Transfer Supplement shall not be less than such entire remaining amount$5,000,000, unless each of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; Agent and, so long as no Event of Default has occurred and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentencecontinuing, the amount described therein shall Borrower otherwise consent (each such consent not to be aggregated in respect of each Lender and its Lender Affiliates, if anyunreasonably withheld or delayed). Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall still be entitled to any indemnification rights hereunder resulting from claims arising prior to such assignment). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender, to the extent permitted requested by law)such Purchasing Lender, after in an amount equal to the occurrence and during Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the continuance of an Event of Default any transferor Lender may sell all or any part of its rights and obligations under this Amended Agreement without has not retained a Commitment hereunder, new Notes (to the consent extent requested by the transferor Lender) to the order of the Companytransferor Lender in an amount equal to the Commitment retained by it hereunder. Notwithstanding Such new Notes shall be dated the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without Closing Date and shall otherwise be in the consent form of the Company or Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked “canceled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 10.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender’s credit evaluation of the Borrower and its Subsidiaries prior to becoming a party to this Credit Agreement, the Administrative Agent in each case subject to Section 10.15 and the Company) provided that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant Proposed Transferee is subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)10.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 10.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Hyatt Hotels Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”"PARTICIPANTS") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release any of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees PROVIDED that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.18 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided PROVIDED, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"PURCHASING LENDERS"), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment, its Revolving Loans or its Term Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided PROVIDED, HOWEVER, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”"REGISTER") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee 3,500.00 for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "TRANSFEREE") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender Borrower and the Administrative Agent hereby confirms that it will not institute against the appropriate Internal Revenue Service Forms (and, if applicable, a Conduit Lender or join any other Person 2.18 Certificate) described in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceedingSection 2.19.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than Subject to the conditions set forth in the proviso below, any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell assign to any Lender or any Affiliate affiliate thereof or Lender Affiliate thereof (including any Affiliate special purpose entity created thereby or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an each a “AssigneePurchasing Lender”), ) all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by the Company, the Administrative Agent, Agent and/or the Issuing Lender and Borrower if the Swing Line Lender, consent of the Administrative Agent and/or the Borrower is required pursuant to the extent their consent is required), terms of the proviso set forth below) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that provided, however, that:
(i) the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower shall have consented to any such sale or assignment (such consents not to be unreasonably withheld), such sales or assignments to include any sale or assignment described in subsection (ii) below;
(ii) so long as no Event of Default has occurred and is continuing, (A) each original Lender hereto may make only one such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) or assignment to a Person which is not then a Purchasing Lender, and the amount of such sale or assignment must be either all of the Commitment of such selling or assigning Lender or an Affiliate less than 50% of the Commitment of such selling or assigning Lender Affiliate and (B) a Purchasing Lender may subsequently sell or assign its purchased interest so long as the amount of a Lender such sale or assignment constitutes all of the Commitment of such Purchasing Lender;
(iii) such sales or assignments shall be in minimum amounts of the entire remaining amount of the Assigning Lenders rights $5,000,000 with respect to Commitments and obligations Loans (or, if less than less, the entire amount of such entire remaining amountselling or assigning Lender’s obligations; and
(iv) notwithstanding anything to the contrary contained herein, of Commitments and/or Loans of $5,000,000 any sale or assignment to an existing Lender (including any sale or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000assignment pursuant to Section 2.18(b)) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and Borrower nor shall any such sale or assignment be subject to the minimum assignment amounts specified herein (B) each Assignee which is a Foreign Lender shall comply with the provisions of except as required by Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication2.18(b). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any). Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement a new Note to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, a new Note to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked “canceled”.
(dc) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(ed) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(e) The Borrower authorizes each Lender to disclose to any Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower, its Subsidiaries and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender’s credit evaluation of the Borrower and its Affiliates prior to becoming a party to this Agreement, in each case subject to Section 9.17.
(f) If, At the time of each assignment pursuant to this Section 12.6, any interest 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in this Amended Agreement or any Loan or Letter Section 7701(a)(30) of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transferCode) for Federal income tax purposes, the assigning respective assignee Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent provide to the assigning Lender (for the benefit of the assigning Lender, Borrower and the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such appropriate Internal Revenue Service Forms required to be furnished pursuant to (and, if applicable, a 2.17 Certificate) described in Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)2.17.
(g) For avoidance Nothing herein shall prohibit any Lender from pledging or assigning any of doubt, the parties to its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt No Lender may assign any of written notice from the relevant Lender, agrees to issue Notes to its rights or obligations under this Agreement or any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
other Credit Document except (i) Each in accordance with the terms and provisions of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender Section 9.6(b) hereof or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) under the foregoing shall not prohibit circumstances (and subject to the restrictions) described in Section 2.18(b) or limit 9.6(g). No Lender may grant any participation in any of its rights or obligations under this Agreement or any other Credit Document except under the ability of any such Person circumstances (and subject to file claims against a Conduit Lender the restrictions) described in connection with any such proceedingSections 2.2(c) and 9.7(a).
Appears in 1 contract
Samples: Credit Agreement (Ruddick Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the Company, the Lenders, the Agents, all future holders of the Loans, and their respective successors and assigns, except that the Company may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h5.23(g) as through though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Credit Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitment, Loans, Notes or Letters of Credit or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loans, Notes or Letters of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
(c) Any Lender other than any Conduit Lender (an “Assignor”) may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit FacilityLender, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (provided that the Company shall be deemed to have consented unless the Company shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof, and in any case subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions institutions, as one or more assignees thereof (together, an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h5.23(g) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Loans and Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee Person (such Person, a “Transferee”) which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h5.23(g) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h5.23(g).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank or other central bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (hg) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (KLX Inc.)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its their rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.4 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect; provided that, it is understood and agreed that (A) no waiver, reduction or deferral of a mandatory prepayment required pursuant to Section 2.3(b), nor any amendment of Section 2.3(b) or the definitions of Asset Disposition, Debt Issuance, Equity Issuance, Excess Cash Flow, or Recovery Event, or any definitions incorporated in the foregoing defined terms, shall constitute a reduction of the amount of, or an extension of the scheduled date of, the scheduled date of maturity of, or any installment of, any Loan or Note, (B) a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and (C) an increase in any Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof, (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.11, 5.192.12, 5.20, 5.21 2.13 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans Term Loan outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies, financial institutions, investment funds or financial institutions other entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and in minimum amounts of $1,000,000 (or such lesser amount approved by the other Credit Documents and, Administrative Agent) with respect to its Term Loan (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating InterestTerm Loan), pursuant to an Assignment and Acceptance Agreement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and, unless an Event of Default has occurred and by the Companyis continuing, the Administrative Agent; provided, the Issuing Lender and the Swing Line however, that any sale or assignment to an existing Lender, or Affiliate or Approved Fund thereof, shall not be subject to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance delivery and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (x1) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Loan as set forth therein, and (y2) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall continue to be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Credit Agreement and the Notes. On or prior to the Transfer Effective Date specified in such Assignment Agreement, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the Note delivered to the Administrative Agent pursuant to such Assignment Agreement a new Note to the order of such Purchasing Lender in an amount equal to the portion of the Term Loan assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained any portion of the Term Loan hereunder, a new Note to the order of the transferor Lender in an amount equal to the portion of the Term Loan retained by it hereunder. Such new Note shall be dated the Closing Date and shall otherwise be in the form of the Note replaced thereby. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section 9.6, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Credit Agreement to its designation agreement and an Affiliate or a Approved Fund of such Lender without regard delivering an Assignment Agreement to the limitations set forth Administrative Agent; provided, however, that (x) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until an Assignment Agreement has been delivered to the Administrative Agent for recordation on the Register, (y) the failure of such assigning lender to deliver a Assignment Agreement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment and (z) an Assignment Agreement between the assigning Lender an Affiliate or Approved Fund of such Lender shall be effective as of the date specified in the first sentence of this Section 12.6(c)such Assignment Agreement.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental the Term Loans, if any Loan owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. A Loan (and the related Note) recorded on the Register may be assigned or sold in whole or in part upon registration of such assignment or sale on the Register. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No In the case of an assignment pursuant to the last sentence of Section 9.6(c) as to which an Assignment Agreement is not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register on behalf of the Credit Parties. In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall be effective for purposes maintain a register on which it enters the name of this Amended Agreement unless all participants in such Loans held by it has been (the “Participant Register”). A Loan recorded in on the Register as provided (and the registered Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Note shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an a duly executed Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Agreement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 for each Purchasing Lender (which fee other than a Purchasing Lender that is an Affiliate or Approved Fund of the Company shall have no obligation transferor Lender) listed in such Assignment Agreement and the Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Assignment Agreement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Agreement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Subsidiaries which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms described in Section 2.13.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any right to payment of principal and interest under any Note) to secure obligations of such Lender, including without limitation, (i) any pledge or assignment (i) by to secure obligations to a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a in the case of any Lender or a Lender Affiliate which that is a fund or trust or entity that invests in commercial bank loans in the ordinary course of business, any pledge or assignment to its any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in support this Section 9.6 shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall be treated as an assignment thereof which shall not be made without compliance with have any voting rights under this Credit Agreement unless and until the requirements of for assignments set forth in this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender 9.6 are complied with in connection with any foreclosure or similar action taken by such proceedingpledgee or assignee.
Appears in 1 contract
Samples: Second Lien Credit Agreement (American Pacific Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the Company, the Lenders, Lenders and the AgentsAdministrative Agent, all future holders of the Loans, and their respective successors and assignsassigns permitted hereby (including any affiliate of the Issuing Lender that issues any Letter of Credit), except that (i) the Company may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each LenderLender (and any attempted assignment or transfer by the Company without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights and obligations hereunder except in accordance with this Section.
(b) Any Lender other than any a Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documents. Notwithstanding anything to the contrary in the immediately preceding sentence, each Lender shall have the right to sell one or more participations in all or any part of its Loans or any other Obligation to one or more lenders or other Persons that provide financing to such Lender in the form of sales and repurchases of participations without having to satisfy the foregoing requirements. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, Documents and the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7subsection 11.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12of, 5.19and shall be subject to the limitations of, 5.20subsections 4.12, 5.21 4.19, 4.20, 4.21 and 5.23 4.22 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive (i) any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurredoccurred or (ii) the benefits of subsection 4.22 unless such Participant complies with subsections 4.22(f), (y4.22(g), 4.22(h) each Participant shall be subject to the provisions of paragraph (cand 4.22(i) of Section 5.20 and (z) a Participant that would be a Foreign Lender as if it were a Lender. Each Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agreesthat sells a participation, acting solely for the benefit this purpose as an agent of the Company, shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”). No Lender shall have any obligation to comply with disclose all or any portion of the Participant Register to any Person except to the extent such disclosure is necessary to establish that any Loan, Letter of Credit or Note is in registered form under Section 5.23(e5f.103.1(c) of the U.S. Treasury Regulations. The entries in the Participant Register shall be conclusive, and (h) such Lender, each Credit Party and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to the terms hereof as through it were a Lenderthe owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Administrative Agent (provided that no consent of the Administrative Agent shall be required for an assignment of all or a portion of a Term Loan to a Lender, a Lender and Affiliate or an Approved Fund), the Swing Line Lender and the Issuing Lenders (which in the each case shall not be unreasonably withheld or delayed, and provided that no consent of the Revolving Credit FacilitySwing Line Lender or Issuing Lenders shall be required for an assignment of Term Loan only), at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject provided that no consent of the Company shall be required for an assignment to a Lender, a Lender Affiliate or an Approved Fund or if an Event of Default under Section 9 has occurred and is continuing), the penultimate sentence of this clause (c)) Issuing Lenders, the Swing Line Lender and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance Assumption executed by such Assignee, such assigning Lender (and by the Company, Company and the Administrative Agent, the Issuing Lender and the Swing Line Lender, Agent to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the RegisterRegister (as defined below); provided that (A) each such sale pursuant to this Section 12.6(csubsection 11.6(b) of less than all of a Lender’s rights and obligations Obligations (I) to a Person which is not then a Lender, a Lender Affiliate or an Affiliate or Lender Affiliate of a Lender Approved Fund shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of not less than $5,000,000 (or in the case of any Incremental the Term Loan Commitments and Incremental Term LoansFacility, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender, a Lender Affiliate or an Affiliate or Lender Affiliate of a Lender Approved Fund may be in any amount amount, (B) in the event of a sale of less than all of such rights and obligations, such Lender after such sale shall not require the consent of the Company or the Administrative Agentretain Commitments and/or Loans (without duplication) aggregating at least $1,000,000, and (BC) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) subsection 4.22 hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(bsubsection 11.6(a) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and AcceptanceAssumption, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAssumption, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and AcceptanceAssumption, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Assumption covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party heretohereto but shall continue to be entitled to the benefits of subsections 4.19,4.20,4.21,4.22 and 11.5). Such Assignment and Acceptance Assumption shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an any Event of Default Default, any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(csubsection 11.6(b).
; provided that such designating Lender complies with subsection 4.22 and shall not be entitled to receive any greater amounts under this Agreement (dincluding subsections 4.20 and 4.22) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, than the assigning Conduit Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) was entitled to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made receive immediately prior to such Transferee assignment in respect of the Loans or L/C Participating Interests, (ii) subject to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)assignment.
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Loans and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement Agreement, other than in connection with an assignment or transfer otherwise permitted hereunder, without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in without the ordinary course consent of its business and in accordance with applicable lawthe Borrower or the Administrative Agent, at any time sell to one or more banks or other banks, financial institutions or Lender Affiliates other entities other than, unless an Event of Default has occurred and is continuing, to a Competitor (each, a “ParticipantsParticipant”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest interests of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such its Loan for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in the proviso in the second sentence of Section 12.1(i) 9.1 that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and Without affecting the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed limitations in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereofpreceding sentence, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.2.14,
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or Fees thereon (except in connection with a waiver of interest at the increased post- default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any Participant if the Participant's participation is not increased as a result thereof), or (ii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections 3.6, 5.193.7, 5.203.8, 5.21 3.9 and 5.23 11.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to Agent and, so long as no Event of Default has occurred and is continuing, the penultimate sentence consent of this clause (c)) and the Administrative Agent Borrower (which in each case consents shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended AgreementCredit Agreement and the Notes in minimum amounts of $10,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations) if the Purchasing Lender is not a Lender hereunder, or with no minimum amount if the Purchasing Lender is a Lender hereunder, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof so long as no Event of Default has occurred and is continuing, by the Company, the Administrative Agent, the Issuing Lender Borrower and the Swing Line Lender, to the extent their consent is requiredAgent), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted Agent in exchange for the Note delivered to the Agent pursuant to such Commitment Transfer Supplement a new Note to the order of such Purchasing Lender in an amount equal to the Commitment assumed by law)it pursuant to such Commitment Transfer Supplement and, after unless the occurrence and during transferor Lender has not retained a Commitment hereunder, a new Note to the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent order of the Companytransferor Lender in an amount equal to the Commitment retained by it hereunder. Notwithstanding Such new Note shall be dated the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without Closing Date and shall otherwise be in the consent form of the Company or Note replaced thereby. The Note surrendered by the Administrative transferor Lender shall be returned by the Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 11.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable reason able time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent (by the transferor Lender or the Purchasing Lender, as agreed between them) of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement, and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (and, this Credit Agreement; in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required subject to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)subsection 11.14.
(g) For avoidance At the time of doubteach assignment pursuant to this subsection 11.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans Borrower and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security intereststhe Agent the appropriate Internal Revenue Service Forms (and, includingif applicable, without limitation, any pledge or assignment (ia U.S. Tax Compliance Certificate) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) aboveSection 3.9.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Manitowoc Co Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Revolving Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating ------------ interests in any Revolving Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Revolving Note held by such Lender, any Revolving Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Revolving Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the final maturity of any Revolving Loan or Revolving Note in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or Fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Revolving Commitment or Revolving Loan shall be permitted without consent of any Participant if the Participant's participation is not increased as a result thereof), (ii) except as otherwise expressly provided in a Credit Document, release all or substantially all of the collateral, or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each -------- Participant shall be entitled to the benefits of Sections 5.12subsections 2.13, 5.192.14, 5.20, 5.21 2.15 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Revolving Commitments and the Revolving Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater -------- amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, so long as no Event of Default has occurred and is continuing with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) Administrative Agent and the Administrative Agent Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its ------------------ rights and obligations under this Amended AgreementAgreement and the Revolving Notes in minimum amounts of $5,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations) if the Purchasing Lender is not a Lender hereunder, or with no minimum amount if the Purchasing Lender is a Lender hereunder, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof so long as no Event of Default has occurred and is continuing, by the Company, Borrower and the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each . Each such sale pursuant to this Section 12.6(c) assignment must be of a constant, not varying, percentage of all of such Lender’s 's rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyhereunder. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Revolving Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Revolving Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Revolving Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Revolving Note delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement a new Revolving Note to the order of such Purchasing Lender in an amount equal to the Revolving Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Revolving Commitment hereunder, a new Revolving Note to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Revolving Commitment retained by it hereunder. Such new Revolving Note shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Revolving Note replaced thereby. The Revolving Note surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the -------- recordation of the names and addresses of the Lenders and the Revolving Commitment of, the and principal amount of any Swing Line Loans, the Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Revolving Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent (by the transferor Lender or the Purchasing Lender, as agreed between them) of a registration and processing fee of $3,500 (which fee 2,500 for each Purchasing Lender listed in such Commitment Transfer Supplement, and the Company shall have no obligation Revolving Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any ---------- prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (and, this Agreement; in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required subject to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)subsection 9.14.
(g) For avoidance At the time of doubteach assignment pursuant to this subsection 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.15 Certificate) described in subsection 2.15.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Revolving Note) by a Lender of any Loan or Note to any Federal Reserve Bank Agent in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsLender, all future holders of the LoansNotes, and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each the Lender.
(b) Any Lender other than any Conduit The Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates lenders that are not natural persons (“Participants”) participating interests in any Loan or other Obligation owing to such the Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such the Lender, any Commitment of such Lender the Lender, or any other interest of such the Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a the Lender of participating interests to a Participant, such (i) the Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such (ii) the Lender shall remain solely responsible for the performance thereof, such (iii) the Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, (iv) the Borrower and the other Credit Documents, the Company and the Administrative Agent Lender shall continue to deal solely and directly with such the Lender in connection with such the Lender’s rights and obligations under this Amended Agreement Agreement, and (v) the other Credit Documents; provided, however, agreement pursuant to which such Participant acquires its participating interest herein shall provide that such the Lender shall notretain the sole right and responsibility to enforce the Obligations, including, without limitation the right to consent of the Participant, or agree to any amendment, modification, consent or waiver with respect to this Agreement or any other modification described in Section 12.1(i) that affects such ParticipantLoan Document. The Company Borrower agrees that if amounts outstanding under this Amended Agreement Agreement, the Notes, and the Loans other Loan Documents are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have have, to the extent permitted by applicable law, the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Note or other Loan Document to the same extent as if the amount of its participating interest were owing directly to it as a the Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in Revolving Note, the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7Term Note or other Loan Document. The Company Borrower also agrees that each Participant shall be entitled to the benefits of Sections 5.122.13, 5.192.14, 5.202.15, 5.21 2,16 and 5.23 8.2 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to timeLoans; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred.
(c) The Lender may, from time to time, assign to other lenders that are not natural persons (y“Assignees”), all or part of its rights or obligations hereunder or under any other Loan Document evidenced by any Note then held by that Lender, together with equivalent proportions of its Commitment, pursuant to written agreements executed by the Lender and such Assignee(s); provided that the consent of the Borrower (such consent not to be unreasonably withheld or delayed) each Participant shall be required unless an Event of Default is continuing at the time of such assignment; provided that the Borrower shall be deemed to have consented to any such assignment unless it objects thereto by written notice to the Lender within 5 Business Days after having received notice thereof, where such written notice clearly states that a failure to object within 5 Business Days shall be deemed approval.
(d) The Borrower shall not be liable for any costs incurred by the Lender in effecting any participation under subparagraph (b) of this subsection or by the Lender in effecting any assignment under subparagraph (c) of this subsection.
(e) The Lender may disclose to any Assignee or Participant and to any prospective Assignee or Participant any and all financial information in the Lender’s possession concerning the Borrower or any of their Subsidiaries that has been delivered to the Lender by or on behalf of any Loan Party pursuant to the Loan Documents or that has been delivered to the Lender by or on behalf of the Borrower in connection with the Lender’s credit evaluation of the Borrower prior to entering into this Agreement, subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender8.7.
(cf) Any Notwithstanding any other provision in this Agreement, the Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, may at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditionedcreate a security interest in, or delayed)pledge, sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) rights under and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or and any Loan or Letter note held by it in favor of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law Regulation A of the Board or U. S. Treasury Regulation 31 C.F.R. § 203.14, and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such Federal Reserve Bank may enforce such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6or security interest in any manner permitted under applicable law.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyParent, the LendersBorrower, the AgentsLenders and the Administrative Agent, all future holders of the Loans, and their respective successors and assignsassigns permitted hereby (including any Affiliate of the Issuing Lender that issues any Letter of Credit), except that (i) the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each LenderLender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights and obligations hereunder except in accordance with this Section.
(b) Any Lender other than any a Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (other than a Disqualified Person or an Affiliated Lender (other than an Affiliated Debt Fund)) (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents. Notwithstanding anything to the contrary in the immediately preceding sentence, each Lender shall have the right to sell one or more participations in all or any part of its Loans or any other Obligation to one or more lenders or other Persons that provide financing to such Lender in the form of sales and repurchases of participations without having to satisfy the foregoing requirements. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, Loan Documents and the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, . Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in that (1) requires the consent of each Lender directly and adversely affected thereby pursuant to Section 12.1(i11.1(b) that and (2) directly affects such Participant. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lendersubsection 11.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Cumulus Media Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the Company, the Lenders, Lenders and the AgentsAdministrative Agent, all future holders of the Loans, and their respective successors and assigns, except that the Company may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documents, provided, however, that no Lender shall sell any such participating interest to any Participant which is a Non-U.S. Lender that is unable to deliver to such Lender the forms required to be delivered pursuant to clause (A) of subsection 8.18(e) hereof, including the proviso following clause (B) of subsection 8.18(e). Notwithstanding anything to the contrary in the immediately preceding sentence, each Lender shall have the right to sell one or more participations in all or any part of its Commitments, Loans or any other Obligation to one or more lenders or other Persons that provide financing to such Lender in the form of sales and repurchases of participations without having to satisfy the foregoing requirements. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, Documents and the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7subsection 16.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections 8.12, 5.198.19, 5.20, 5.21 8.20 and 5.23 8.21 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) occurred and each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lendersubsection 8.20.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Administrative Agent, the Issuing Lender Lenders and the Swing Line Lender (which in the each case of the Revolving Credit Facilityshall not be unreasonably withheld or delayed), at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to Company, the penultimate sentence of this clause (c)) Issuing Lenders, the Swing Line Lender and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance Assumption executed by such Assignee, such assigning Lender (and by the Company, Company and the Administrative Agent, the Issuing Lender and the Swing Line Lender, Agent to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the RegisterRegister (as defined below); provided that (A) each such sale pursuant to this Section 12.6(csubsection 16.6(c) of less than all of a Lender’s rights and obligations Obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or or, in the case of any Incremental Tranche B Term Loan Commitments and Incremental or Tranche B Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount amount, (B) in the event of a sale of less than all of such rights and obligations, such Lender after such sale shall not require retain Commitments and/or Loans (without duplication) aggregating at least $5,000,000 (or, in the consent case of the Company Tranche B Term Loan Commitments or the Administrative AgentTranche B Term Loans, $1,000,000) and (BC) each Assignee which is a Foreign Non-U.S. Lender shall comply with the provisions of Section 5.23(eclause (A) and of subsection 8.18(e) hereof (hincluding the proviso following clause (B) of subsection 8.18(e)), or, with the prior written consent of the Company which may be withheld in its sole discretion, with or without cause, the provisions of clause (B) of subsection 8.18(e) hereof (including the proviso following clause (B) of subsection 8.18(e)) (and, in either case, with all of the other provisions of subsection 8.18(e) hereof); and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(bsubsection 16.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and AcceptanceAssumption, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAssumption, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and AcceptanceAssumption, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Assumption covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance Assumption shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default of the type described in Section 14(f) with respect to the Company, any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(csubsection 16.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 subsection 16.2 a copy of each Assignment and Acceptance Assumption delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Tranche A Term Loans, Tranche B Term Loans, Swing Line Loans, Incremental Revolving Loans, Incremental Term Loans and/or Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance Assumption executed by an assigning Lender and an Assignee (and and, in the case of an Assignee that is not then a Lender or an Affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Company and the Administrative Agent to the extent required herebyAgent), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which if the Assignee is not a Lender or an Affiliate or Lender Affiliate thereof prior to the execution of such Assignment and Assumption, and no such fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion)otherwise, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Assumption and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company. The Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Company and its Affiliates and their related parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws.
(f) The Company authorizes each Lender to disclose to any Participant or Assignee (each, a “Transferee”) and any prospective Transferee or to any pledgee referred to in subsection 16.6(h) or to any direct or indirect contractual counterparty in swap agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by confidentiality provisions at least as restrictive as those of subsection 16.15) any and all financial information in such Lender’s possession concerning the Company and its Subsidiaries which has been delivered to such Lender by or on behalf of the Company pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Company in connection with such Lender’s credit evaluation of the Company and its Subsidiaries and Affiliates prior to becoming a party to this Agreement.
(g) If, pursuant to this Section 12.6subsection 16.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Non-U.S. Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no U.S. Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (hsubsection 8.18(e) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (hsubsection 8.18(e).
(gh) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section subsection concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6subsection 16.6.
(hi) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(ij) Each of the The Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release any of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.14, 5.192.15, 5.20, 5.21 2.16 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.than
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower and the Guarantors may not assign or transfer any of its their rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) except as otherwise permitted by this Agreement, release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower or the Guarantors of any of their rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.19 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell or assign to (i) any Lender or any Affiliate or Related Fund of any Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor each an “Existing Purchasing Lender”) and, and (ii) with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions or entities (an each a “AssigneeNew Purchasing Lender”; together with the Existing Purchasing Lenders, the “Purchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and in minimum amounts of $1,000,000 (or such lesser amount as approved by the other Credit Documents and, Administrative Agent) with respect to its Revolving Commitment, its Revolving Loans or its Term Loan (or, if less, the Letters entire amount of Credit, such transferor Lender’s L/C Participating Interestinterests and obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is required)Borrower, and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (Ai) each such any sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be assignment by Wachovia of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by in connection with the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and primary syndication thereof shall not require the consent of the Company Borrower or the Administrative Agent, Agent and (Bii) each Assignee which is a Foreign any sale or assignment to an Existing Purchasing Lender shall comply with not require the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) consent of the first proviso contained in Administrative Agent or the preceding sentence, Borrower nor shall any such sale or assignment be subject to the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Closing Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Closing Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked “canceled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500.00 for each Purchasing Lender (other than an Affiliate or Related Fund of a Lender to the extent of the Commitment of such Lender that is assigned to such Affiliate or Related Fund and provided that, in the case of contemporaneous assignments by a Lender to more than one Affiliate or Related Fund of a Person, only a single such $3,500 (which fee shall be payable for all such contemporaneous assignments) listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant, pledgee or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.19 Certificate) described in Section 2.19.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any right to payment of principal and interest under any Note) to secure obligations of such Lender, including without limitation, (i) any pledge or assignment (i) by to secure obligations to a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) in the case of any Lender that is a fund, any pledge or assignment to any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in this Section 9.6 shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender or a Lender Affiliate which is a fund to its trustee in support from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge shall be treated pledgee or assignee for such Lender as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6a party hereto.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Pantry Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than Subject to the conditions set forth in the proviso below, any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell assign to any Lender or any Affiliate affiliate thereof or Lender Affiliate thereof (including any Affiliate special purpose entity created thereby or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an each a “AssigneePurchasing Lender”), ) all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by the Company, the Administrative Agent, Agent and/or the Issuing Lender and Borrower if the Swing Line Lender, consent of the Administrative Agent and/or the Borrower is required pursuant to the extent their consent is required), terms of the proviso set forth below) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that provided, however, that:
(i) the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower shall have consented to any such sale or assignment (such consents not to be unreasonably withheld), such sales or assignments to include any sale or assignment described in subsection (ii) below;
(ii) so long as no Event of Default has occurred and is continuing, (A) each original Lender hereto may make only one such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) or assignment to a Person which is not then a Purchasing Lender, and the amount of such sale or assignment must be either all of the Commitment of such selling or assigning Lender or an Affiliate less than 50% of the Commitment of such selling or assigning Lender Affiliate and (B) a Purchasing Lender may subsequently sell or assign its purchased interest so long as the amount of a Lender such sale or assignment constitutes all of the Commitment of such Purchasing Lender;
(iii) such sales or assignments shall be in minimum amounts of the entire remaining amount of the Assigning Lenders rights $5,000,000 with respect to Commitments and obligations Loans (or, if less than less, the entire amount of such entire remaining amountselling or assigning Lender’s obligations;
(iv) notwithstanding anything to the contrary contained herein, of Commitments and/or Loans of $5,000,000 any sale or assignment to an existing Lender (including any sale or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000assignment pursuant to Section 2.18(b)) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative AgentBorrower nor shall any such sale or assignment be subject to the minimum assignment amounts specified herein (except as required by Section 2.18(b)); and
(v) no Lender may assign any part of its rights and obligations under this Agreement and the Notes to any Defaulting Lender or any of its Subsidiaries, and (B) each Assignee which is or any Person who, upon becoming a Foreign Lender shall comply with the provisions hereunder, would constitute any of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests Persons described in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans this clause (without duplicationv). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement a new Note to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, a new Note to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked “canceled”.
(dc) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(ed) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(e) The Borrower authorizes each Lender to disclose to any Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower, its Subsidiaries and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender’s credit evaluation of the Borrower and its Affiliates prior to becoming a party to this Agreement, in each case subject to Section 9.17.
(f) If, At the time of each assignment pursuant to this Section 12.6, any interest 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in this Amended Agreement or any Loan or Letter Section 7701(a)(30) of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transferCode) for Federal income tax purposes, the assigning respective assignee Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent provide to the assigning Lender (for the benefit of the assigning Lender, Borrower and the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such appropriate Internal Revenue Service Forms required to be furnished pursuant to (and, if applicable, a 2.17 Certificate) described in Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)2.17.
(g) For avoidance Nothing herein shall prohibit any Lender from pledging or assigning any of doubt, the parties to its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt No Lender may assign any of written notice from the relevant Lender, agrees to issue Notes to its rights or obligations under this Agreement or any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
other Credit Document except (i) Each in accordance with the terms and provisions of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender Section 9.6(b) hereof or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) under the foregoing shall not prohibit circumstances (and subject to the restrictions) described in Section 2.18(b) or limit 9.6(g). No Lender may grant any participation in any of its rights or obligations under this Agreement or any other Credit Document except under the ability of any such Person circumstances (and subject to file claims against a Conduit Lender the restrictions) described in connection with any such proceedingSections 2.2(c) and 9.7(a).
Appears in 1 contract
Samples: Credit Agreement (Ruddick Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Loans and their respective successors and assignsassigns (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement Agreement, other than in connection with an assignment or transfer otherwise permitted hereunder, without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in without the ordinary course consent of its business and in accordance with applicable lawthe Borrower or the Administrative Agent, at any time sell to one or more banks or other banks, financial institutions or Lender Affiliates other entities other than, unless an Event of Default has occurred and is continuing, to a Competitor (each, a “ParticipantsParticipant”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest interests of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such its Loan for all purposes under this Amended Agreement Agreement, and the other Credit DocumentsBorrower, the Company Issuing Banks, and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in the proviso in the second sentence of Section 12.1(i) 9.1 that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and Without affecting the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed limitations in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereofpreceding sentence, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.2.14,
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its their rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.9 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect; provided that, it is understood and agreed that (A) no waiver, reduction or deferral of a mandatory repayment required pursuant to Section 2.7(b), nor any amendment of Section 2.7(b), shall constitute a reduction of the amount of, or an extension of the scheduled date of, the scheduled date of maturity of, or any installment of, any Loan or Note, (B) a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and (C) an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof, (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.15, 5.192.16, 5.20, 5.21 2.17 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies, financial institutions, investment funds or financial institutions other entities (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and in minimum amounts of $1,000,000 (or such lesser amount approved by the other Credit Documents and, Administrative Agent) with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest, 's Revolving Commitment and Revolving Loans) pursuant to an Assignment and Acceptance Agreement, executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative Agent, the Issuing Lender and the Swing Line Lender, Borrower (to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orApproved Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Borrower nor shall any such sale or assignment be subject to the Administrative Agent, minimum assignment amounts specified herein and (B) each Assignee which is so long as no Default or Event of Default shall have occurred and be continuing, any sale or assignment of a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or the Revolving Loans (without duplication). For purposes of clauses (A) and (B) a Revolving Loan Commitment shall require the consent of the first proviso contained in the preceding sentence, the amount described therein shall Borrower (such consent not to be aggregated in respect of each Lender and its Lender Affiliates, if anyunreasonably withheld). Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (x1) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y2) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall continue to be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Revolving Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Credit Agreement and the Notes. On or prior to the Transfer Effective Date specified in such Assignment Agreement, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent pursuant to such Assignment Agreement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section 9.6, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Credit Agreement to its designation agreement and an Affiliate or a Approved Fund of such Lender without regard delivering an Assignment Agreement to the limitations set forth Administrative Agent; provided, however, that (x) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until an Assignment Agreement has been delivered to the Administrative Agent for recordation on the Register, (y) the failure of such assigning lender to deliver a Assignment Agreement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment and (z) an Assignment Agreement between the assigning Lender an Affiliate or Approved Fund of such Lender shall be effective as of the date specified in the first sentence of this Section 12.6(c)such Assignment Agreement.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Agreement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. A Loan (and the related Note) recorded on the Register may be assigned or sold in whole or in part upon registration of such assignment or sale on the Register. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No In the case of an assignment pursuant to the last sentence of Section 9.6(c) as to which an Assignment Agreement is not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register on behalf of the Credit Parties. In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall be effective for purposes maintain a register on which it enters the name of this Amended Agreement unless all participants in such Loans held by it has been (the "Participant Register"). A Loan recorded in on the Register as provided (and the registered Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Note shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an a duly executed Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Agreement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 for each Purchasing Lender (which fee other than a Purchasing Lender that is an Affiliate or Approved Fund of the Company shall have no obligation transferor Lender) listed in such Assignment Agreement and the Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Assignment Agreement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Agreement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Subsidiaries which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender Borrower and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person the appropriate Internal Revenue Service Forms described in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceedingSection 2.17.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release any of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.15, 5.192.16, 5.202.17, 5.21 2.18, 9.5 and 5.23 9.7 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or banks, financial institutions or other entities (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment, its Revolving Loans and its Term Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.16.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyIntermediate Holdings, the LendersBorrowers, the AgentsLenders and the Administrative Agent, all future holders of the Term Loans, and their respective successors and assignsassigns permitted hereby, except that the Company (i) no Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each LenderLender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights and obligations hereunder except in accordance with this Section.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (other than a Disqualified Lender) (“Participants”) participating interests in any Term Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents. Notwithstanding anything to the contrary in the immediately preceding sentence, each Lender shall have the right to sell one or more participations in all or any part of its Term Loans or any other Obligation to one or more lenders or other Persons that provide financing to such Lender in the form of sales and repurchases of participations without having to satisfy the foregoing requirements. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Term Loan for all purposes under this Amended Agreement and the other Credit Documents, Loan Documents and the Company Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such LenderXxxxxx’s rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, . Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in Section 12.1(ithat (1) that requires the consent of each Lender directly and adversely affected thereby pursuant to subsection 11.1(b) and (2) directly affects such Participant. The Company agrees Borrowers agree that if amounts outstanding under this Amended Agreement and the Term Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Term Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Term Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7subsection 11.7. The Company Borrowers also agrees agree that each Participant shall be entitled to the benefits of Sections 5.12of, 5.19and shall be subject to the limitations of, 5.20subsections 4.17, 5.21 4.18, 4.19 and 5.23 4.20 with respect to its participation in the Letters of Credit and in the Commitments and the Term Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive (i) any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject occurred except to the provisions extent the greater amount is attributable to a Change in Law that occurs after the Participant acquires the applicable participation or (ii) the benefits of paragraph (csubsection 4.20 unless such Participant complies with subsection 4.20(g) of Section 5.20 and (z) a Participant that would be a Foreign Lender as if it were a Lender (it being understood that the documentation required under subsection 4.20(g) shall not be entitled delivered to the benefits of Section 5.23 unless the Company is notified participating Lender). Each Lender that sells a participation, acting solely for this purpose as an agent of the participation interest sold to such Borrowers, shall maintain a register on which it enters the name and address of each Participant and such the principal amounts (and stated interest) of each Participant’s interest in the Term Loans or other obligations under this Agreement (the “Participant agrees, for the benefit Register”). No Lender shall have any obligation to disclose all or any portion of the CompanyParticipant Register to any Person except to the extent such disclosure is necessary to establish that any Term Loan or Note is in registered form under Section 5f.103-1(c) of the U.S. Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender, each Loan Party and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to comply with Section 5.23(e) and (h) the terms hereof as through it were a Lenderthe owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent (not to be unreasonably withheld or delayed) of:
(i) the Administrative Agent; provided that no consent of the Issuing Administrative Agent shall be required for an assignment of all or a portion of a Term Loan to a Lender, a Lender and Affiliate or an Approved Fund;
(ii) [Reserved]; and
(iii) the Swing Line Lender Borrower Agent; provided that (in the case A) (i) no consent of the Revolving Credit FacilityBorrower Agent shall be required for an assignment to a Lender, at a Lender Affiliate or an Approved Fund or (ii) if an Event of Default under Section 9(a) or (f) has occurred and is continuing and (B) the Borrower Agent shall be deemed to have consented to any time assignment unless the Borrower Agent has objected thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof, sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions Eligible Assignee (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Loan Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance Assumption executed by such Assignee, such assigning Lender (except as otherwise permitted by subsection 4.22 and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lendersubsection 11.1) and, to the extent their consent is required), the Borrower Agent and the Administrative Agent, and delivered to the Administrative Agent for its acceptance and recording in the RegisterRegister (as defined below); provided that (A) each such sale pursuant to this Section 12.6(csubsection 11.6(c) of less than all of a Lender’s rights and obligations (I) to a Person which is not then a Lender, a Lender Affiliate or an Affiliate or Lender Affiliate of a Lender Approved Fund shall be of the entire remaining amount Term Loans of the Assigning Lenders rights and obligations or, if not less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; 1,000,000 and (II) to a Person which is then a Lender, a Lender Affiliate or an Affiliate or Lender Affiliate of a Lender Approved Fund may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) subsection 4.20 hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(bsubsection 11.6(a) in all or any portion of its Commitments and/or Term Loans (without duplication). For purposes of clauses clause (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and AcceptanceAssumption, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAssumption, have the rights and obligations of a Lender hereunder with the Commitments and Term Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and AcceptanceAssumption, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Assumption covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party heretohereto but shall continue to be entitled to the benefits of subsections 4.17, 4.18, 4.19, 4.20 and 11.5). Such Assignment and Acceptance Assumption shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Term Loan Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (Each assignee, by its execution and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt delivery of an Assignment and Acceptance executed by an Assumption, shall be deemed to have represented to the assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to that such assignee is an Eligible Assignee. In no event shall the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall be obligated to ascertain, monitor or inquire as to whether any prospective assignee is an Eligible Assignee or have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender liability with respect to any payments to be assignment made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Disqualified Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency that is not an Eligible Assignee or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after enforcing the payment in full list of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceedingDisqualified Lenders.
Appears in 1 contract
Samples: Credit Agreement (Cumulus Media Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the Company, the Lenders, the Agents, all future holders of the Loans, Administrative Agent and their respective successors and assigns, except that the Company may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest Commitment of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement thereof and the other Credit Documents, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Agreement. No Lender shall nottransfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan in which such Participant is participating, without or reduce the consent stated rate or extend the time of payment of interest or Facility Fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, agree and that an increase in any Commitment or Loan shall be permitted without consent of any Participant if the Participant's participation is not increased as a result thereof) or (ii) consent to the assignment or transfer by the Company of any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding of its rights and obligations under this Amended Agreement and Agreement. In the Loans are due and unpaidcase of any such participation, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to not have any rights under this Agreement (the right of setoff Participant's rights against such Lender in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Company hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections 2.15, 5.192.16, 5.20, 5.21 2.17 and 5.23 8.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell sell, pursuant to a Commitment Transfer Supplement, to (i) any Lender or any Affiliate affiliate thereof all or Lender Affiliate thereof any part of its rights and obligations under this Agreement, and (including any Affiliate or Subsidiary of such transferor Lenderii) and, with the prior written consent of the Administrative Agent and, so long as no Default or Event of Default under Section 6(a) or (e) is then in existence, the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case case, which consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, in the Notes and case of the other Credit Documents andaforementioned clause (ii), with respect to in minimum amounts of $10,000,000 (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations) so long as, pursuant to an Assignment in the case of each of the aforementioned clauses (i) and Acceptance (ii) hereof, after giving effect thereto, the remaining Commitment of such selling Lender shall not be less than $10,000,000, unless such selling Lender has not retained any Commitment hereunder, and a Commitment Transfer Supplement has been executed by such AssigneePurchasing Lender, such assigning transferor Lender (and and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof, by the Company, Company and the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 8.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Company and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent (by the transferor Lender or the Purchasing Lender, as agreed between them) of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent for each Purchasing Lender listed in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the Company.
(f) IfThe Company authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Company and its Affiliates which has been delivered to such Lender by or on behalf of the Company pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Company in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, 's credit evaluation of the Company or the assigning Lender with respect and its Affiliates prior to any payments becoming a party to be made this Agreement; in each case subject to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)subsection 8.14.
(g) For avoidance At the time of doubteach assignment pursuant to this subsection 8.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Company and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.17 Certificate) described in subsection 2.17.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Loan) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Wyeth)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrowers, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrowers may not assign or transfer any of its their rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender; except to the extent any such assignment results from the consummation of a merger or consolidation permitted pursuant to Section 6.2 of this Credit Agreement.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder hereunder; provided, however, that, so long as no Event of Default has occurred and is continuing, participating interests in (i) Swiss/Multicurrency Revolving Loans and Swiss/Multicurrency Revolving Notes or any part of the Swiss/Multicurrency Commitment may only be sold to Participants who are Banks (other than with the consent of the Borrowers (which consent shall not be unreasonably withheld)) and (ii) Japanese/Multicurrency Revolving Loans and Japanese/Multicurrency Revolving Notes or any part of the Japanese/Multicurrency Commitment may only be sold to Participants who are Eligible Investors (other than with the consent of the Borrowers (which consent shall not be unreasonably withheld)); provided further that for so long as an Event of Default has occurred and is continuing, participating interests in Swiss/Multicurrency Revolving Loans and Swiss/Multicurrency Revolving Notes or any part of the Swiss/Multicurrency Commitment shall not be sold to any Participant who is a Non-Bank, if such sale would result in there being more than ten (10) Non-Banks who are either Participants in and/or Lenders with a Swiss/Multicurrency Revolving Commitment under the other Credit DocumentsAgreement, unless the Borrowers otherwise consent. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) consent to the assignment or transfer by the Borrowers of any of their respective rights and obligations under this Credit Agreement or (iii) release the Company from its obligations under the Guaranty. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrowers hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.19, 5.192.20, 5.202.21, 5.21 2.22 and 5.23 9.6(b) with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Related Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrowers (which in each case case, which consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions or entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Commitment and its Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating InterestCommitment and Loans), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate or Related Fund thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredCompany), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (Ai) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orRelated Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative AgentBorrowers nor shall any such sale or assignment be subject to the minimum assignment amounts specified herein, (ii) any sale or assignment relating to a Swiss/Multicurrency Revolving Loan or a Swiss/Multicurrency Revolving Note and a Swiss/Multicurrency Revolving Commitment shall at all times (Bother than after the occurrence and continuance of an Event of Default) each Assignee require the consent of the Borrowers (which is a Foreign Lender consent shall comply with the provisions of Section 5.23(enot be unreasonably withheld or delayed) and (hiii) hereofany sale or assignment relating to a Japanese/Multicurrency Revolving Loan or a Japanese/Multicurrency Revolving Note and a Japanese/Multicurrency Revolving Commitment to a Purchasing Lender that is not an Eligible Investor shall at all times (other than after the occurrence and continuance of an Event of Default) require the consent of the Borrowers (which consent shall not be unreasonably withheld or delayed); and provided, provided further that the foregoing shall not prohibit a Lender from selling for so long as an Event of Default has occurred and is continuing, participating interests in accordance with Section 12.6(b) in all Swiss/Multicurrency Revolving Loans and Swiss/Multicurrency Revolving Notes or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) part of the first proviso contained in the preceding sentence, the amount described therein Swiss/Multicurrency Commitment shall not be aggregated in respect of each sold to any Purchasing Lender and its Lender Affiliateswho is a Non-Bank, if anysuch sale would result in there being more than ten (10) Non-Banks who are either Participants in and/or Lenders with a Swiss/Multicurrency Revolving Commitment under the Credit Agreement, unless the Borrowers otherwise consent. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). With respect to any assignment of any rights or obligations of a Lender in a Swiss/Multicurrency Revolving Loan or a Swiss/Multicurrency Revolving Note and a Swiss/Multicurrency Revolving Commitment, the Purchasing Lender shall identify in the Commitment Transfer Supplement whether such Purchasing Lender is a Bank or a Non-Bank. Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrowers, at their own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrowers, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrowers or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 for each Purchasing Lender (which fee other than an Affiliate of such Lender or a Related Fund) listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrowers.
(f) IfThe Borrowers authorize each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrowers and its Affiliates which has been delivered to such Lender by or on behalf of the Borrowers pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrowers in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrowers and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.14.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.5 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrowers and the Administrative Agent the appropriate Internal Revenue Service Forms described in Section 2.22.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Ims Health Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any ------------ Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the final maturity of any Loan or Note in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or Fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any Participant if the Participant's participation is not increased as a result thereof), (ii) except as otherwise expressly provided in a Credit Document, release all or substantially all of the collateral, or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees -------- that each Participant shall be entitled to the benefits of Sections 5.122.14, 5.192.15, 5.20, 5.21 2.16 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant -------- shall be entitled to receive any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company Administrative Agent, and, so long as no Event of Default has occurred and is continuing, with the consent of the Borrower (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and ------------------ obligations under this Amended AgreementAgreement and the Notes in minimum amounts of $5,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations) if the Purchasing Lender is not a Lender hereunder, or with no minimum amount if the Purchasing Lender is a Lender hereunder, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof, by the CompanyAdministrative Agent and, so long as no Event of Default has occurred and is continuing, by the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each . Each such sale pursuant to this Section 12.6(c) assignment must be of a constant, not varying, percentage of all of such Lender’s 's rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyhereunder. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Note delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement a new Note to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, a new Note to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Note shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Note replaced thereby. The Note surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and -------- addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to and. so long as no Event of Default has occurred and is continuing, by the extent required hereby), Borrower) together with payment to the Administrative Agent (by the transferor Lender or the Purchasing Lender, as agreed between them) of a registration and processing fee of $3,500 (which fee 3,000 for each Purchasing Lender listed in such Commitment Transfer Supplement, and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (and, this Agreement; in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender Borrower and the Administrative Agent hereby confirms that it will not institute against the appropriate Internal Revenue Service Forms (and, if applicable, a Conduit Lender or join any other Person 2.16 Certificate) described in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceedingSection 2. 16.
Appears in 1 contract
Samples: Credit Agreement (Farm Journal Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the Company, the Lenders, the Agents, all future holders of the Loans, Administrative Agent and their respective successors and assigns, except that the Company may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest Commitment of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement thereof and the other Credit Documents, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Agreement. No Lender shall nottransfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan in which such Participant is participating, without or reduce the consent stated rate or extend the time of payment of interest or Facility Fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, agree and that an increase in any Commitment or Loan shall be permitted without consent of any Participant if the Participant's participation is not increased as a result thereof) or (ii) consent to the assignment or transfer by the Company of any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding of its rights and obligations under this Amended Agreement and Agreement. In the Loans are due and unpaidcase of any such participation, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to not have any rights under this Agreement (the right of setoff Participant's rights against such Lender in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Company hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections 2.15, 5.19, 5.20, 5.21 2.16 and 5.23 8.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell sell, pursuant to a Commitment Transfer Supplement, to (i) any Lender or any Affiliate affiliate thereof all or Lender Affiliate thereof any part of its rights and obligations under this Agreement, and (including any Affiliate or Subsidiary of such transferor Lenderii) and, with the prior written consent of the Administrative Agent and, so long as no Default or Event of Default under Section 6(a) or (e) is then in existence, the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case case, which consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, in the Notes and case of the other Credit Documents andaforementioned clause (ii), with respect to in minimum amounts of $10,000,000 (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations) so long as, pursuant to an Assignment in the case of each of the aforementioned clauses (i) and Acceptance (ii) hereof, after giving effect thereto, the remaining Commitment of such selling Lender shall not be less than $10,000,000, unless such selling Lender has not retained any Commitment hereunder, and a Commitment Transfer Supplement has been executed by such AssigneePurchasing Lender, such assigning transferor Lender (and and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof, by the Company, Company and the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 8.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Company and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent (by the transferor Lender or the Purchasing Lender, as agreed between them) of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent for each Purchasing Lender listed in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the Company.
(f) IfThe Company authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Company and its Affiliates which has been delivered to such Lender by or on behalf of the Company pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Company in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, 's credit evaluation of the Company or the assigning Lender with respect and its Affiliates prior to any payments becoming a party to be made this Agreement; in each case subject to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)subsection 8.14.
(g) For avoidance At the time of doubteach assignment pursuant to this subsection 8.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Company and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.17 Certificate) described in subsection 2.17.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Loan) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Wyeth)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not only assign or transfer any of its rights or obligations under this Amended Agreement without or the other Credit Documents (i) in connection with the Reincorporation Merger pursuant to the terms set forth in Section 6.5 or (ii) with the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) release any of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.18 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment, its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interestobligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked “canceled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee 3,500.00 for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.19.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrowers, the Lenders, the Agents, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrowers and the Guarantors may not assign or transfer any of its their rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lenderall the Lenders.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrowers or the Guarantors of any of their rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit DocumentsDocuments (the Participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrowers hereunder shall be determined as if such Lender had not sold such participation; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrowers (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended AgreementAgreement and the Notes in minimum amounts of $5,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interestinterests and obligations), pursuant to an Assignment and Acceptance Agreement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate or Approved Fund thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrowers), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyrecording. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Assignment Agreement, the Borrowers, at their own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Assignment Agreement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrowers marked “canceled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 10.3 a copy of each Assignment and Acceptance Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register such register shall be conclusive, in the absence of manifest error, and the CompanyBorrowers, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register such register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an a duly executed Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Agreement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee in the amount of $3,500 for each Purchasing Lender (which fee other than an affiliate of such Lender or an Approved Fund) listed in such Assignment Agreement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Assignment Agreement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Agreement and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrowers.
(f) IfThe Borrowers authorize each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrowers and their Affiliates which has been delivered to such Lender by or on behalf of the Borrowers pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender Borrowers in connection with any such proceedingLender’s credit evaluation of the Borrowers and their Affiliates prior to becoming a party to this Agreement, in each case subject to Section 10.16.
Appears in 1 contract
Samples: Credit Agreement (Royal Gold Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its their respective rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.5 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect; provided that, it is understood and agreed that (A) no waiver, reduction or deferral of a mandatory prepayment required pursuant to Section 2.4(b), nor any amendment of Section 2.4(b) or the definitions of Asset Disposition, Debt Issuance, Equity Issuance, or Recovery Event, shall constitute a reduction of the amount of, or an extension of the scheduled date of, the scheduled date of maturity of, or any installment of, any Loan or Note, (B) a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and (C) an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof, (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.9, 5.192.10, 5.20, 5.21 2.11 and 5.23 10.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time, sell or assign to (each of the following a “Purchasing Lender”): (i) any Lender, (ii) any Affiliate or Approved Fund of a Lender and (iii) with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) Administrative Agent and, with so long as no Default or Event of Default exists, the prior written Borrower (each such consent of the Company (subject not to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks banks, insurance companies, financial institutions, investment funds or financial institutions (an “Assignee”)other entities, all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes in minimum amounts of $1,000,000 (or such lesser amount approved by the Administrative Agent and the other Credit Documents and, Borrower) with respect to its Commitment and its Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating InterestCommitment and Loans), pursuant to an Assignment and Acceptance Agreement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (x1) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y2) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall continue to be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement and the Notes. On or prior to the Transfer Effective Date specified in such Assignment Agreement, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent pursuant to such Assignment Agreement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Agreement to its designation agreement and an Affiliate or an Approved Fund of such Lender without regard delivering an Assignment Agreement to the limitations set forth Administrative Agent; provided, however, that (w) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until an Assignment Agreement has been delivered to the Administrative Agent for recordation on the Register, (x) the failure of such assigning Lender to deliver a Assignment Agreement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment, (y) an Assignment Agreement between the assigning Lender and Affiliate or Approved Fund of such Lender shall be effective as of the date specified in such Assignment Agreement and (z) such Affiliate or Approved Fund of such assigning Lender shall be deemed to have expressly acknowledged and agreed with the first sentence terms of this Section 12.6(c2.1(d).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 10.2 a copy of each Assignment and Acceptance Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. A Loan (and the related Note) recorded on the Register may be assigned or sold in whole or in part upon registration of such assignment or sale on the Register. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender Lender, or any of their respective representatives or agents, at any reasonable time and from time to time upon reasonable prior notice. No In the case of an assignment pursuant to the last sentence of Section 10.6(c) as to which an Assignment Agreement is not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register on behalf of the Credit Parties. In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall be effective for purposes maintain a register on which it enters the name of this Amended Agreement unless all participants in such Loans held by it has been (the “Participant Register”). A Loan recorded in on the Register as provided (and the registered Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Note shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an Assignment The parties to each assignment shall execute and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment deliver to the Administrative Agent of as Assignment and Assumption, together with a registration processing and processing recordation fee of $3,500 (which fee 3,500, and the Company assignee, if it is not a Lender, shall have no obligation deliver to pay and which fee may be waived by the Administrative Agent in its discretion)an Administrative Questionnaire; provided, that the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance processing and recordation fee set forth above shall not be required for assignments from a Lender to the Lenders and the Companyits Affiliates or its Approved Funds.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Credit Parties and their Subsidiaries which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Credit Parties and their Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)10.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section to a Person which is not already a Lender hereunder, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms described in Section 2.11.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any right to payment of principal and interest under any Note) to secure obligations of such Lender, including without limitation, (i) any pledge or assignment (i) by to secure obligations to a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a in the case of any Lender or a Lender Affiliate which that is a fund or trust or entity that invests in commercial bank loans in the ordinary course, any pledge or assignment to its any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in support this Section shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall be treated as an assignment thereof which shall not be made without compliance with have any voting rights under this Agreement unless and until the requirements of for assignments set forth in this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender are complied with in connection with any foreclosure or similar action taken by such proceedingpledgee or assignee.
Appears in 1 contract
Samples: Second Lien Term Loan Facility (Horizon Lines, Inc.)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Loans and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement Agreement, other than in connection with an assignment or transfer otherwise permitted hereunder, without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in without the ordinary course consent of its business and in accordance with applicable lawthe Borrower or the Administrative Agent, at any time sell to one or more banks or other financial institutions or Lender Affiliates (each, a “ParticipantsParticipant”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such LenderXxxxxx, any Commitment of such Lender or any other interest interests of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such its Loan for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in the proviso in the second sentence of Section 12.1(i) 9.1 that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and Without affecting the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed limitations in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereofpreceding sentence, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.2.14,
Appears in 1 contract
Samples: Credit Agreement (Phillips 66)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Canadian Borrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower and the Canadian Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, in each case in minimum amounts of $1,000,000 (or, if less, the entire amount of such Lender's Obligations, Commitments or other Credit Documentsinterests). In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit DocumentsBorrower, the Company Canadian Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of a Participant if such Participant's participation is not increased as a result thereof), (ii) release the Borrower, the Canadian Borrower, any material Canadian Subsidiary or any material Guarantor from its obligations under the Guaranty, (iii) release any material portion of the US Collateral or the Canadian Collateral, or (iv) consent to the assignment or transfer by the Borrower or the Canadian Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower or the Canadian Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.202.18, 5.21 2.19 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (xA) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, occurred and (yB) each no Participant shall be subject entitled to receive any payment pursuant to Section 2.18 unless such Participant provided the provisions of paragraph (c) of Section 5.20 and (z) a Borrower, at the time such Participant acquired its participation interest, the tax forms that would be a Foreign Lender required of such Participant pursuant to Section 2.18 if it were such Participant was a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lenderhereunder.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Default or Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks banks, insurance companies or other financial institutions or any funds investing in bank loans (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of (i) $2,500,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's Revolving Commitment and Revolving Loans) and (ii) $1,000,000 (or any lesser amount as approved by the Administrative Agent) with respect to its First Lien Term Loan or Second Lien Term Loan (or, if less, the entire amount of such Lender's First Lien Term Loan or Second Lien Term Loan), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement executed by such AssigneePurchasing Lender, such assigning transferor Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lenderand, to the extent their consent is requiredrequired by this Section 9.6(c), the Administrative Agent and the Borrower, and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) an existing Lender, an Affiliate of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and Approved Fund shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower and the Canadian Borrower, at their own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Canadian Borrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender (except for any assignment by a Lender to an Affiliate of such Lender), as agreed between them, of a registration and processing fee of $3,500 for each Purchasing Lender listed in such Commitment Transfer Supplement (which provided that only one such fee shall be payable in the Company shall have no obligation event of contemporaneous assignments to pay or by two or more related Approved Funds) and which fee may be waived by the Administrative Agent in its discretion)Notes subject to such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Commitment Transfer Supplement and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyRegister.
(f) IfEach Credit Party authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Credit Parties and their Affiliates which has been delivered to such Lender by or on behalf of a Credit Party pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter on behalf of a Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of Party in connection with such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit Lender's credit evaluation of the assigning Lender, the Administrative Agent Credit Parties and the Company) that under applicable law and treaties no Taxes will be required their Affiliates prior to be withheld by the Administrative Agent, the Company or the assigning Lender with respect becoming a party to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.14.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any right to payment of principal and interest under any Note) to secure obligations of such Lender, including without limitation, (i) any pledge or assignment (i) by to secure obligations to a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a in the case of any Lender or a Lender Affiliate which that is a fund or trust or entity that invests in commercial bank loans in the ordinary course of business, any pledge or assignment to its any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in support this Section 9.6 shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall be treated as an assignment thereof which shall not be made without compliance with have any voting rights under this Credit Agreement unless and until the requirements of for assignments set forth in this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender 9.6 are complied with in connection with any foreclosure or similar action taken by such proceedingpledgee or assignee.
Appears in 1 contract
Samples: Credit Agreement (Juno Lighting Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns; provided, except however, that none of the Company Credit Parties may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Loan Documents without the prior written consent of each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to a Purchasing Lender pursuant to the provisions of paragraph (c) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (b) of this Section, or (iii) by way of pledge or assignment pursuant to paragraph (h) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void).
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and may in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest right and/or obligation of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s rights and/or obligations (as the case may be) under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Parties and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Agreement. No Lender shall nottransfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Loan Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, without or reduce the consent stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, agree and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) consent to the assignment or transfer by the Credit Parties of any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding of their rights and obligations under this Amended Agreement and or (iii) release all or substantially all of the Loans are due and unpaidGuarantors from their obligations under the Guaranty. In the case of any such participation, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to not have any rights under this Agreement or any of the right of setoff other Loan Documents (the Participant’s rights against such Lender in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Credit Parties hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits and be bound by the obligations of Sections 5.122.07, 5.192.08, 5.20, 5.21 2.09 and 5.23 9.05 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and may in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate thereof (including any other than an Affiliate or Subsidiary that is not a United States Person within the meaning of such transferor LenderSection 7701(a)(30) of the Code) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or banks, financial institutions or Approved Funds (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and in minimum amounts of $5,000,000 (or less if the other Credit Documents and, entire amount of such Lender’s obligations is transferred) with respect to the Letters of Credit, such Lender’s L/C Participating Interestits Commitment and its Loans, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an Affiliate thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (Ai) each such any sale pursuant or assignment to this an existing Lender or to an Affiliate thereof that is a United States Person (within the meaning of Section 12.6(c7701(a)(30) of a Lender’s rights and obligations (Ithe Code) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, Borrower nor shall any such sale or assignment be subject to the minimum assignment amounts specified herein and (Bii) each Assignee which the parties hereto agree and acknowledge that it is reasonable for the Borrower to withhold its approval of an assignment to a Foreign Lender shall comply with Person that is not a United States Person (within the provisions meaning of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B7701(a)(30) of the first proviso contained in Code) if such Person does not provide to the preceding sentence, Borrower the amount described therein shall be aggregated in respect certification as to exemption from deduction or withholding of each Lender Taxes as required under Sections 2.13 and its Lender Affiliates, if any9.04(g). Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (xi) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (yii) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitments assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in amounts equal to the limitations set forth Commitments retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked “canceled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.01 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment Commitments of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyCredit Parties, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Credit Parties or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 for each Purchasing Lender (which fee other than a Purchasing Lender that is an existing Lender or an Affiliate of an existing Lender) listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfEach Credit Party authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Credit Parties and their Affiliates which has been delivered to such Lender by or on behalf of any Credit Party pursuant to this Section 12.6, any interest in this Amended Agreement or which has been delivered to such Lender by or on behalf of any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of Party in connection with such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit Lender’s credit evaluation of the assigning Lender, the Administrative Agent Credit Parties and the Company) that under applicable law and treaties no Taxes will be required their Affiliates prior to be withheld by the Administrative Agent, the Company or the assigning Lender with respect becoming a party to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.04 to a Person which is not already a Lender hereunder and which is not a United States Person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the Borrower and the Administrative Agent certification as to exemption from deduction or withholding of Taxes in accordance with Section 2.13 and shall be subject to the provisions of Section 2.13(c).
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, Agreement (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by laws or a trustee of such Lender for the benefit of its investors; provided that no such pledge or assignment shall release a Lender or a Lender Affiliate which is a fund to its trustee in support from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge shall be treated or assignee for such Lender as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6a party hereto.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Tredegar Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrowers, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Loans and their respective successors and assigns, except that the Company neither Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”each, a "Participant") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest interests of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such its Loan for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in Section 12.1(iclause (a) of the proviso to subsection 9.1 that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and Without affecting the Loans are due and unpaidlimitations in the preceding sentences, the participating banks or other financial institutions, shall have been declared or shall have become due and payable upon the occurrence of an Event of Defaultnot be Lenders hereunder for any purpose except, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the participation agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereofso provides, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections 2.14, 5.192.16, 5.20, 5.21 and 5.23 2.17 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to timetime as if it were a Lender; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to any such Sections subsection than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred; and provided further, (y) each that, in the case of subsection 2.16, such Participant shall be subject to have complied with the provisions requirements of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lendersubsection.
(c) Any Lender other than any Conduit Each Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Borrowers (which shall not be unreasonably withheld and which will not be required during the existence of an Event of Default under subsections 7(g) or (h)), the Same Day Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which except no consent of the Borrowers or the Administrative Agent shall be required in each the case shall not be unreasonably withheld, conditioned, of an assignment to a Lender or delayed), an Affiliate of a Lender) sell or assign to one or more Lenders or additional banks or financial institutions other entities (an “Assignee”), a "Purchasing Lender") all or any a part of its rights and obligations under this Amended Agreement, the Agreement and any Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative Agent, the Issuing Same Day Lender and the Swing Line LenderBorrowers; provided, that, if such sale is not to one or more Lenders and is to an additional lender, (i) such sale shall be in a minimum amount of $10,000,000 and (ii) the extent their consent is required)Commitment retained by such transferor Lender after such sale shall be at least $25,000,000, unless the transferor Xxxxxx sells all of its Commitment hereunder. Upon (i) the execution of such Assignment and delivered to the Administrative Agent for its acceptance and recording Acceptance, (ii) delivery of any executed forms required by subsection 2.16, (iii) recordation of such transfer in the Register; provided that Register and (Aiv) each payment by such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Purchasing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights registration and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or processing fee described in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplicationsubsection 9.6(e). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date Transfer Effective Date determined pursuant to such Assignment and Acceptance, Acceptance (x) which shall not be earlier than the Assignee thereunder shall be a party hereto and, to date which is five Business Days after the extent provided in such date the Administrative Agent has received the Assignment and Acceptance), such Purchasing Lender shall for all purposes be a Lender party to this Agreement and shall have all the rights and obligations of a Lender hereunder under this Agreement to the same extent as if it were an original party hereto with the Commitments and Loans a Commitment as set forth therein, therein and (y) the assigning transferor Lender thereunder shall, shall be released from any further obligations under this Agreement to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its assigned interests; if such transferor Lender no longer holds any rights or obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto)"Lender" hereunder except that its rights under subsections 2.14, 2.16, 2.17 and 9.5 shall not be affected. Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of the Commitments and the Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement. Notwithstanding anything herein Upon the consummation of any transfer to the contrary (and a Purchasing Lender pursuant to the extent permitted by lawthis subsection 9.6(c), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoingtransferor Lender, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all and the Borrowers shall make appropriate arrangements so that, if required, a replacement Note is issued to such transferor Lender and a new Note or, as appropriate, a replacement Note, is issued to such Purchasing Lender, in each case in principal amounts reflecting their respective Commitments. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Notes replaced thereby.
(d) The Administrative Agent acting on behalf of and shall maintain, as agent for the CompanyBorrowers, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 9.2, a copy of each Assignment and Acceptance delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrowers, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement. Any assignment of any Loan, notwithstanding any notice whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register. Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance, and thereupon one or more new Notes shall be issued to the contrarydesignated Assignee. The Register shall be available for inspection by the Company either Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment Upon the written request of the Borrowers, the Administrative Agent shall be effective for purposes deliver promptly a copy of this Amended Agreement unless it has been recorded in the Register as provided in this paragraphto the Borrowers.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Companya transferor Lender, the Issuing a Purchasing Lender, the Swing Line Lender Borrowers, the Same Day Lender, and the Administrative Agent to the extent required hereby)Agent, together with payment by the Purchasing Lender to the Administrative Agent of a registration and processing fee of $3,500 from such Purchasing Lender and/or such transferor Lender (which fee including in the Company shall have no obligation case of assignments to pay and which fee may be waived by the Administrative Agent in its discretionAffiliates of assigning Lenders), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Acceptance, (ii) on the effective date Transfer Effective Date determined pursuant thereto, thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyBorrowers.
(f) IfEach Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information (other than Confidential Information, except as permitted by subsection 9.4) in such Xxxxxx's possession concerning such Borrower which has been delivered to such Lender by such Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred which has been delivered to any Transferee which would be a Foreign such Lender upon the effectiveness by such Borrower in connection with such Lender's credit evaluation of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) Borrower prior to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)entering into this Agreement.
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section subsection 9.6 concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by law; provided that no such assignment, whether to a Federal Reserve Bank or other entity, shall release a Lender or a Lender Affiliate which is a fund to its trustee in support from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge shall be treated Federal Reserve Bank or other entity for such Lender as a party hereto or permit an absolute assignment thereof which shall not be made without compliance to occur other than in accordance with the requirements such provisions of this Section 12.6subsection 9.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Chevron Phillips Chemical Co LLC)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable lawApplicable Law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (each, a “ParticipantsParticipant”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, in each case in minimum amounts of $10,000,000 (or, if less, the entire amount of such Lender’s obligations, Commitments or other Credit Documentsinterests). In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating (except in connection with the extension of the Commitment Termination Date pursuant to Section 2.20), or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of a Participant if such Participant’s participation is not increased as a result thereof), (ii) release any material Guarantor from its obligations under the Guaranty or the Guaranty Agreement (except as otherwise expressly permitted by Sections 5.9, 5.13 or 5.14), (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement or (iv) release all or substantially all of the Collateral. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit DocumentsDocuments (the Participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall be determined as if such Lender had not sold such participation; provided, howeverthat, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.202.18, 5.21 2.19 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) provided, further, that, no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable lawApplicable Law, at any time, sell or assign with the prior written consent of the Administrative Agent and the Issuing Lender and, so long as no Default or Event of Default has occurred and is continuing, the Swing Line Lender Initial Borrower (in the case of the Revolving Credit Facilityeach case, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written which consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies or other financial institutions or any funds investing in bank loans (an each, a “AssigneePurchasing Lender”), all or any part of its rights and obligations under this Amended AgreementCredit Agreement and the Notes in minimum amounts of $10,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating InterestCommitment), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative AgentAgent and, so long as no Default or Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is required)Initial Borrower, and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that consent from the Issuing Lender shall not be required if the Purchasing Lender has a senior unsecured debt rating from any two of S&P, Xxxxx’x and Fitch equal to or higher than A- (A) each such or A3 with respect to Xxxxx’x); provided, further, that any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a another Lender or to an Affiliate or of an existing Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign the Issuing Lender shall comply with or the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyBorrower. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (xi) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (yii) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.party
Appears in 1 contract
Samples: Credit Agreement (Capitalsource Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each LenderLender and no Lender may assign or transfer any of its rights or obligations under this Credit Agreement or the other Credit Documents without the prior written consent of the Borrower, except as otherwise permitted by this Section 11.6.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable lawlaw and, so long as no Event of Default has occurred and is continuing, with the consent of the Borrower if the Participant (as defined below) is not an Affiliate of such Lender (which consent shall not be unreasonably withheld), at any time sell to one or more banks or other financial institutions entities (“Participant” or Lender Affiliates (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Revolving Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder, provided, however, that at all times such Lender shall retain for its own account interests in Loans owing to such Lender in an aggregate outstanding principal amount which, when added to the other Credit Documentsaggregate outstanding principal amount of any interests in Loans sold by such Lender to Participants who are Affiliates of such Lender, equals not less than fifty percent (50%) of the aggregate principal amount of all such Lender’s outstanding Loans. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan, Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or Fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Revolving Commitment or Loan shall be permitted without consent of any Participant if the Participant’s participation is not increased as a result thereof, or (ii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.123.6, 5.193.7, 5.203.8, 5.21 3.9 and 5.23 11.5 with respect to its participation in the Letters of Credit and in the Revolving Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell or assign (i) to any Lender or any Affiliate thereof, except that any such sale or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, assignment shall be made only with the prior written consent of the Company (subject to Borrower if such sale or assignment would increase any amount payable by the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditionedBorrower hereunder, or delayed), sell (ii) to one or more additional banks or financial institutions (an “AssigneePurchasing Lenders”), except that any such sale or assignment shall be made only with the consent of the Agent and, so long as no Event of Default has occurred and is continuing or at any time if any such sale or assignment would increase any amount payable by the Borrower hereunder, the consent of the Borrower: all or any part of its rights and obligations under this Amended AgreementCredit Agreement and the Notes in minimum amounts of $10,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interestobligations) if the Purchasing Lender is not a Lender hereunder, or with no minimum amount if the Purchasing Lender is a Lender hereunder, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Affiliate thereof so long as no Event of Default has occurred and is continuing, by the Company, the Administrative Agent, the Issuing Lender Borrower and the Swing Line Lender, to the extent their consent is requiredAgent), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that Register (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplicationas defined below). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Revolving Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement (deemed to comply with Section 11.1) to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted Agent in exchange for the Note delivered to the Agent pursuant to such Commitment Transfer Supplement a new Note to the order of such Purchasing Lender in an amount equal to the Revolving Commitment assumed by law)it pursuant to such Commitment Transfer Supplement and, after unless the occurrence transferor Lender has not retained a Revolving Commitment hereunder, a new Note to the order of the transferor Lender in an amount equal to the Revolving Commitment retained by it hereunder. Except for the expense of executing and during delivering such new Note to the continuance of an Event of Default Agent pursuant to this Section, the Borrower shall not be obligated to pay any transfer fees, costs or expenses to the Agent or any Lender may sell all or in connection with any part of its rights such transfer. Such new Note shall be dated the Closing Date and obligations under this Amended Agreement without shall otherwise be in the consent form of the CompanyNote replaced thereby. Notwithstanding The Note surrendered by the foregoing, any Conduit transferor Lender may assign at any time to its designating Lender hereunder without shall be returned by the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked “canceled.”
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 11.2 a copy of each Assignment and Acceptance Commitment Transfer supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Revolving Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and a Purchasing Lender and, in the case of a Purchasing Lender that is not then a Lender (or an Assignee (and Affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender (as agreed between them) of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement, and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfSubject to Section 11.8, the Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any permitted prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)this Credit Agreement.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 11.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Agent the appropriate Internal Revenue Service Forms (and, if applicable, a U.S. Tax Compliance Certificate) described in Section 3.9.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the Company, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company may not assign or transfer any of its their rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender; except to the extent any such assignment results from the consummation of a merger or consolidation permitted pursuant to Section 6.2 of this Credit Agreement.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof) or (ii) consent to the assignment or transfer by the Company of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Company hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12Section 2.15, 5.19, 5.20, 5.21 2.16 and 5.23 2.17 with respect to its participation in the Letters of Credit and in the Revolving Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Related Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case case, which consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks or financial institutions or entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating InterestRevolving Commitment and Revolving Loans), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate or Related Fund thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredCompany), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orRelated Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Company nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (and to the extent permitted by law)Transfer Effective Date specified in such Commitment Transfer Supplement, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time its own expense, shall execute and deliver to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Revolving Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Revolving Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Revolving Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 for each Purchasing Lender (which fee other than an Affiliate of such Lender or a Related Fund) listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the Company.
(f) IfThe Company authorize each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Company and its Affiliates which has been delivered to such Lender by or on behalf of the Company pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Company in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, ’s credit evaluation of the Company or the assigning Lender with respect and its Affiliates prior to any payments becoming a party to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.5 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Company and the Administrative Agent the appropriate Internal Revenue Service Forms described in Section 2.17.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Term Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its their rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Term Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Term Note held by such Lender, any Term Loan Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Term Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Term Loan or Term Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.5 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect; provided that, it is understood and agreed that (A) no waiver, reduction or deferral of a mandatory prepayment required pursuant to Section 2.4(b), nor any amendment of Section 2.4(b) or the definitions of Asset Disposition, or Recovery Event, shall constitute a reduction of the amount of, or an extension of the scheduled date of, the scheduled date of maturity of, or any installment of, any Term Loan or Term Note, (B) a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and (C) an increase in the Term Loan Commitment or Term Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof, (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.10, 5.192.11, 5.202.12, 5.21 2.13 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments Term Loan Commitment and the Loans Term Loan outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies, financial institutions, investment funds, mutual funds or financial institutions other entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, the Notes Credit Agreement and the other Credit Documents and, Term Notes in minimum amounts of $1,000,000 (or such lesser amount approved by the Administrative Agent) with respect to its Term Loan (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating InterestTerm Loan), pursuant to an Assignment and Acceptance Agreement, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided, however, that any sale or assignment to an existing Lender, or Affiliate or Approved Fund thereof, shall not be subject to the minimum assignment amounts specified herein (and provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender related Approved Funds shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For treated as one assignee for purposes of clauses (A) and (B) of calculating the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyinitial minimum). Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (xA) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Term Loan Commitment as set forth therein, and (yB) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall continue to be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Term Loan Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Credit Agreement and the Term Notes. On or prior to the Transfer Effective Date specified in such Assignment Agreement, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the Term Notes delivered to the Administrative Agent pursuant to such Assignment Agreement new Term Notes to the order of such Purchasing Lender in an amount equal to the Term Loan Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Term Loan Commitment hereunder, new Term Notes to the order of the transferor Lender in an amount equal to the Term Loan Commitment retained by it hereunder. Such new Term Notes shall be dated the Closing Date and shall otherwise be in the form of the Term Notes replaced thereby. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Credit Agreement to its designation agreement and an Affiliate or a Approved Fund of such Lender without regard delivering an Assignment Agreement to the limitations set forth Administrative Agent; provided, however, that (I) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until an Assignment Agreement has been delivered to the Administrative Agent for recordation on the Register, (II) the failure of such assigning lender to deliver a Assignment Agreement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment and (III) an Assignment Agreement between the assigning Lender an Affiliate or Approved Fund of such Lender shall be effective as of the date specified in the first sentence of this Section 12.6(c)such Assignment Agreement.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Term Loan Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental the Term Loans, if any Loan owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. A Term Loan (and the related Term Note) recorded on the Register may be assigned or sold in whole or in part upon registration of such assignment or sale on the Register. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Term Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No In the case of an assignment pursuant to the last sentence of Section 9.6(c) as to which an Assignment Agreement is not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register on behalf of the Credit Parties. In the event that any Lender sells participations in a Term Loan recorded on the Register, such Lender shall be effective for purposes maintain a register on which it enters the name of this Amended Agreement unless all participants in such Term Loan held by it has been (the “Participant Register”). A Term Loan recorded in on the Register as provided (and the registered Term Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Term Note shall expressly so provide). Any participation of such Term Loan recorded on the Register (and the registered Term Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an a duly executed Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Agreement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 for each Purchasing Lender (which fee other than a Purchasing Lender that is an Affiliate or Approved Fund of the Company shall have no obligation transferor Lender) listed in such Assignment Agreement and the Term Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Assignment Agreement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Agreement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant, pledgee under Section 9.6(h) or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Subsidiaries which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms described in Section 2.14.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any right to payment of principal and interest under any Term Note) to secure obligations of such Lender, including without limitation, (i) any pledge or assignment (i) by to secure obligations to a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a in the case of any Lender or a Lender Affiliate which that is a fund or trust or entity that invests in commercial bank loans in the ordinary course of business, any pledge or assignment to its any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in support this Section shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall be treated as an assignment thereof which shall not be made without compliance with have any voting rights under this Credit Agreement unless and until the requirements of for assignments set forth in this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender are complied with in connection with any foreclosure or similar action taken by such proceedingpledgee or assignee.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, the Syndication Agent, the Documentation Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), ), or (ii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.18 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender any Affiliate of a an existing Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee 3,000 for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.16.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended The provisions of this Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the Agents, all future holders of Administrative Agent and the Loans, Collateral Agent and their respective successors and assignsassigns permitted hereby, except that (i) the Company Borrower may not assign or otherwise transfer any of its rights or obligations under this Amended Agreement hereunder without the prior written consent of each LenderLender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:
(A) the Borrower, provided that no consent of the Borrower shall be required for an assignment to an assignee that is a Lender immediately prior to giving effect to such assignment, an Affiliate of such a Lender, or, if an Event of Default has occurred and is continuing, any other assignee; and
(B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment to an assignee that is a Lender immediately prior to giving effect to such assignment.
(ii) Assignments shall be subject to the following additional conditions:
(A) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement;
(B) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $2,500; and
(C) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.
(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 4.9, 4.10, 4.11 and 11.5 to the extent relating to matters during the time it was a Lender). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 11.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section to the extent complying with Section 11.6(c) or otherwise as void and of no force and effect.
(iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Collateral Agent, and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice.
(v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption, give notice of such Assignment and Assumption to the Borrower, and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(i) Any Lender other than any Conduit Lender may, in without the ordinary course consent of its business and in accordance with applicable lawthe Borrower, at any time the Administrative Agent, or the Collateral Agent, sell participations to one or more banks or other financial institutions entities (a "Participant") in all or Lender Affiliates (“Participants”) participating interests in any Loan owing to a portion of such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder 's rights and under the other Credit Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement (including all or a portion of the Loans owing to the other parties to it); provided that (A) such Lender's obligations under this Amended Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance thereofof such obligations and (C) the Borrower, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement Administrative Agent, the Collateral Agent, and the other Credit Documents, the Company and the Administrative Agent Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document, and no Lender shall be entitled to create in favor of any Participant any right to vote on, consent to or approve any matter relating to any Loan Document; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in clause (i), (ii) or (v) of the proviso to Section 12.1(i) 11.1 that directly affects such Participant. The Company agrees that if amounts outstanding under Subject to paragraph (c)(ii) of this Amended Agreement and Section, the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also Borrower agrees that each Participant shall be entitled to the benefits of Sections 5.124.9, 5.194.10 and 4.11 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, 5.20each Participant also shall be entitled to the benefits of Section 11.5 as though it were a Lender, 5.21 and 5.23 with respect provided such Participant agrees to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time be subject to time; provided that Section 11.7 as though it were a Lender.
(xii) no A Participant shall not be entitled to receive any greater amount pursuant to such Sections payment under Section 4.9, 4.10 or 4.11 than the transferor applicable Lender would have been entitled to receive in with respect of to the amount participation sold to such Participant, unless the sale of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to is made with the provisions of paragraph (c) of Section 5.20 and (z) a Borrower's prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 4.10 unless the Company Borrower is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the CompanyBorrower, to comply with Section 5.23(e) and (h4.10(b) as through though it were a Lender.
(cd) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, may at any time sell to any Lender pledge or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of assign a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) security interest in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and secure obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, including any pledge or assignment (i) by to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender of from any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge shall be treated pledgee or assignee for such Lender as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6a party hereto.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release any of the Guarantors from their obligations under the Guaranty or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.14, 5.192.15, 5.20, 5.21 2.16 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Default or Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment and its Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate thereof, the Administrative AgentAgent and, so long as no Default or Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.party
Appears in 1 contract
Samples: Credit Agreement (Bassett Furniture Industries Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyParent, the LendersBorrower, the AgentsLenders and the Administrative Agent, all future holders of the Loans, and their respective successors and assignsassigns permitted hereby (including any Affiliate of the Issuing Lender that issues any Letter of Credit), except that (i) the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each LenderLender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights and obligations hereunder except in accordance with this Section.
(b) Any Lender other than any a Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (other than a Disqualified Person or an Affiliated Lender (other than an Affiliated Debt Fund)) (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents. Notwithstanding anything to the contrary in the immediately preceding sentence, each Lender shall have the right to sell one or more participations in all or any part of its Loans or any other Obligation to one or more lenders or other Persons that provide financing to such Lender in the form of sales and repurchases of participations without having to satisfy the foregoing requirements. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, Loan Documents and the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.in
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Revolving Credit Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, and after notice to the Borrower, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Revolving Credit Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Revolving Credit Note held by such Lender, any Revolving Credit Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Revolving Credit Note for all purposes under this Amended Agreement and the other Credit Loan Documents, and the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans Revolving Credit Notes are due and or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan Revolving Credit Note to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; Revolving Credit Note, provided that that, in purchasing such participating interest, such Participant shall only be entitled deemed to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, thereof as provided in Section 12.7subsection 11.7
(a) as fully as if it were a Lender hereunder. The Company Borrower also agrees that each Participant shall be entitled to the benefits of Sections 5.124.9, 5.19, 5.20, 5.21 4.10 and 5.23 4.11 with respect to its participation in the Revolving Credit Commitments, the Revolving Credit Loans and the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, transferor
(yb) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a extent the Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lenderdirectly affected thereby.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate successor or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) Borrower and the Administrative Agent (which in each case shall not be unreasonably withheldwithheld or, conditionedwith respect to the Borrower, or delayedshall not be required during the continuance of any Event of Default), sell to one or more additional banks or financial institutions or funds that regularly purchase loans (an “Assignee”), "Purchasing Lenders") all or any part of its rights and obligations under this Amended Agreement, the Notes Agreement and the other Revolving Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, Notes pursuant to an Assignment and Acceptance Acceptance, substantially in the form of Exhibit M, executed by such AssigneePurchasing Lender, such assigning transferor Lender (and and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof, by the Company, Borrower and the Administrative Agent, the Issuing Lender and the Swing Line Lender, Agent except to the extent their the Borrower's consent is required), not required hereunder) and delivered to the Administrative Agent for its acceptance and recording in the Register; Register ,provided that no such assignment to an assignee (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a other than any Lender or an Affiliate or Lender Affiliate any affiliate of a Lender any Lender) shall be of the entire remaining in an aggregate principal amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 10,000,000 (or other than in the case of any Incremental Term Loan an assignment of all of a Lender's interest under this Agreement) and the assigning Lender shall have retained at least $10,000,000 of Revolving Credit Commitments (unless it is assigning all of its Revolving Credit Commitments and Incremental Term Revolving Credit Loans), $1,000,000) or more unless otherwise agreed by the Company Borrower and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of to each Lender and its Lender Affiliatesrelated affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date Transfer Effective Date determined pursuant to such Assignment and Acceptance, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Revolving Credit Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party heretohereto but shall continue to be entitled to the benefit of the indemnity and expense reimbursement provisions of the Loan Documents to the extent relating to matters during the time it was a Lender). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Revolving Credit Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date determined pursuant to such Assignment and Acceptance, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Revolving Credit Note of the Loans transferor Lender a new Revolving Credit Note to the order of such Purchasing Lender in an amount equal to the Revolving Credit Commitment assumed by it may have funded hereunder and pursuant to its designation agreement such Assignment and without regard Acceptance and, if the transferor Lender has retained Revolving Credit Commitments hereunder, a new Revolving Credit Note to the limitations set forth order of the transferor Lender in an amount equal to the Revolving Credit Commitment retained by it hereunder. Such new Revolving Credit Notes shall be dated the Closing Date, and shall otherwise be in the first sentence form of this Section 12.6(c)the Revolving Credit Note replaced thereby. The Revolving Credit Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "cancelled."
(d) The Administrative Agent acting Agent, on behalf of and as agent for the CompanyBorrower, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 11.2 a copy of each Assignment and Acceptance delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Revolving Credit Commitment of, the and principal amount of any Swing Line Loans, the Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Revolving Credit Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. Any assignment of any Revolving Credit Loan or other Obligations hereunder not evidenced by a Revolving Credit Note shall be effective only upon appropriate entries with respect thereto being made in the Register. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning a transferor Lender and Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion)4,000, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date Transfer Effective Date determined pursuant thereto, thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)this Agreement.
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Revolving Credit Loans and Revolving Credit Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Revolving Credit Loan or Revolving Credit Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender without any notice to or a Lender Affiliate which is a fund to its trustee in support consent of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of the Borrower or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6Administrative Agent.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyParent, the LendersBorrower, the AgentsLenders and the Administrative Agent, all future holders of the Loans, and their respective successors and assignsassigns permitted hereby, except that (i) the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each LenderLender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights and obligations hereunder except in accordance with this Section.
(b) Any Lender other than any a Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (other than a Disqualified Person or an Affiliated Lender (other than an Affiliated Debt Fund)) (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents. Notwithstanding anything to the contrary in the immediately preceding sentence, each Lender shall have the right to sell one or more participations in all or any part of its Loans or any other Obligation to one or more lenders or other Persons that provide financing to such Lender in the form of sales and repurchases of participations without having to satisfy the foregoing requirements. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Amended Agreement and the other Credit Documents, Loan Documents and the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.in
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Lenders and their respective successors and assigns, except that the Company Borrower may not assign assign, transfer or transfer delegate any of its their rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking or finance business and in accordance with applicable law, at any time sell to one or more banks lenders or other financial institutions or Lender Affiliates (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest Letter of Credit participated in by such Lender in the Letters of CreditLender, any Note held by such Lender, any Loan Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents; provided, however, that the holder of any such participation, other than an Affiliate of such Lender, shall not be entitled to require such Lender to take or omit to take any action hereunder except action directly affecting the extension of the maturity of any portion of the principal amount of a Loan or Loan Commitment, the expiration of a Letter of Credit Documentsor any portion of interest or fees related thereto allocated to such participation or a reduction of the principal amount or principal payment amount of or the rate of interest payable on the Loans or any fees related thereto or reduction of the amount to be reimbursed under any Letter of Credit, or a release of any Loan Party or any substantial portion of the Collateral or any increase in participation amounts. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note and the participant in any such Letter of Credit for all purposes under this Amended Agreement and the other Credit Loan Documents, the Company and the Administrative Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans other Loan Documents are due and or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan Note to the same extent as if the amount continuing of its participating interest were owing directly to it as a Lender under this Amended Agreement or any LoanNote; provided provided, however, that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, thereof as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender9.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Quiksilver Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower and the Guarantors may not assign or transfer any of its their rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower or the Guarantors of any of their rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.18 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions or entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended AgreementAgreement and the Notes in minimum amounts of $5,000,000 (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interestinterests and obligations), pursuant to an a Assignment and Acceptance Agreement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate or Approved Fund thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Agreement (and, in the case of an a Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Revolving Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Assignment Agreement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Assignment Agreement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked “canceled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an a duly executed Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Agreement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 3,500.00 for each Purchasing Lender (which fee other than an affiliate of such Lender or an Approved Fund) listed in such Assignment Agreement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Assignment Agreement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Agreement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a Tax Exempt Certificate) described in Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.62.17.
(h) The Company, upon receipt Any Lender may at any time pledge or assign a security interest in all or any portion of written notice from the relevant its rights under this Agreement to secure obligations of such Lender, agrees including any such pledge or assignment to issue Notes a Federal Reserve Bank, and this Section 9.6 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join from any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit obligations hereunder or limit the ability of substitute any such Person to file claims against assignee for such Lender as a Conduit Lender in connection with any such proceedingparty hereto.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its their rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under hereunder; provided, that a participating interest in any Revolving Loan or Revolving Commitment may only be sold to a PMP unless otherwise consented to by the other Credit DocumentsCompany. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.10 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect; provided that, it is understood and agreed that (A) no waiver, reduction or deferral of a mandatory prepayment required pursuant to Section 2.8(b), nor any amendment of Section 2.8(b) or the definitions of Asset Disposition, Debt Issuance, Equity Issuance, Excess Cash Flow, or Recovery Event, shall constitute a reduction of the amount of, or an extension of the scheduled date of, the scheduled date of maturity of, or any installment of, any Loan or Note, (B) a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and (C) an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof, (ii) release a Borrower or all or substantially all of the Guarantors from their obligations under the US Guaranty or the Foreign Guaranty, as applicable, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrowers of any of their rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrowers hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.18 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies, financial institutions, investment funds or financial institutions other entities (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of (i) $5,000,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating InterestRevolving Commitment and Revolving Loans) and (ii) $1,000,000 with respect to its Term Loans (or, if less, the entire amount of such Lender’s Term Loans), pursuant to an Assignment and Acceptance Agreement, executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative Agent, the Issuing Lender Agent and the Swing Line Lender, Company (to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orApproved Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company nor shall any such sale or assignment be subject to the Administrative Agentminimum assignment amounts specified herein, and (B) each Assignee which is so long as no Default or Event of Default shall have occurred and be continuing, any sale or assignment of a Foreign Lender portion of the Revolving Loans and a Revolving Loan Commitment shall comply with require the provisions consent of Section 5.23(e) the Company and (hC) hereofany sale or assignment of a portion of the Term Loan shall not require the consent of the Company; and provided, further further, that notwithstanding anything in this Section 9.6 to the foregoing shall not prohibit contrary, a Lender from selling participating interests in accordance with Section 12.6(b) in all may only sell or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of assign a Revolving Loan or Revolving Commitment to a PMP unless otherwise consented to by the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyCompany. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (x1) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y2) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall continue to be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Credit Agreement and the Notes. On or prior to the Transfer Effective Date specified in such Assignment Agreement, the Borrowers, at their own expense, shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent pursuant to such Assignment Agreement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section 9.6, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Credit Agreement to its designation agreement and an Affiliate or an Approved Fund of such Lender without regard delivering an Assignment Agreement to the limitations set forth Administrative Agent; provided, however, that (w) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until an Assignment Agreement has been delivered to the Administrative Agent for recordation on the Register, (x) the failure of such assigning lender to deliver an Assignment Agreement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment, (y) an Assignment Agreement between the assigning Lender and an Affiliate or Approved Fund of such Lender shall be effective as of the date specified in such Assignment Agreement and (z) such Affiliate or Approved Fund shall comply with the first sentence terms of this Section 12.6(c6.1(g), to the extent applicable.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. A Loan (and the related Note) recorded on the Register may be assigned or sold in whole or in part upon registration of such assignment or sale on the Register. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrowers, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No In the case of an assignment pursuant to the last sentence of Section 9.6(c) as to which an Assignment Agreement is not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register on behalf of the Credit Parties. In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall be effective for purposes maintain a register on which it enters the name of this Amended Agreement unless all participants in such Loans held by it has been (the “Participant Register”). A Loan recorded in on the Register as provided (and the registered Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Note shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an a duly executed Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Agreement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which registration and processing fee shall not be payable in connection with an assignment to an Affiliate) for each Purchasing Lender listed in such Assignment Agreement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Assignment Agreement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Agreement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the Company.
(f) IfThe Borrowers authorize each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Company and its Subsidiaries which has been delivered to such Lender by or on behalf of the Borrowers pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrowers in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect ’s credit evaluation of the Loans or L/C Participating Interests, (ii) Borrowers and their Affiliates prior to furnish becoming a party to the assigning Lender (andthis Credit Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Company and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a Tax Exempt Certificate) described in Section 2.19.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any right to payment of principal and interest under any Note) to secure obligations of such Lender, including without limitation, (i) any pledge or assignment (i) by to secure obligations to a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a in the case of any Lender or a Lender Affiliate which that is a fund or trust or entity that invests in commercial bank loans in the ordinary course of business, any pledge or assignment to its any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in support this Section 9.6 shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall be treated as an assignment thereof which shall not be made without compliance with have any voting rights under this Credit Agreement unless and until the requirements of for assignments set forth in this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender 9.6 are complied with in connection with any foreclosure or similar action taken by such proceedingpledgee or assignee.
Appears in 1 contract
Samples: Credit Agreement (Lionbridge Technologies Inc /De/)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the LoansNotes, and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, such Lender shall be solely responsible for any withholding taxes or any filing or reporting requirements relating to such Participant and shall indemnify and hold harmless the Borrower and the other Credit DocumentsAdministrative Agent and their respective successors, permitted assigns, officers, directors, employees, agents and representatives for and against any Taxes (including interest and penalties thereon and additions thereto), losses, costs and expenses incurred in connection with such withholding taxes or filing or reporting requirements, and the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, that such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such ParticipantAgreement. The Company Borrower agrees that if amounts outstanding under this Amended Agreement and the Loans Notes are due and or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan Note to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any LoanNote; provided that provided, that, in purchasing such participating interest, such Participant shall only be entitled deemed to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, thereof as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12, 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that subsection 9.7
(xa) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender as fully as if it were a Lender shall not be entitled to hereunder. All amounts payable by the benefits of Section 5.23 unless the Company is notified of the participation interest sold Borrower to such Participant Lender under subsection 2.15, 2.17, 2.18 and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such Assignee, such assigning Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender 9.5 shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein to the contrary (and to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the address of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time had not sold or agreed to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraphsell such participation.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Phelps Dodge Corp)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the CompanyBorrower, the Guarantors, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that none of the Company Loan Parties may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Loan Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, Lender and any Revolving Credit Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, and such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement and the other Credit Loan Documents, and the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, that . No Lender shall grant any participation under which the Participant shall have the right to require such Lender shall notto take or omit to take any action hereunder or approve any amendment to or waiver of this Agreement or the Notes or any other Loan Document, without except to the consent extent such amendment or waiver would: (i) extend the final maturity date of, or extend any date for payment of any principal, interest or fees applicable to, the ParticipantLoans or the Revolving Credit Commitment in which such Participant is participating, agree (ii) reduce the interest rate or the amount of principal or fees applicable to the Loans in which such Participant is participating or (iii) release any Lien granted pursuant to any amendment, waiver or other modification described in Section 12.1(i) that affects such ParticipantSecurity Document. The Company Borrower agrees that if amounts outstanding under this Amended Agreement Agreement, the Notes and the Loans other Loan Documents are due and or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff set-off in respect of its participating interest in amounts owing under this Amended Agreement Agreement, any Note and any the other Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement Agreement, any Note or any Loan; other Loan Document, provided that such Participant shall only be entitled to such right of setoff set-off if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, thereof as provided in Section 12.7subsection . The Company Borrower also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections , 5.19, 5.20, 5.21 and 5.23 with respect to its participation in the Letters of Revolving Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company Borrower (subject to the penultimate sentence of this clause (c)which shall not be unreasonably withheld) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”), "Purchasing Lenders") all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, substantially in the form of Exhibit E hereto, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and and, in the case of a Purchasing Lender that is not then a Lender or an affiliate thereof, by the Company, Borrower and the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is required), ) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided , provided, that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining in an amount of the Assigning Lenders rights and obligations or, if less equal to or greater than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any5,000,000. Upon such execution, delivery, acceptance and recording, from and after the effective date Transfer Effective Date determined pursuant to and as defined in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments Term Loans and Loans a Revolving Credit Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment (to the extent applicable) of Revolving Credit Commitment Percentages, Term Loan Percentages and Revolving Credit Commitments arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date determined pursuant to such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the existing Note of the Loans transferor Lender (i) a new Note to the order of such Purchasing Lender in an amount equal to the Revolving Credit Commitment and/or Term Loan assumed by it may have funded hereunder and pursuant to its designation agreement such Commitment Transfer Supplement and without regard (ii) if the transferor Lender has retained a Revolving Credit Commitment and/or Term Loan hereunder, a new Note to the limitations set forth order of the transferor Lender in an amount equal to the Revolving Credit Commitment and/or Term Loan retained by it hereunder, as applicable. Such new Notes shall be dated the date hereof and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Note surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "cancelled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Revolving Credit Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes purpose of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a Commitment Transfer Supplement executed by an assigning a transferor Lender and Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an Assignee (and affiliate thereof, by the Company, the Issuing Lender, the Swing Line Lender Borrower and the Administrative Agent to the extent required hereby), Agent) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion)3,500, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance Commitment Transfer Supplement and (ii) on the effective date Transfer Effective Date determined pursuant thereto, thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) The Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all information in such Lender's possession concerning the Borrower and its Subsidiaries which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or any other Loan Document or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender's credit evaluation of the Borrower and its Subsidiaries prior to becoming a party to this Agreement.
(g) If, pursuant to this Section 12.6subsection, any interest in this Amended Agreement or any Loan or Letter of Credit Note is transferred to any Transferee which would be a Foreign Lender upon is organized under the effectiveness laws of such transferany jurisdiction other than the United States or any State thereof, the assigning transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning transferor Lender (for the benefit of the assigning transferor Lender, the Administrative Agent and the CompanyBorrower) that under applicable law and treaties no Taxes taxes will be required to be withheld by the Administrative Agent, the Company Borrower or the assigning transferor Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating InterestsLoans, (ii) to furnish to the assigning transferor Lender (and, in the case of any Assignee Purchasing Lender registered in the Register, the Administrative Agent and the CompanyBorrower) such either U.S. Internal Revenue Service Forms required Form 4224 or U.S. Internal Revenue Service Form 1001 (wherein such Transferee claims entitlement to be furnished pursuant to Section 5.23(e) and (hcomplete exemption from U.S. federal withholding tax on all interest payments hereunder) and (iii) to agree (for the benefit of the assigning transferor Lender, the Administrative Agent and the CompanyBorrower) to be bound by provide the provisions transferor Lender (and, in the case of Section 5.23(e) and (h).
(g) For avoidance of doubtany Purchasing Lender registered in the Register, the parties to this Amended Agreement acknowledge that Administrative Agent and the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge Borrower) a new Form 4224 or assignment (i) by a Lender Form 1001 upon the expiration or obsolescence of any Loan or Note to any Federal Reserve Bank previously delivered form and comparable statements in accordance with applicable law U.S. laws and (ii) regulations and amendments duly executed and completed by a Lender or a Lender Affiliate which is a fund such Transferee, and to its trustee in support of its obligations comply from time to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any time with all applicable U.S. laws and regulations with regard to such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6withholding tax exemption.
(h) The Company, upon receipt Notwithstanding any provision of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Companythis subsection, each Lender and may at any time without the consent of the Borrower or the Administrative Agent hereby confirms that it will not institute against pledge and assign as collateral to a Conduit Lender Federal Reserve Bank all or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out portion of its inability to institute such a proceeding against such Conduit Lender during such period forbearance rights and (ii) the foregoing shall not prohibit or limit the ability interests in respect of any such Person to file claims against a Conduit Lender in connection with any such proceedingits Loans.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrowers, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Loans and their respective successors and assigns, except that the Company neither Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”each, a "Participant") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest interests of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of a participating interests interest to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such its Loan for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement and the other Credit Documents; provided, however, Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in Section 12.1(iclause (a) of the proviso to subsection 9.1 that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and Without affecting the Loans are due and unpaidlimitations in the preceding sentences, the participating banks or other financial institutions, shall have been declared or shall have become due and payable upon the occurrence of an Event of Defaultnot be Lenders hereunder for any purpose except, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the participation agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereofso provides, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.12subsections 2.14, 5.192.16, 5.20, 5.21 and 5.23 2.17 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to timetime as if it were a Lender; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to any such Sections subsection than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred; and provided further, (y) each that, in the case of subsection 2.16, such Participant shall be subject to have complied with the provisions requirements of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lendersubsection.
(c) Any Lender other than any Conduit Each Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Borrowers (which shall not be unreasonably withheld and which will not be required during the existence of an Event of Default under subsections 7(g) or (h)), the Same Day Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which except no consent of the Borrowers or the Administrative Agent shall be required in each the case shall not be unreasonably withheld, conditioned, of an assignment to a Lender or delayed), an Affiliate of a Lender) sell or assign to one or more Lenders or additional banks or financial institutions other entities (an “Assignee”), a "Purchasing Lender") all or any a part of its rights and obligations under this Amended Agreement, the Agreement and any Notes and the other Credit Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative Agent, the Issuing Same Day Lender and the Swing Line LenderBorrowers; provided, that, if such sale is not to one or more Lenders and is to an additional lender, (i) such sale shall be in a minimum amount of $10,000,000 and (ii) the extent their consent is required)Commitment retained by such transferor Lender after such sale shall be at least $25,000,000, unless the transferor Lender sells all of its Commitment hereunder. Upon (i) the execution of such Assignment and delivered to the Administrative Agent for its acceptance and recording Acceptance, (ii) delivery of any executed forms required by subsection 2.16, (iii) recordation of such transfer in the Register; provided that Register and (Aiv) each payment by such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Purchasing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights registration and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or processing fee described in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplicationsubsection 9.6(e). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date Transfer Effective Date determined pursuant to such Assignment and Acceptance, Acceptance (x) which shall not be earlier than the Assignee thereunder shall be a party hereto and, to date which is five Business Days after the extent provided in such date the Administrative Agent has received the Assignment and Acceptance), such Purchasing Lender shall for all purposes be a Lender party to this Agreement and shall have all the rights and obligations of a Lender hereunder under this Agreement to the same extent as if it were an original party hereto with the Commitments and Loans a Commitment as set forth therein, therein and (y) the assigning transferor Lender thereunder shall, shall be released from any further obligations under this Agreement to the extent of the interest transferred, as reflected in such Assignment and Acceptance, be released from its assigned interests; if such transferor Lender no longer holds any rights or obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto)"Lender" hereunder except that its rights under subsections 2.14, 2.16, 2.17 and 9.5 shall not be affected. Such Assignment and Acceptance shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of the Commitments and the Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement. Notwithstanding anything herein Upon the consummation of any transfer to the contrary (and a Purchasing Lender pursuant to the extent permitted by lawthis subsection 9.6(c), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoingtransferor Lender, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all and the Borrowers shall make appropriate arrangements so that, if required, a replacement Note is issued to such transferor Lender and a new Note or, as appropriate, a replacement Note, is issued to such Purchasing Lender, in each case in principal amounts reflecting their respective Commitments. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Notes replaced thereby.
(d) The Administrative Agent acting on behalf of and shall maintain, as agent for the CompanyBorrowers, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 subsection 9.2, a copy of each Assignment and Acceptance delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrowers, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement. Any assignment of any Loan, notwithstanding any notice whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register. Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance, and thereupon one or more new Notes shall be issued to the contrarydesignated Assignee. The Register shall be available for inspection by the Company either Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment Upon the written request of the Borrowers, the Administrative Agent shall be effective for purposes deliver promptly a copy of this Amended Agreement unless it has been recorded in the Register as provided in this paragraphto the Borrowers.
(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Companya transferor Lender, the Issuing a Purchasing Lender, the Swing Line Lender Borrowers, the Same Day Lender, and the Administrative Agent to the extent required hereby)Agent, together with payment by the Purchasing Lender to the Administrative Agent of a registration and processing fee of $3,500 from such Purchasing Lender and/or such transferor Lender (which fee including in the Company shall have no obligation case of assignments to pay and which fee may be waived by the Administrative Agent in its discretionAffiliates of assigning Lenders), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Acceptance, (ii) on the effective date Transfer Effective Date determined pursuant thereto, thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the CompanyBorrowers.
(f) IfEach Borrower authorizes each Lender to disclose to any Transferee and any prospective Transferee any and all financial information (other than Confidential Information, except as permitted by subsection 9.4) in such Xxxxxx's possession concerning such Borrower which has been delivered to such Lender by such Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred which has been delivered to any Transferee which would be a Foreign such Lender upon the effectiveness by such Borrower in connection with such Xxxxxx's credit evaluation of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) Borrower prior to represent to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)entering into this Agreement.
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section subsection 9.6 concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trusteelaw; provided that any transfer of Loans or Notes uponno such assignment, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees whether to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.Federal
Appears in 1 contract
Samples: 364 Day Credit Agreement (Chevron Phillips Chemical Co LLC)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its their rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.9 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect; provided that, it is understood and agreed that (A) no waiver, reduction or deferral of a mandatory prepayment required pursuant to Section 2.7(b), nor any amendment of Section 2.7(b) or the definitions of Asset Disposition, Debt Issuance, Equity Issuance, or Recovery Event, shall constitute a reduction of the amount of, or an extension of the scheduled date of, the scheduled date of maturity of, or any installment of, any Loan or 107 Note, (B) a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and (C) an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof, (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.14, 5.192.15, 5.202.16, 5.21 2.17 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks banks, insurance companies, financial institutions, investment funds or financial institutions other entities (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and in minimum amounts of (i) $1,000,000 (or such lesser amount approved by the other Credit Documents and, Administrative Agent) with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's Revolving Commitment and Revolving Loans) and (ii) $1,000,000 (or such lesser amount approved by the Administrative Agent) with respect to its Term Loans (or, if less, the entire amount of such Lender's Term Loans), pursuant to an Assignment and Acceptance Agreement, executed by such AssigneePurchasing Lender, such assigning Lender (and by the Companytransferor Lender, the Administrative AgentAgent (such consent not to be unreasonably withheld or delayed), the Issuing Lender (such consent not to be unreasonably withheld or delayed), and the Swing Line Lender, Borrower (to the extent their consent is required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orApproved Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Borrower nor shall any such sale or assignment be subject to the Administrative Agentminimum assignment amounts specified herein, and (B) each Assignee which is so long as no Default or Event of Default shall have occurred and be continuing, any sale or assignment of a Foreign Lender portion of the Revolving Loans and a Revolving Loan Commitment shall comply with require the provisions consent of Section 5.23(ethe Borrower (such consent not to be unreasonably withheld or delayed) and (hC) hereof; any sale or assignment of a portion of the Term Loan and provided, further that the foregoing a Term Loan Commitment shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) require the consent of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyBorrower. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceAgreement, (x1) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAgreement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y2) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in 108 such Assignment and AcceptanceAgreement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall continue to be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Agreement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended Agreement and the Notes. On or prior to the Transfer Effective Date specified in such Assignment Agreement, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent pursuant to such Assignment Agreement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Agreement to its designation agreement and an Affiliate or a Approved Fund of such Lender without regard delivering an Assignment Agreement to the limitations set forth Administrative Agent; provided, however, that (x) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until an Assignment Agreement has been delivered to the Administrative Agent for recordation on the Register, (y) the failure of such assigning lender to deliver a Assignment Agreement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment and (z) an Assignment Agreement between the assigning Lender an Affiliate or Approved Fund of such Lender shall be effective as of the date specified in the first sentence of this Section 12.6(c)such Assignment Agreement.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Agreement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. A Loan (and the related Note) recorded on the Register may be assigned or sold in whole or in part upon registration of such assignment or sale on the Register. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No In the case of an assignment pursuant to the last sentence of Section 9.6(c) as to which an Assignment Agreement is not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register on behalf of the Credit Parties. In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall be effective for purposes maintain a register 109 on which it enters the name of this Amended Agreement unless all participants in such Loans held by it has been (the "Participant Register"). A Loan recorded in on the Register as provided (and the registered Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Note shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an a duly executed Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Agreement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 for each Purchasing Lender (which fee other than a Purchasing Lender that is an Affiliate or Approved Fund of the Company shall have no obligation transferor Lender) listed in such Assignment Agreement and the Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Assignment Agreement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Agreement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Subsidiaries which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms described in Section 2.17.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any right to payment of principal and interest under any Note) to secure obligations of such Lender, including without limitation, (i) any pledge or assignment (i) by to secure obligations to a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a in the case of any Lender or a Lender Affiliate which that is a fund or trust or entity that invests in commercial bank loans in the ordinary course of business, any pledge or assignment to its any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in support this Section shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations to its trustee; provided that any transfer of Loans hereunder or Notes upon, or in lieu of, enforcement of or the exercise of remedies under substitute any such pledge pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee 110 shall be treated as an assignment thereof which shall not be made without compliance with have any voting rights under this Agreement unless and until the requirements of for assignments set forth in this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender are complied with in connection with any foreclosure or similar action taken by such proceedingpledgee or assignee.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release any of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.18 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment and its Revolving Loans and $2,000,000 with respect to its Term Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted Agent in exchange for the Notes delivered to the Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by law)it pursuant to such Commitment Transfer Supplement and, after unless the occurrence and during transferor Lender has not retained a Commitment hereunder, new Notes to the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent order of the Companytransferor Lender in an amount equal to the Commitment retained by it hereunder. Notwithstanding Such new Notes shall be dated the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without Closing Date and shall otherwise be in the consent form of the Company or Notes replaced thereby. The Notes surrendered by the Administrative transferor Lender shall be returned by the Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee 2,000 for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Borrower in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Borrower and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.16.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Galey & Lord Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.15, 5.192.16, 5.20, 5.21 2.17 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate Approved Fund thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall such consent not to be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional banks banks, insurance companies, funds or financial institutions or entities (an each such Lender, Affiliate, Approved Fund, bank, insurance company, fund or financial institution or entity, a “AssigneePurchasing Lender”), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in minimum amounts of (A) $2,500,000 with respect to its Revolving Commitment or its Revolving Loans and (B) $1,000,000 with respect to its Term Loan Commitment (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interestobligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lenderand, to the extent their consent is requiredrequired above, the Administrative Agent and the Borrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A1) each such any sale pursuant or assignment to this Section 12.6(c) of a an existing Lender’s rights and obligations (I) to a Person which is not then a Lender , or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations orRelated Fund thereof, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Borrower nor shall any such sale or assignment be subject to the minimum assignment amounts specified herein, (2) any sale or assignment by Wachovia of the Term Loan in connection with the primary syndication thereof shall not require the consent of the Borrower or the Administrative Agent, Agent and (B3) each Assignee which is a Foreign Lender so long as no Default or Event of Default shall comply with have occurred and be continuing, any other sale or assignment pursuant to this Section 9.6(c) shall require the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) consent of the first proviso contained in the preceding sentence, the amount described therein shall Borrower (such consent not to be aggregated in respect of each Lender and its Lender Affiliates, if anyunreasonably withheld or delayed). Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto; provided, however, that such Lender shall still be entitled to any indemnification rights that expressly survive hereunder). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. On or prior to the Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked “canceled”. Notwithstanding anything herein to the contrary (and to the extent permitted by law)contained in this Section 9.6, after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit a Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant its rights under this Credit Agreement to its designation agreement and an Affiliate or an Approved Fund of such Lender without regard delivering a Commitment Transfer Supplement to the limitations set forth Administrative Agent; provided, however, that (A) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until a Commitment Transfer Supplement has been delivered to the Administrative Agent for recordation on the Register, (B) the failure of such assigning lender to deliver a Commitment Transfer Supplement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment and (C) a Commitment Transfer Supplement between the assigning Lender an Affiliate or Approved Fund of such Lender shall be effective as of the date specified in the first sentence of this Section 12.6(c)such Commitment Transfer Supplement.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. A Loan (and the related Note) recorded on the Register may be assigned or sold in whole or in part upon registration of such assignment or ale on the Register. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No In the case of an assignment pursuant to the last sentence of Section 9.6(c) as to which a Commitment Transfer Supplement is not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register on behalf of the Credit Parties. In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall be effective for purposes maintain a register on which it enters the name of this Amended Agreement unless all participants in such Loans held by it has been (the “Participant Register”). A Loan recorded in on the Register as provided (and the registered Note, if any, evidencing the same) may be participated in this paragraphwhole or in part only by registration of such participation on the Participant Register (and each registered Note shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee 3,500.00 for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower; provided that contemporaneous assignments to or by multiple Approved Funds of a single Lender shall be treated as a single assignment for purposes of such fee.
(f) IfThe Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender’s credit evaluation of the Borrower and its Subsidiaries prior to becoming a party to this Agreement, in each case subject to Section 9.15.
(g) At the time of each assignment pursuant to this Section 12.69.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a Tax Exempt Certificate) described in Section 2.19.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Agreement (including, without limitation, any right to payment of principal and interest in this Amended Agreement or under any Loan or Letter of Credit is transferred Note) to any Transferee which would be a Foreign Lender upon the effectiveness secure obligations of such transferLender, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transferincluding without limitation, (i) any pledge or assignment to represent secure obligations to the assigning Lender (for the benefit of the assigning Lender, the Administrative Agent a Federal Reserve Bank and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered Lender that is a fund or trust or entity that invests in commercial bank loans in the Registerordinary course of business, any pledge or assignment to any holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the Administrative Agent requirements for assignments set forth in this Section 9.6 shall not apply to any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall have any voting rights under this Agreement unless and until the Companyrequirements for assignments set forth in this Section 9.6 are complied with in connection with any foreclosure or similar action taken by such pledgee or assignee.
(i) The Credit Parties hereby acknowledge that the Lenders and each of their Affiliates may sell or securitize all or any part of their respective Loans (a “Securitization”) through the pledge of all or any part of such Internal Revenue Service Forms required Loans as collateral security for loans to such Lenders or their Affiliates or through the sale of all or any part of the Loans or the issuance of direct or indirect interests in all or any part of the Loans, which Loans to such Lenders or their Affiliates or direct or indirect interests may be furnished pursuant rated by Xxxxx’x, S&P or one or more other rating agencies (the “Rating Agencies”). The Credit Parties shall cooperate with such Lenders and their Affiliates, at no cost to Section 5.23(ethe Credit Parties, to effect the Securitization, including by (i) executing such additional documents, as reasonably requested by such Lenders in connection with such Securitization, provided such additional documents shall not affect any Credit Party’s rights and obligations under any of the Credit Documents and (hii) and (iii) to agree (for providing such information as may be reasonably requested by such Lenders in connection with the benefit rating of the assigning LenderLoans or the Securitization, the Administrative Agent and the Company) provided that any Person that is provided such information by such Lenders or their Affiliates shall agree to be bound by the provisions of Section 5.23(e) and (h).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that 9.15. Any such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support any of its obligations to its trustee; provided Affiliates that any transfer of Loans or Notes upon, or in lieu of, enforcement of or enters into the exercise of remedies under any such pledge Securitization shall be treated as an assignment thereof which shall not be made without compliance with required to pay the requirements of this Section 12.6.
(h) The Companyfees charged by the Rating Agencies for the issuance and the maintenance, upon receipt of written notice from the relevant Lenderif applicable, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender ratings assigned in connection with any such proceedingthe Securitization.
Appears in 1 contract
Samples: Credit Agreement (Amedisys Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Credit Agreement shall be binding upon and inure to the benefit of the CompanyCredit Parties, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Credit Parties may not assign or transfer any of its rights or obligations under this Amended Credit Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder hereunder, in each case in minimum amounts of $5,000,000 and under integral multiples of $1,000,000 in excess thereof (or, if such participation is to an Affiliate of such Lender, such lesser amount as agreed to by the other Credit DocumentsBorrower). In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Credit Agreement to the other parties to this Amended Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Credit Agreement, and the other Credit Documents, the Company Parties and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant’s participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty or (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any rights under this Credit Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant’s rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.15, 5.192.16, 5.20, 5.21 2.17 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided further, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time, sell or assign to any wholly-owned Affiliate of such Lender in existence as of the Closing Date (or on the date such Lender became a party hereto) or, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) Administrative Agent and, so long as no Event of Default or Default that can be cured with the prior written consent payment of money has occurred and is continuing, the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent Borrower (which in each case consent shall not be unreasonably withheld, conditioned, withheld or delayed), sell to one or more additional other Affiliates, Lenders, banks or financial institutions (an “AssigneePurchasing Lenders”), all or any part of its rights and obligations under this Amended Agreement, Credit Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interestobligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by the CompanyAdministrative Agent and, so long as no Event of Default or Default that can be cured with the payment of money has occurred and is continuing, the Administrative Agent, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each provided, however, if the Borrower refuses to grant its consent to any such sale pursuant or assignment and fails to this Section 12.6(c) of obtain a Lender’s rights and obligations (I) substitute purchaser reasonably satisfactory to a Person which is not then a the selling Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and Agent within thirty (II30) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentencedays after such refusal, the amount described therein Borrower shall be aggregated in respect of each Lender and deemed to have granted its Lender Affiliates, if anyconsent to such sale or assignment. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Credit Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s rights and obligations under this Amended Credit Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Credit Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementCredit Agreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked “canceled”.
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Credit Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Credit Parties authorize each Lender to disclose to any Participant or Purchasing Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Credit Parties and their Affiliates which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Section 12.6, any interest in this Amended Credit Agreement or any Loan which has been delivered to such Lender by or Letter on behalf of the Credit is transferred Parties in connection with such Lender’s credit evaluation of the Credit Parties and their Affiliates prior to any Transferee which would be becoming a Foreign Lender upon the effectiveness of such transferparty to this Credit Agreement, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) in each case subject to represent Section 9.15 and in each case subject to the assigning Lender (for the benefit prior consent of the assigning LenderBorrower, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required such consent not to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)unreasonably withheld.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a Tax Exempt Certificate) described in Section 2.17.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Credit Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyBorrower, the Lenders, the AgentsAdministrative Agent, all future holders of the Loans, Notes and their respective successors and assigns, except that the Company Borrower may not assign or transfer any of its their rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest or obligation of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note, or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any Participant if the Participant's participation is not increased as a result thereof), (ii) release all or substantially all of the Guarantors from their obligations under the Guaranty, or (iii) consent to the assignment or transfer by the Borrower of any of their rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereof, be determined as if such Lender had not sold such participation; provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.14, 5.192.15, 5.20, 5.21 2.16 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided that (x) , but no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate affiliate thereof or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, special purpose entity created thereby and with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended Agreement, Agreement and the Notes and the other Credit Documents and, in minimum amounts of $5,000,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided provided, however, that (A) each such any sale pursuant or assignment to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a an existing Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company Administrative Agent or the Administrative Agent, and (B) each Assignee which is a Foreign Lender Borrower nor shall comply with any such sale or assignment be subject to the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if anyminimum assignment amounts specified herein. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted by law), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent of the Company. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Company or the Administrative Agent any or all in exchange for the Notes delivered to the Administrative Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Commitment Transfer Supplement and, unless the transferor Lender has not retained a Commitment hereunder, new Notes to the order of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard transferor Lender in an amount equal to the limitations set forth Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the first sentence form of this Section 12.6(c)the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by the Administrative Agent to the Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supple- ment, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) IfThe Credit Parties authorize each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Credit Parties, their Subsidiaries and their Affiliates which has been delivered to such Lender by or on behalf of the Credit Parties pursuant to this Section 12.6, any interest in this Amended Agreement or any Loan which has been delivered to such Lender by or Letter of Credit is transferred to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Lender (for the benefit on behalf of the assigning Credit Parties in connection with such Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to be made to such Transferee in respect 's credit evaluation of the Loans or L/C Participating Interests, (ii) Credit Parties and their Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.16.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender Borrower and the Administrative Agent hereby confirms that it will not institute against the appropriate Internal Revenue Service Forms (and, if applicable, a Conduit Lender or join any other Person 2.16 Certificate) described in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceedingSection 2.16.
Appears in 1 contract
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the Company, the Borrower, the Lenders, the AgentsAgent, all future holders of the Loans, Notes and their respective successors and assigns, except that neither the Company nor the Borrower, may not assign or transfer any of its rights or obligations under this Amended Agreement or the other Credit Documents without the prior written consent of each Lender.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates entities (“"Participants”") participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender Lender, or any other interest of such Lender hereunder and under the other Credit Documentshereunder. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s 's obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan Note for all purposes under this Amended Agreement Agreement, and the other Credit Documents, the Company Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s 's rights and obligations under this Amended Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of interest at the increased post-default rate) or reduce the principal amount thereof, or increase the amount of the Participant's participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without consent of any participant if the Participant's participation is not increased as a result thereof), (ii) release the Company from its obligations under the Guaranty, or release any of the Guarantors from their obligations under the Guaranty, (iii) release all or substantially all of the collateral, or (iv) consent to the assignment or transfer by the Company or the Borrower of any of its rights and obligations under this Agreement. In the case of any such participation, the Participant shall not have any rights under this Agreement or any of the other Credit Documents; provided, however, that Documents (the Participant's rights against such Lender shall not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 12.1(i) that affects such Participant. The Company agrees that if amounts outstanding under this Amended Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Loan such participation to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed those set forth in the agreement pursuant to which it executed by such Lender in favor of the Participant relating thereto) and all amounts payable by the Borrower hereunder shall have acquired its participating interest to share with the Lenders the proceeds thereofbe determined as if such Lender had not sold such participation, as provided in Section 12.7. The Company also agrees that each Participant shall be entitled to the benefits of Sections 5.122.16, 5.192.17, 5.20, 5.21 2.18 and 5.23 9.5 with respect to its participation in the Letters of Credit and in the Commitments and the Loans outstanding from time to time; provided provided, that (x) no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, (y) each Participant shall be subject to the provisions of paragraph (c) of Section 5.20 and (z) a Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.23 unless the Company is notified of the participation interest sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 5.23(e) and (h) as through it were a Lender.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, with the prior written consent of the Issuing Lender and the Swing Line Lender (in the case of the Revolving Credit Facility, at any time time, sell or assign to any Lender or any Affiliate or Lender Affiliate affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, and with the prior written consent of the Company Agent and, so long as no Event of Default has occurred and is continuing, the Borrower (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case case, which consent shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions (an “Assignee”"Purchasing Lenders"), all or any part of its rights and obligations under this Amended AgreementAgreement and the Notes in minimum amounts of $5,000,000 unless to an existing Lender (or, if less, the Notes and the other Credit Documents and, with respect to the Letters entire amount of Credit, such Lender’s L/C Participating Interest's obligations), pursuant to an Assignment and Acceptance a Commitment Transfer Supplement, executed by such Assignee, Purchasing Lender and such assigning transferor Lender (and by and, in the Companycase of a Purchasing Lender that is not then a Lender or an affiliate thereof, the Administrative AgentAgent and, so long as no Event of Default has occurred and is continuing, the Issuing Lender and the Swing Line Lender, to the extent their consent is requiredBorrower), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that (A) each such sale pursuant to this Section 12.6(c) of a Lender’s rights and obligations (I) to a Person which is not then a Lender or an Affiliate or Lender Affiliate of a Lender shall be of the entire remaining amount of the Assigning Lenders rights and obligations or, if less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; and (II) to a Person which is then a Lender or an Affiliate or Lender Affiliate of a Lender may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(b) in all or any portion of its Commitments and/or Loans (without duplication). For purposes of clauses (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to Transfer Effective Date specified in such Assignment and AcceptanceCommitment Transfer Supplement, (x) the Assignee Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceCommitment Transfer Supplement, have the rights and obligations of a Lender hereunder with the Commitments and Loans a Commitment as set forth therein, and (y) the assigning transferor Lender thereunder shall, to the extent of the interest transferred, as reflected provided in such Assignment and AcceptanceCommitment Transfer Supplement, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance a Commitment Transfer Supplement covering all or the remaining portion of an assigning a transferor Lender’s 's rights and obligations under this Amended Agreement, such assigning transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance Commitment Transfer Supplement shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee Purchasing Lender of all or a portion of the rights and obligations of such assigning transferor Lender under this Amended AgreementAgreement and the Notes. Notwithstanding anything herein On or prior to the contrary (Transfer Effective Date specified in such Commitment Transfer Supplement, the Borrower, at its own expense, shall execute and deliver to the extent permitted Agent in exchange for the Notes delivered to the Agent pursuant to such Commitment Transfer Supplement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by law)it pursuant to such Commitment Transfer Supplement and, after unless the occurrence and during transferor Lender has not retained a Commitment hereunder, new Notes to the continuance of an Event of Default any Lender may sell all or any part of its rights and obligations under this Amended Agreement without the consent order of the Companytransferor Lender in an amount equal to the Commitment retained by it hereunder. Notwithstanding Such new Notes shall be dated the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without Closing Date and shall otherwise be in the consent form of the Company or Notes replaced thereby. The Notes surrendered by the Administrative transferor Lender shall be returned by the Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c)Borrower marked "canceled".
(d) The Administrative Agent acting on behalf of and as agent for the Company, shall maintain at the its address of the Administrative Agent referred to in Section 12.2 9.2 a copy of each Assignment and Acceptance Commitment Transfer Supplement delivered to it and a register (the “"Register”") for the recordation of the names and addresses of the Lenders and the Commitment of, the and principal amount of any Swing Line Loans, Revolving Credit the Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the CompanyBorrower, the Administrative Agent and the Lenders shall may treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests Loan recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Amended Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Upon its receipt of an Assignment and Acceptance a duly executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby)Commitment Transfer Supplement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which fee 3,000 for each Purchasing Lender listed in such Commitment Transfer Supplement and the Company shall have no obligation Notes subject to pay and which fee may be waived by the Administrative Agent in its discretion)such Commitment Transfer Supplement, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and Commitment Transfer Supplement, (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the CompanyBorrower.
(f) If, pursuant The Company and the Borrower each authorizes each Lender to this Section 12.6, any interest in this Amended Agreement or any Loan or Letter of Credit is transferred disclose to any Transferee which would be a Foreign Lender upon the effectiveness of such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, (i) to represent to the assigning Participant or Purchasing Lender (for each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the benefit Company and its Affiliates which has been delivered to such Lender by or on behalf of the assigning Lender, the Administrative Agent and the Company) that under applicable law and treaties no Taxes will be required to be withheld by the Administrative Agent, the Company or the assigning Lender with respect Borrower pursuant to any payments to be made this Agreement or which has been delivered to such Transferee in respect Lender by or on behalf of the Loans Company or L/C Participating Interests, (ii) the Borrower in connection with such Lender's credit evaluation of the Company and its Affiliates prior to furnish becoming a party to the assigning Lender (andthis Agreement, in the each case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished pursuant subject to Section 5.23(e) and (h) and (iii) to agree (for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound by the provisions of Section 5.23(e) and (h)9.15.
(g) For avoidance At the time of doubteach assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax purposes, the parties respective assignee Lender shall provide to the Borrower and the Agent the appropriate Internal Revenue Service Forms (and, if applicable, a 2.18 Certificate) described in Section 2.18.
(h) Nothing herein shall prohibit any Lender from pledging or assigning any of its rights under this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, (including, without limitation, any pledge or assignment (iright to payment of principal and interest under any Note) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6laws.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
Appears in 1 contract
Samples: Credit Agreement (Galey & Lord Inc)
Successors and Assigns; Participations; Purchasing Lenders. (a) This Amended Agreement shall be binding upon and inure to the benefit of the CompanyIntermediate Holdings, the LendersBorrowers, the AgentsLenders and the Administrative Agent, all future holders of the Term Loans, and their respective successors and assignsassigns permitted hereby, except that the Company (i) no Borrower may not assign or transfer any of its rights or obligations under this Amended Agreement without the prior written consent of each LenderLender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights and obligations hereunder except in accordance with this Section.
(b) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (other than a Disqualified Person) (“Participants”) participating interests in any Term Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Credit Loan Documents. Notwithstanding anything to the contrary in the immediately preceding sentence, each Lender shall have the right to sell one or more participations in all or any part of its Term Loans or any other Obligation to one or more lenders or other Persons that provide financing to such Lender in the form of sales and repurchases of participations without having to satisfy the foregoing requirements. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Amended Agreement to the other parties to this Amended Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Term Loan for all purposes under this Amended Agreement and the other Credit Documents, Loan Documents and the Company Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Amended Agreement and the other Credit Loan Documents; provided, however, . Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver or other modification described in that (1) requires the consent of each Lender directly and adversely affected thereby pursuant to Section 12.1(i11.1(b) that and (2) directly affects such Participant. The Company agrees Borrowers agree that if amounts outstanding under this Amended Agreement and the Term Loans are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Amended Agreement and any Term Loan to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Amended Agreement or any Term Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in Section 12.7subsection 11.7. The Company Borrowers also agrees agree that each Participant shall be entitled to the benefits of Sections 5.12of, 5.19and shall be subject to the limitations of, 5.20subsections 4.17, 5.21 4.18, 4.19 and 5.23 4.20 with respect to its participation in the Letters of Credit and in the Commitments and the Term Loans outstanding from time to time; provided that (x) no Participant shall be entitled to receive (i) any greater amount pursuant to such Sections subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, occurred or (yii) each the benefits of subsection 4.20 unless such Participant shall be subject to the provisions of paragraph (ccomplies with subsection 4.20(g) of Section 5.20 and (z) a Participant that would be a Foreign Lender as if it were a Lender (it being understood that the documentation required under subsection 4.20(g) shall not be entitled delivered to the benefits of Section 5.23 unless the Company is notified participating Lender). Each Lender that sells a participation, acting solely for this purpose as an agent of the participation interest sold to such Borrowers, shall maintain a register on which it enters the name and address of each Participant and such the principal amounts (and stated interest) of each Participant’s interest in the Term Loans or other obligations under this Agreement (the “Participant agrees, for the benefit Register”). No Lender shall have any obligation to disclose all or any portion of the CompanyParticipant Register to any Person except to the extent such disclosure is necessary to establish that any Term Loan or Note is in registered form under Section 5f.103-1(c) of the U.S. Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender, each Loan Party and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to comply with Section 5.23(e) and (h) the terms hereof as through it were a Lenderthe owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary.
(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the prior written consent (not to be unreasonably withheld or delayed) of:
(i) the Administrative Agent; provided that no consent of the Issuing Administrative Agent shall be required for an assignment of all or a portion of a Term Loan to a Lender, a Lender and Affiliate or an Approved Fund;
(ii) [Reserved]; and
(iii) the Swing Line Lender Borrower Agent; provided that (in the case A) (i) no consent of the Revolving Credit FacilityBorrower Agent shall be required for an assignment to a Lender, at a Lender Affiliate or an Approved Fund or (ii) if an Event of Default under Section 9(a) or (f) has occurred and is continuing and (B) the Borrower Agent shall be deemed to have consented to any time assignment unless the Borrower Agent has objected thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof, sell to any Lender or any Affiliate or Lender Affiliate thereof (including any Affiliate or Subsidiary of such transferor Lender) and, with the prior written consent of the Company (subject to the penultimate sentence of this clause (c)) and the Administrative Agent (which in each case shall not be unreasonably withheld, conditioned, or delayed), sell to one or more additional banks or financial institutions Eligible Assignee (an “Assignee”), all or any part of its rights and obligations under this Amended Agreement, the Notes and the other Credit Loan Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Acceptance Assumption executed by such Assignee, such assigning Lender (except as otherwise permitted by subsection 4.22 and by the Company, the Administrative Agent, the Issuing Lender and the Swing Line Lendersubsection 11.1) and, to the extent their consent is required), the Borrower Agent and the Administrative Agent, and delivered to the Administrative Agent for its acceptance and recording in the RegisterRegister (as defined below); provided that (A) each such sale pursuant to this Section 12.6(csubsection 11.6(c) of less than all of a Lender’s rights and obligations (I) to a Person which is not then a Lender, a Lender Affiliate or an Affiliate or Lender Affiliate of a Lender Approved Fund shall be of the entire remaining amount Term Loans of the Assigning Lenders rights and obligations or, if not less than such entire remaining amount, of Commitments and/or Loans of $5,000,000 (or in the case of any Incremental Term Loan Commitments and Incremental Term Loans, $1,000,000) or more unless otherwise agreed by the Company and the Administrative Agent; 1,000,000 and (II) to a Person which is then a Lender, a Lender Affiliate or an Affiliate or Lender Affiliate of a Lender Approved Fund may be in any amount and shall not require the consent of the Company or the Administrative Agent, and (B) each Assignee which is a Foreign Lender shall comply with the provisions of Section 5.23(e) and (h) subsection 4.20 hereof; and provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with Section 12.6(bsubsection 11.6(a) in all or any portion of its Commitments and/or Term Loans (without duplication). For purposes of clauses clause (A) and (B) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and AcceptanceAssumption, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and AcceptanceAssumption, have the rights and obligations of a Lender hereunder with the Commitments and Term Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and AcceptanceAssumption, be released from its obligations under this Amended Agreement (and, in the case of an Assignment and Acceptance Assumption covering all or the remaining portion of an assigning Lender’s rights and obligations under this Amended Agreement, such assigning Lender shall cease to be a party heretohereto but shall continue to be entitled to the benefits of subsections 4.17, 4.18, 4.19, 4.20 and 11.5). Such Assignment and Acceptance Assumption shall be deemed to amend this Amended Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Term Loan Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Amended Agreement. Notwithstanding anything herein Each assignee, by its execution and delivery of an Assignment and Assumption, shall be deemed to have represented to the contrary (assigning Lender and the Administrative Agent that such assignee is an Eligible Assignee. In no event shall the Administrative Agent be obligated to ascertain, monitor or inquire as to whether any prospective assignee is an Eligible Assignee or have any liability with respect to any assignment made to a Disqualified Lender or any other Person that is not an Eligible Assignee or enforcing the list of Disqualified Lenders. If any assignment or participation is made to any Disqualified Lender, the Borrowers may, at their sole expense and effort, upon notice from the Borrower Agent to the extent permitted applicable Disqualified Lender and the Administrative Agent, (A) in the case of outstanding Term Loans held by lawsuch Disqualified Lender, purchase or prepay such Term Loan by paying the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such Term Loans, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and/or (B) require such Disqualified Lender to assign, without recourse (in accordance with and subject to the restrictions contained in this subsection 11.6), after the occurrence and during the continuance of an Event of Default any Lender may sell all or any part of its interest, rights and obligations under this Amended Agreement without to one or more Eligible Assignees at the consent lesser of (x) the Companyprincipal amount thereof and (y) the amount that such Disqualified Lender paid to acquire such interests, rights and obligations, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder. Notwithstanding anything to the foregoingcontrary contained in this Agreement, any Conduit Lender may assign at any time Disqualified Lenders (A) will not (x) have the right to its designating Lender hereunder without receive information, reports or other materials provided to Lenders by the consent of Borrowers, the Company or Borrower Agent, the Administrative Agent or any Lender, (y) attend or all of participate in meetings attended by the Loans it may have funded hereunder Lenders and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this Section 12.6(c).
Administrative Agent, or (dz) The Administrative Agent acting on behalf of and as agent access any electronic site established for the Company, shall maintain at the address Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of or the Lenders and the Commitment of, the principal amount of any Swing Line Loans, Revolving Credit Loans and Incremental Term Loans, if any owing to, and if such Lender has any Revolving Credit Commitment, the L/C Participating Interests of, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this Amended Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective (B) (x) for purposes of this Amended Agreement unless it has been recorded in any consent to any amendment, waiver or modification of, or any action under, and for the Register as provided in this paragraph.
(e) Upon its receipt purpose of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and by the Company, the Issuing Lender, the Swing Line Lender and the Administrative Agent to the extent required hereby), together with payment any direction to the Administrative Agent of a registration and processing fee of $3,500 or any Lender to undertake any action (which fee the Company shall have no obligation to pay and which fee may be waived by the Administrative Agent in its discretion), the Administrative Agent shall (ior refrain from taking any action) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Company.
(f) If, pursuant to under this Section 12.6, any interest in this Amended Agreement or any other Loan or Letter Document, each Disqualified Lender will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such matter, and (y) for purposes of Credit is transferred voting on any Bankruptcy Plan, each Disqualified Lender party hereto hereby agrees (1) not to any Transferee which would be a Foreign Lender upon the effectiveness of vote on such transfer, the assigning Lender shall cause such Transferee, concurrently with the effectiveness of such transferBankruptcy Plan, (i2) to represent to if such Disqualified Lender does vote on such Bankruptcy Plan notwithstanding the assigning Lender restriction in the foregoing clause (for the benefit of the assigning Lender1), the Administrative Agent and the Company) that under applicable law and treaties no Taxes such vote will be required deemed not to be withheld by the Administrative Agent, the Company or the assigning Lender with respect to any payments to in good faith and shall be made to such Transferee in respect of the Loans or L/C Participating Interests, (ii) to furnish to the assigning Lender (and, in the case of any Assignee registered in the Register, the Administrative Agent and the Company) such Internal Revenue Service Forms required to be furnished “designated” pursuant to Section 5.23(e1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Bankruptcy Plan in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (h3) and (iii) not to agree (contest any request by any party for the benefit of the assigning Lender, the Administrative Agent and the Company) to be bound a determination by the provisions bankruptcy court (or other applicable court of Section 5.23(ecompetent jurisdiction) and effectuating the foregoing clause (h2).
(g) For avoidance of doubt, the parties to this Amended Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law and (ii) by a Lender or a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this Section 12.6.
(h) The Company, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (h) above.
(i) Each of the Company, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding.
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Samples: Credit Agreement (Cumulus Media Inc)