Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company. (b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents. (c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto. (d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to 01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement. (e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 5 contracts
Sources: Loan Agreement (Enstar Income Program 1984-1 Lp), Loan Agreement (Enstar Income Program Iv-2 Lp), Loan Agreement (Enstar Income Growth Program Six a L P)
Assignments, Participations, etc. (a) Any Agent The Lender may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time time, assign and delegate to one or more Eligible Assignees (provided that no written consent assignees other than the Company or any of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) its Affiliates or Subsidiaries (each an "“Assignee"”) all, all or any ratable part of all, of the Loans, the Commitments its Loan and the other rights and obligations of such Bank the Lender hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the US$3,000,000. The Company and the Agents may continue to deal solely and directly with such Bank the Lender in connection with the interest so assigned to an Assignee until and the assignment will not be effective until: (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and by the Administrative Agent by such Bank assigning Lender and the Assignee; and (Bii) such Bank the assigning Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance substantially in the form of Exhibit E C ("an “Assignment and Acceptance") ”), together with any the Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyassignment.
(b) From and after the date that the Administrative Agent notifies assigning Lender and its Assignee shall have delivered to the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an Company a duly executed Assignment and Acceptance and payment of the above-referenced processing feeAcceptance, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank the assigning Lender under the Loan Documents, and (ii) the assignor Bank assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) The Company shall maintain a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lender and the principal amount of the Loan owing to the Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Company and the Lender may treat each Person whose name is recorded in the Register pursuant to the terms hereof as the Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Lender at any reasonable time and from time to time upon reasonable prior notice.
(d) Within five ten (10) Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feeAcceptance, the Company shall execute and deliver to the Administrative Agent, Assignee a new Note or Notes evidencing in the amount of such Assignee's ’s assigned Loans and Commitment Loan and, if the assignor Bank assigning Lender has retained a portion of its Loans and its CommitmentLoan, a replacement Notes in the principal amount of the Loans retained by Note for the assignor Bank Lender (such Notes Note to be in exchange for, but not in payment of, the Notes Note held by such Bankthe assigning Lender). Immediately upon each Assignee's making the assigning Lender and its processing fee payment under Assignee having delivered to the Company a duly executed Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments Loan arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(de) Any Bank The Lender (the “originating Lender”) may at any time sell to one or more commercial banks or other Persons not Affiliates of other than the Company or any of its Affiliates or Subsidiaries (a "“Participant"”) participating interests in all or any Loans, the Commitment part of that Bank and the other interests of that Bank its Loan (the "originating Bank") hereunder and under the other Loan Documentseach a “Participation”); provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank the Lender shall not transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder Lender selling such participation shall be determined as if such Bank had not sold such participation; except thatentitled to agree to pay over to the Participant any amounts paid to the Lender pursuant to Section 3.01 (Taxes), Section 3.04 (Increased Costs and Reduction of Return) and Section 3.05 (Funding Losses) and if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank the Lender under this Agreement; provided that such agreement or instrument may provide that the Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification that would (i) postpone any date upon which any payment of money is scheduled to be paid to such Participant or (ii) reduce the principal, interest, fees or other amounts payable to such Participant. Subject to clause (f) of this Section 9.08, the Company agrees that each Participant shall be entitled to the benefits of Section 3.01 (Taxes), Section 3.04 (Increased Costs and Reduction of Return) and Section 3.05 (Funding Losses) to the same extent as if it were the Lender and had acquired its interest by assignment pursuant to clause (a) of this Section 9.08. To the fullest extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.10 (Set-off) as though it were the Lender.
(ef) Notwithstanding Except if an Event of Default has occurred and is continuing, no Assignee or Participant shall be entitled to receive any other provision in this Agreementgreater payment under Section 3.01 (Taxes), any Bank Section 3.04 (Increased Costs and Reduction of Return), Section 3.05 (Funding Losses) or Section 3.06 (Reserves on Loan) than the Lender would have been entitled to receive with respect to the rights transferred or participated, unless such transfer or participation is made with the Company’s prior written consent or at a time when the circumstances giving rise to such greater payment did not exist.
(g) The Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and to secure obligations of the Note held by it in favor of Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Bank; provided that no such pledge or security interest in assignment shall release the Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto.
Appears in 4 contracts
Sources: Loan Agreement (Gruma Sab De Cv), Loan Agreement (Gruma Sab De Cv), Loan Agreement (Gruma Sab De Cv)
Assignments, Participations, etc. (ai) Any Agent Lender may, and with the written consent of the AgentsAgent and the Borrower, which consents consent shall not be unreasonably withheldwithheld or delayed (except Borrower’s consent shall not be required if a Default or an Event of Default exists and is continuing), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (ix) the Company and Borrower and, the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment assignment; and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 and (iiy) if the assignor Bank no such assignment shall be made to any Defaulting Lender or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this AgreementSubsidiaries, or any of the other Loan DocumentsPerson who, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except thatupon becoming a Lender hereunder, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as would constitute a Bank under this AgreementDefaulting Lender.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 3 contracts
Sources: Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsAgent and the Borrower, which consents consent shall not be unreasonably withheldwithheld (except Borrower's consent shall not be required if (i) a Default or an Event of Default exists and is continuing, any other Bankand (ii) the Eligible Assignee is not engaged in the securities brokerage business or the investment advisory business), may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and Borrower and, the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E D ("Assignment and Acceptance") together with any Note or Notes subject to such assignment assignment; and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender and the Borrower that it has received (and the Borrower and the Agent have provided its their consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with subsection 10.8(a)), the Company Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans Commitment retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank assignor Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any consent or waiver with respect to, this Agreement or any other Loan Document. Any Lender that sells a participation to any Person that is a "foreign corporation, partnership or trust" within the meaning of the other Loan Documents, and all amounts payable Code shall include in its participation agreement with such Person a covenant by such Person that such Person will comply with the Company hereunder shall be determined provisions of Section 9.10 as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due Person were a Lender and unpaid, or shall have been declared or shall have become due provide that the Agent and payable upon the occurrence of an Event of Default, each Participant Borrower shall be deemed to have the right third party beneficiaries of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementsuch covenant.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) Any Lender (a "Granting Lender") may, with notice to the Agent, grant to a special purpose funding vehicle (an "SPC") the option to fund all or any part of any Loan that such Granting Lender would otherwise be obligated to fund pursuant to this Agreement. The funding of a Loan by an SPC hereunder shall utilize the Revolving Credit Commitment of the Granting Lender to the same extent, and as if, such Loan were funded by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment. Notwithstanding anything to the contrary contained in the foregoing or anywhere else in this Agreement, (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to the terms hereof, and (iii) the Borrower and Agent shall continue to deal exclusively with the Granting Lender and any funding by an SPC hereunder shall not constitute an assignment, assumption or participation of any rights or obligations of the Granting Lender. Any SPC may disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or guarantee to such SPC, provided, as a condition precedent to such disclosure, (A) such agency, dealer or provider has delivered to such Granting Lender for the benefit of Borrower a written confidentiality agreement substantially similar to Section 10.9, and (B) simultaneous with or prior to such disclosure, such Granting Lender has given written notice to Borrower of the agency, dealer or provider to which such disclosure is being made and the contents of such disclosure. This Section may not be amended without the prior written consent of each Granting Lender, all or any part of whose Loan is being funded by an SPC at the time of such amendment.
Appears in 3 contracts
Sources: Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Bank may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent all or a portion of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other its rights and obligations under this Agreement (including all or a portion of such Bank hereunder, in a minimum amount of $5,000,000its Revolving Commitment and the Loans at the time owing to it); provided, however, provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Bank’s Revolving Commitment and the Loans at the time owing to it or in the case of an assignment to a Bank or an Affiliate of a Bank or an Approved Fund with respect to a Bank, the amount of the Revolving Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such assignment (determined as of the date the Assignment and Assumption Agreement, as hereinafter defined, with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consent (each such consent not to be unreasonably withheld or delayed), (ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Bank’s rights and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information obligations under this Agreement with respect to the Assignee, Loans and/or the Revolving Commitment assigned and (iii) the parties to each assignment shall have been given execute and deliver to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance agreement, substantially in the form of Exhibit E C hereto ("an “Assignment and Acceptance") Assumption Agreement”), together with any Note or Notes subject a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Bank, shall deliver to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in an Administrative Questionnaire. Subject to acceptance and recording thereof by the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect Administrative Agent pursuant to any Specified Swap ContractSection 2.02(a), such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption Agreement, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption Agreement, shall have the rights and obligations of a Bank under the Loan Documentsthis Agreement, and (ii) the assignor assigning Bank thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption Agreement, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documents.
(c) Within five Business Days after its receipt case of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Assumption Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments covering all of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's ’s rights and obligations under this Agreement and Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the other Loan Documentsbenefits of Sections 3.01, 3.03, 10.04, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement10.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 3 contracts
Sources: Credit Agreement (General Mills Inc), 364 Day Credit Agreement (General Mills Inc), Credit Agreement (General Mills Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsBorrower and the Agent, which consents consent of the Borrower shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided provided, that no written consent of either the Borrower or the Agent shall be required in connection with any assignment and delegation by a Bank to (x) an Eligible Assignee that is an Affiliate of such BankBank or (y) another Bank (each an "“Assignee"”)) all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E D ("an “Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]4,000; and (ii) if provided, further, each Bank’s Pro Rata Share shall be the assignor Bank or any same in each type of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyCommitment.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and the Borrower and the Agent have provided its their consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan DocumentsDocuments (and, in the case of an Assignment and Acceptance covering all of the assigning Bank’s rights and obligations under this Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 4.1, 4.3, 4.4, 12.4 and 12.5 with respect to facts and circumstances occurring prior to the effective date of such assignment).
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided, that the Borrower consents to such assignment in accordance with Section 12.9(a)), the Company shall Borrower shall, if requested by the Assignee or the assignor Bank thereunder, execute and deliver to the Administrative Agent, Agent new Notes evidencing such Assignee's ’s assigned Loans and Commitment Commitments and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans and Commitments retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank)) and the assignor Bank shall deliver its Note or Notes marked “exchanged” or “cancelled,” as applicable, to the Agent. Immediately upon each Assignee's making its payment of the processing fee payment under the Assignment and AcceptanceAcceptance and the satisfaction of the other conditions set forth in Section 12.9(a), this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) The Agent shall maintain at its address referred to in Schedule 12.2 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Banks and the Commitment of, and principal amount of the Loans owing to, each Bank from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agent and the Banks may treat each Person whose name is recorded in the Register as a Bank hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Bank at any reasonable time and from time to time upon reasonable prior notice. Any assignment of any Loan or other obligations shall be effective only upon an entry with respect thereto being made in the Register.
(e) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating “Originating Bank"”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Originating Bank's ’s obligations under this Agreement shall remain unchanged, (ii) the originating Originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, the Agent, and the Agents other Banks shall continue to deal solely and directly with the originating Originating Bank in connection with the originating Originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no . Any agreement or instrument pursuant to which a Bank sells such a participation shall provide that such Bank shall transfer retain the sole right to enforce this Agreement and to approve any amendment, modification or grant waiver of any participating interest under which provision of this Agreement; provided that such agreement or instrument may provide that such Bank will not, without the Participant has rights to
01consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 12.1 that directly affects such Participant. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 4.1, 4.3, 4.4 and 12.5 as though it were also a Bank hereunder (but not in any greater amounts than would have been payable to the Bank selling the participation if no participation were sold), and not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement, provided such Participant agrees to be subject to Section 2.14 as though it were a Bank.
(ef) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest Nothing contained in this Agreement and the Note held by it shall prevent a Bank from pledging its interest in favor of any its Loans to a Federal Reserve Bank in the Federal Reserve System of the United States in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(g) After payment in full of, and satisfaction of all Obligations under, any Note, the Bank or other party holding such Note agrees to promptly return such Note marked “Paid in Full” to the Borrower.
(h) Notwithstanding the foregoing provisions of this Section 12.9, no assignment or participation may be made if such assignment or participation involves, or could involve, the use of assets that constitute, or may be deemed under ERISA, the Code or any other applicable law, or any ruling or regulation issued thereunder, or any court decision, to constitute the assets of any employee benefit plan (as defined in section 3(3) of ERISA) or any plan as defined in section 4975(e)(1) of the Code).
Appears in 3 contracts
Sources: Credit Agreement (Ugi Corp /Pa/), Credit Agreement (Amerigas Partners Lp), Credit Agreement (Amerigas Partners Lp)
Assignments, Participations, etc. (a) Any Agent may, and Subject to compliance with the written consent of the Agents, which consents shall not be unreasonably withheldfollowing sentence, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees that are not Affiliates of the Borrower (provided that no written consent of either Agent shall be required in connection with any assignment each, an “Assignee” and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank“Successor Lender”) (each an "Assignee") all, all or any ratable part of all, of the Loans, the Commitments any Term Loans and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000Lender hereunder and under the other Loan Documents; provided, however, provided that (i) except with respect to an assignment by a Lender to an entity that is an Affiliate of such Lender, another Lender or a Related Fund, (x) the Company prior written consent of the Administrative Agent shall be required for such assignment and (y) so long as no Event of Default has occurred and is continuing, the prior written consent of the Borrower shall be required for such assignment (which consent shall not be unreasonably delayed, withheld or conditioned), (ii) the Initial Lenders’ obligation to fund the Subsequent Loan may not be assigned without the Borrower’s written consent to be granted in the Borrower’s sole discretion and (iii) after acceleration pursuant to Section 11.3, any Initial Lender, Assignee or Successor Lender may assign to any Person. Any assignment permitted by the previous sentence must comply with the following requirements: (A) each such assignment by a Lender of its Term Loans or its Term Notes shall be made in such a manner so that the same portion of its Term Loans or its Term Notes is assigned to the Assignee; (B) in the case of an assignment of any part of a Term Loan to any Assignee, such assignment shall not be for an amount less than $10,000,000 or a higher integral multiple of $1,000,000 in excess thereof (or 100% of the assigning Lender’s remaining Term Loans) in each instance; and (C) the Borrower and the Agents may continue to deal solely and directly with such Bank the assigning Lender in connection with the interest so assigned to an Assignee until (A1) written notice of such assignment, together with payment instructions, addresses addresses, contact information and related information and any required tax forms with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank assigning Lender and the Assignee; , (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C2) the assignor Bank assigning Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 and (ii3) if the assignor Bank or any of its Affiliates is a Swap Provider with respect assigning Lender shall have delivered to any Specified Swap Contract, such Bank shall not assign all of its interest the Borrower and the Administrative Agent an Assignment and Acceptance substantially in the 76 128 Loans form of Exhibit F hereto (an “Assignment and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate Acceptance”) with respect to such Specified Swap Contracts, with assignment from the consent of the Companyassigning Lender.
(b) From and after the date that the Administrative Agent notifies the assignor Bank assigning Lender and the Borrower that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to, if required) an executed Assignment and Acceptance and payment of the above-referenced processing feefee and the Borrower has provided its consent to such assignment, if required (such consent not to be unreasonably delayed, withheld or conditioned), (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender hereunder and under the other Loan Documents, and this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to effect the addition of the Assignee, and any reference to the assigning Lender hereunder or under the other Loan Documents shall thereafter refer to such Lender and to the Assignee to the extent of their respective interests, and (ii) the assignor Bank assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan DocumentsDocuments but shall continue to be entitled to the benefits of Section 2.8, Section 4.5, Section 13.1 and Section 13.2. At the time of each assignment pursuant to Section 13.11(a) 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 described in Section 4.5(f). Any assignment or transfer by a Lender of rights and obligations under this Agreement that does not comply with this Section 13.11(a) and (b) 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 (d).
(c) Within five Business Days fifteen (15) days after its receipt of the Borrower has received a notice by from the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, if requested by the Company Assignee or the assigning Lender, the Borrower shall execute and deliver to the Administrative Agent, Agent new Term Notes evidencing such the Assignee's ’s assigned Term Loans and Commitment and, if the assignor Bank assigning Lender has retained a portion of its Loans and its CommitmentTerm Loans, replacement Term Notes in reflecting the principal amount of the Term Loans retained by the assignor Bank assigning Lender (such Term Notes to be in exchange for, but not in payment of, the Term Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank Lender (the “Originating Lender”) may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Term Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) each such Participant shall be an Eligible Assignee, (ii) the originating Bank's Originating Lender’s obligations under this Agreement shall remain unchanged, (iiiii) the originating Bank Originating Lender shall remain solely responsible for the performance of such obligations, (iiiiv) the Company Borrower and the Agents shall continue to deal solely and directly with the originating Bank Originating Lender in connection with the originating Bank's Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, and (ivv) no Bank Lender shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require consent of any affected Lender or all of the Lenders as described in Section 13.10. In the case of any such participation, the Participant shall not have any rights under this Agreement, Agreement or any of the other Loan Documents, Documents (the Participant’s rights against the Originating Lender in respect of such Participation to be those set forth in the agreement executed by the Originating Lender in favor of the Participant relating thereto) and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank Lender had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment with respect to a participation sold to such Participant than the applicable Lender would have been entitled to receive under Section 2.8 and 4.5, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant shall not be entitled (i) to the benefits of Section 4.5 that the applicable Lender is entitled to unless such Participant complies with Section 4.5(f), or (ii) with respect to a Participation that has been consented to by the Borrower pursuant to the previous sentence, to receive any greater payment with respect to the participation sold to such Participant than the applicable Lender would have been entitled to receive under Section 4.5 unless the Participant (x) would be entitled to amounts under Section 4.5 if it were treated as an assignee as of the date of such participation and (y) complies with Section 4.5(f) by providing to the Borrower and the Administrative Agent each form and certificate that would be required to be provided to them pursuant to Section 4.5(f) as if the Participant was a Lender.
(f) Subject to Section 13.11(a) hereof, any Bank Lender may at any time create a security interest in, pledge or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Term Loans held by it in favor of any Federal Reserve Bank in accordance with Regulation A as collateral security to secured obligations of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Lender and such Federal Reserve Bank may enforce this Section 13.11 shall not apply to any such pledge or security assignment. No such pledge or assignment shall release the assigning Lender from its obligations hereunder or substitute any such pledge or assignee for such Lender as a party hereto.
(g) In the event that any Lender sells a participation in a Term Loan, such Lender shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of all Participants in the Term Loans held by it and the principal amount (including the amount of PIK Interest and any stated interest thereon) of the portion of the Loan which is the subject of the participation (the “Participation Register”) and each repayment in respect of the principal amount of the portion of the Term Loan held by each Participant. A Term Loan may be participated in whole or in part only by registration of such participation on the Participation Register. Any transfer of such participation may be effected only by the Registration of such transfer on the Participation Register. The entries in the Participation Register shall be conclusive absent manifest error and such Lender shall treat such participants whose name is recorded in the Participation Register as the owner of such participation for all purposes of this Agreement, notwithstanding any manner permitted under applicable lawnotice to the contrary. The Participation Register shall be available for inspection by the Borrower or the Administrative Agent at any reasonable time upon reasonable prior notice.
Appears in 3 contracts
Sources: Credit Agreement (First Wind Holdings Inc.), Credit Agreement (First Wind Holdings Inc.), Credit Agreement (First Wind Holdings Inc.)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsAgent and the Borrower, which consents consent shall not be unreasonably withheldwithheld (except Borrower’s consent shall not be required if (i) a Default or an Event of Default exists and is continuing, any other Bankand (ii) the Eligible Assignee is not engaged in the securities brokerage business or the investment advisory business), may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and Borrower and, the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment assignment; and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender and the Borrower that it has received (and the Borrower and the Agent have provided its their consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with subsection 10.8(a)), the Company Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's ’s assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans Commitment retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank assignor Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "“originating Bank"Lender”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any consent or waiver with respect to, this Agreement or any other Loan Document. Any Lender that sells a participation to any Person that is a “foreign corporation, partnership or trust” within the meaning of the other Loan Documents, and all amounts payable Code shall include in its participation agreement with such Person a covenant by such Person that such Person will comply with the Company hereunder shall be determined provisions of Section 9.10 as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due Person were a Lender and unpaid, or shall have been declared or shall have become due provide that the Agent and payable upon the occurrence of an Event of Default, each Participant Borrower shall be deemed to have the right third party beneficiaries of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementsuch covenant.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) Any Lender (a “Granting Lender”) may, with notice to the Agent, grant to a special purpose funding vehicle (an “SPC”) the option to fund all or any part of any Loan that such Granting Lender would otherwise be obligated to fund pursuant to this Agreement. The funding of a Loan by an SPC hereunder shall utilize the Revolving Credit Commitment of the Granting Lender to the same extent, and as if, such Loan were funded by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment. Notwithstanding anything to the contrary contained in the foregoing or anywhere else in this Agreement, (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to the terms hereof, and (iii) the Borrower and Agent shall continue to deal exclusively with the Granting Lender and any funding by an SPC hereunder shall not constitute an assignment, assumption or participation of any rights or obligations of the Granting Lender. Any SPC may disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or guarantee to such SPC, provided, as a condition precedent to such disclosure, (A) such agency, dealer or provider has delivered to such Granting Lender for the benefit of Borrower a written confidentiality agreement substantially similar to Section 10.9, and (B) simultaneous with or prior to such disclosure, such Granting Lender has given written notice to Borrower of the agency, dealer or provider to which such disclosure is being made and the contents of such disclosure. This Section may not be amended without the prior written consent of each Granting Lender, all or any part of whose Loan is being funded by an SPC at the time of such amendment.
Appears in 3 contracts
Sources: Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsBorrower (at all times other than during the existence of an Event of Default) and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees Persons (provided that no written consent of either the Borrower or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank or to another Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitment --------- Obligations and the other rights and obligations of such Bank hereunderunder the Transaction Documents, in a minimum amount of $5,000,0003,000,000; provided, however, -------- ------- that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E I ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or ------------------------- Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder under the Transaction Documents have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documentsthis Agreement, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Transaction Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and AcceptanceSection 10.5(a), this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefromtherefrom and the Agent shall deliver to the Borrower and each Bank revised Schedules 1 and 2 reflecting the reallocation of Commitments and address changes. The Commitment portion of the Commitments allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating ----------- interests in any LoansLoans made by such Bank, the Commitment Obligations of that such Bank and the other interests of that such Bank (the "originating BankOriginator") hereunder and under ---------- the other Loan Transaction Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.-------- -------
Appears in 2 contracts
Sources: Credit Agreement (Wireless Facilities Inc), Credit Agreement (Wireless Facilities Inc)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Bank may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent all or a portion of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other its rights and obligations under this Agreement (including all or a portion of such Bank hereunder, in a minimum amount of $5,000,000its Revolving Commitment and the Loans at the time owing to it); provided, however, provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Bank's Revolving Commitment and the Loans at the time owing to it or in the case of an assignment to a Bank or an affiliate of a Bank or an Approved Fund with respect to a Bank, the aggregate amount of the Revolving Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such assignment (determined as of the date the Assignment and Assumption Agreement, as hereinafter defined, with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consent (each such consent not to be unreasonably withheld or delayed), (ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Bank's rights and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information obligations under this Agreement with respect to the Assignee, Loan or the Revolving Commitment assigned and (iii) the parties to each assignment shall have been given execute and deliver to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance agreement, substantially in the form of Exhibit E C hereto (an "Assignment and AcceptanceASSIGNMENT AND ASSUMPTION AGREEMENT") ), together with any Note or Notes subject a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Bank, shall deliver to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in an Administrative Questionnaire. Subject to acceptance and recording thereof by the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect Administrative Agent pursuant to any Specified Swap ContractSection 2.02(a), such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption Agreement, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption Agreement, shall have the rights and obligations of a Bank under the Loan Documentsthis Agreement, and (ii) the assignor assigning Bank thereunder shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.the
Appears in 2 contracts
Sources: Credit Agreement (General Mills Inc), 364 Day Credit Agreement (General Mills Inc)
Assignments, Participations, etc. (a) Any Agent Bank (x) may, and with the written consents of the Company and the Operating Agent, which consent of the Agents, which consents Operating Agent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one (1) or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank banks or other Banks or to an Eligible Assignee that is an Affiliate of such assigning Bank, which Affiliate shall not itself be a bank, provided that such Affiliate has a net worth of at least Seventy-Five Million Dollars ($75,000,000), and (y) may, with notice to the Operating Agent and the Company but without the consent of the Company or either of the Agents, assign and delegate to any Affiliate of such Bank which shall itself be a bank having a combined capital, surplus and undivided profits of at least Seventy-Five Million Dollars ($75,000,000) (each such bank, assignee Bank or Affiliate, as the case may be, being an "Assignee") all), all or any ratable part of all, of the Loans, Advances or the Commitments and the or any other rights and or obligations of such Bank hereunder, hereunder in a minimum amount of Twenty Million Dollars ($5,000,00020,000,000); provided, however, that (i) the Company and the Agents may shall be entitled to continue to deal solely and directly with such assigning Bank in connection with the interest interests so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, Operating Agent shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent received an Assignment Notice and Acceptance in the form of Exhibit E G duly executed by the assigning Bank, its Assignee and the Company, ("Assignment ii) the processing fees described below shall have been paid and Acceptance"(iii) together with the assigning Bank shall have delivered to the Operating Agent any Note or Notes that shall be subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) assignment. From and after the date that (an "Assignment Effective Date") on which the Administrative Operating Agent notifies shall notify the assignor Company and the assigning Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feei), (iii) and (iii) above shall have occurred and all consents (if any) required under the preceding sentence shall have been given: (x) the Assignee thereunder shall be deemed to be a party hereto and, to the extent that rights and obligations hereunder shall have been assigned to it pursuant to such Assignment Notice and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, Documents (including the right to receive any facility fee payable pursuant to Section 2.10(a)); and (iiy) the assignor assigning Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment Notice and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
Documents (c) Within five Business Days after its receipt and, in the case of notice by the Administrative Agent that it has received an executed Assignment Notice and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a covering all or its remaining portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the an assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no such Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participationcease to be a party thereto, the Participant shall not have any rights under this Agreementexcept as to Sections 2.15, or any of the other Loan Documents, 2.17 and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement9.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Mci Communications Corp), Revolving Credit Agreement (Mci Communications Corp)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Bank may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent all or a portion of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other its rights and obligations under this Agreement (including all or a portion of such Bank hereunder, in a minimum amount of $5,000,000its Revolving Commitment and the Loans at the time owing to it); provided, however, provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Bank’s Revolving Commitment and the Loans at the time owing to it or in the case of an assignment to a Bank or an Affiliate of a Bank or an Approved Fund with respect to a Bank, the amount of the Revolving Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such assignment (determined as of the date the Assignment and Assumption Agreement, as hereinafter defined, with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed, and in any event, the Agents may continue Company shall be deemed to deal solely and directly with have consented to any such Bank in connection with the interest so assigned to an Assignee until (A) assignment unless it shall object thereto by written notice to the Administrative Agent within ten Business Days after it receives a written request for consent thereto), (ii) each partial assignment shall be made as an assignment of such assignment, together with payment instructions, addresses a proportionate part of all the assigning Bank’s rights and related information obligations under this Agreement with respect to the Assignee, Loans and/or the Revolving Commitment assigned and (iii) the parties to each assignment shall have been given execute and deliver to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance agreement, substantially in the form of Exhibit E C hereto ("an “Assignment and Acceptance") Assumption Agreement”), together with any Note or Notes subject a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Bank, shall deliver to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in an Administrative Questionnaire. Subject to acceptance and recording thereof by the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect Administrative Agent pursuant to any Specified Swap Contractsubsection 2.02(a), such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption Agreement, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption Agreement, shall have the rights and obligations of a Bank under the Loan Documentsthis Agreement, and (ii) the assignor assigning Bank thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption Agreement, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documents.
(c) Within five Business Days after its receipt case of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Assumption Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments covering all of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's ’s rights and obligations under this Agreement and Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the other Loan Documentsbenefits of Sections 3.01, 3.03, 10.04, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement10.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Sources: Credit Agreement (General Mills Inc), Credit Agreement (General Mills Inc)
Assignments, Participations, etc. (a) Any Agent Subject to Section 10.13(b) below, any Lender may, and with the written prior consent of the Agents, Borrower (which consents consent shall not be unreasonably withheldwithheld or delayed or conditioned, however, it will not be considered unreasonable for the Borrower to withhold consent if any other Banksuch assignment could have the effect of increasing the Borrower’s or any Guarantor’s costs under the Financing Documents, may due to new or increased Taxes, or otherwise), at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, all or any ratable part of all, of the Loans, the Commitments its Loan Commitment or Loan and the other rights and obligations of such Bank hereunderLender hereunder and under the other Financing Documents, in to another bank or financial institution. Any partial assignment of a minimum amount Loan Commitment or any Loan under this Section 10.13(a) shall not be less than $10,000,000 or any integral multiple of $5,000,000; provided5,000,000 in excess thereof.
(b) Notwithstanding Section 10.13(a) above, howeverany Lender may, that without the prior written consent of the Borrower, assign all or any part of its Loan Commitment or Loan and the other rights and obligations of such Lender hereunder and under the other Financing Documents (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until Affiliate of such Lender, (ii) to another Lender, (iii) to any Person if following the occurrence of an Event of Default, or (iv) if requested to do so by the Borrower under Section 2.13; provided that only with respect to assignments to an Affiliate of a Lender or another Lender (A) the assigning Lender shall have given at least ten (10) Business Days’ prior written notice to the Borrower, the Administrative Agent and the Security Agent of such proposed assignment, together with payment instructions, addresses and related information with respect to the Assigneeassignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank proposed assignment would not result in any increase in Taxes or increased cost to the Borrower, (C) any partial assignment of a Loan Commitment or any Loan under this Section 10.13(b) shall not be less than $10,000,000 or any integral multiple of $5,000,000 in excess thereof, and (D) each such assignment by a Lender of its Assignee Loans or its Loan Commitment shall be made in such a manner so that the same portion of its Loans and Loan Commitment is assigned to the assignee. With respect to any assignment under this Section 10.13, the Borrower, the Administrative Agent and the Security Agent may continue to deal solely and directly with the assigning Lender in connection with the interest so assigned until the assigning Lender shall have delivered to the Company Borrower, the Administrative Agent and the Administrative Security Agent an Assignment and Acceptance substantially in the form of Exhibit E C attached hereto ("an “Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with assignment from the consent of the Companyassigning Lender.
(bc) From Subject to Section 8.10, from and after the date that the Administrative Agent notifies the assignor Bank assigning Lender and the Borrower that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeAcceptance, (i) the Assignee assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender hereunder and under the Loan other Financing Documents, and this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to effect the addition of the assignee, and any reference to the assigning Lender hereunder or under the other Financing Documents shall thereafter refer to such Lender and to the assignee to the extent of their respective interests, and (ii) the assignor Bank assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Financing Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Financing Documents; provided that any Lender that assigns all of its Loan Documents.
(c) Within five Business Days after its receipt Commitment and Loans hereunder in accordance with Section 10.13 shall continue to have the benefit of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver indemnification provisions under this Agreement to the Administrative Agentextent any indemnification relates to facts which occurred while it was a Lender (including Sections 2.8, new Notes evidencing 2.10, 2.11, 10.1 and 10.2), which shall survive as to such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoLender.
(d) Any Bank may Lender (the “Originating Lender”) may, at its own cost, at any time after the initial Borrowing has occurred, sell to one or more commercial banks bank, financial institution, trust, fund or other Persons entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets which is not Affiliates an Affiliate of the Company Borrower, a Competitor or an Affiliate of a Competitor (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documentsits Loan; provided, however, that (i) the originating Bank's Originating Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originating Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Originating Lender in connection with the originating Bank's Originating Lender’s rights and obligations under this Agreement and the other Loan Financing Documents, (iv) any such sale of participating interest shall not result in any increase in Taxes or increased cost to the Borrower or Guarantors, and (ivv) no Bank Lender shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Financing Document. In the case of any such participation, the Participant shall not have any rights or claims under this Agreement, Agreement or any of the other Loan Documents, Financing Documents (the Participant’s rights against the Originating Lender in respect of such participation to be those set forth in the agreement executed by the Originating Lender in favor of the Participant relating thereto) and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank Lender had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision contained in this AgreementAgreement or any other Financing Document to the contrary, any Bank Lender may at any time create a pledge or assign as collateral security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Loans held by it it; provided that
(i) the pledge or assignment as collateral security, its enforcement and payment thereunder would not result in favor any increased costs or Taxes on the Borrower or the Guarantors, and (ii) any payment in respect of any Federal Reserve Bank such assigned Loans made by the Borrower to or for the account of the assigning or pledging Lender in accordance with Regulation A the terms of this Agreement shall satisfy the Borrower’s obligations hereunder in respect to such assigned Loan to the extent of such payment. No such assignment shall release the assigning Lender from its obligations hereunder.
(f) If:
(i) a Lender assigns or transfers any of its rights or obligations under the Financing Documents or changes its Applicable Lending Office; and
(ii) as a result of circumstances existing at the date the assignment, transfer or change occurs, the Borrower would be obliged to make a payment to a permitted assignee or Lender acting through its new Applicable Lending Office under Sections 2.8 or 2.10, then the permitted assignee or Lender acting through its new Applicable Lending Office is only entitled to receive payment under those Sections to the same extent as the assigning Lender or Lender acting through its previous Applicable Lending Office would have been if the assignment, transfer or change had not occurred.
(g) Subject to actions permitted under clause 5.2(a) of the FRB Fiduciary Assignment, the Borrower shall not assign or U.S. Treasury Regulation 31 CFR Section203.14, otherwise transfer any of its rights and such Federal Reserve Bank may enforce such pledge obligations under this Agreement or security interest in any manner permitted under applicable lawother Financing Document without the prior written consent of the Administrative Agent (acting on the instructions of all Lenders).
Appears in 2 contracts
Sources: Credit Agreement (Nii Holdings Inc), Credit Agreement (Nii Holdings Inc)
Assignments, Participations, etc. (ai) Any Agent Each Lender may, and with the prior written consent approval of the AgentsBorrower and the Administrative Agent, assign to one or more assignees, which consents shall approvals will not be unreasonably withheld, and (ii) each Lender may, without the consent of the Borrower or the Administrative Agent, assign to any of its Lender Affiliates or to any other BankLender, may at any time assign and delegate other than a Lender replaced pursuant to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) Section 3.14(b), (each such Person, an "Assignee") all), all or any ratable part fraction of all, of the its Committed Loans, the Commitments if any, owed to it and the other rights and obligations of such Bank hereunder, its Commitment in a minimum amount of $5,000,000; provided, however, that the Borrower shall not, as a result of an assignment by any Lender to any of its wholly-owned Subsidiaries incur any increased liability for Taxes and Other Taxes pursuant to Section 3.05.
(ib) the Company No assignment shall become effective, and the Agents may Borrower and the Administrative Agent shall be entitled to continue to deal solely and directly with such Bank each Lender in connection with the interest interests so assigned by such Lender to an Assignee Assignee, until (Ai) written notice of such assignment, together with an agreement to be bound, payment instructions, addresses and related information with respect to the such Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the such Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance , in substantially the form of Exhibit E 10.08 (a "Notice of Assignment"), and such Lender and such Assignee shall have executed in connection therewith an Assignment and Acceptance") together with any Note or Notes subject Assumption Agreement in substantially the form of Attachment A to such assignment and Notice of Assignment, (Cii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 shall have been paid to the Administrative Agent by the assignor Lender or the Assignee, and (iii) either (A) five Business Days shall have elapsed after receipt by the Administrative Agent of the items referred to in clauses (i) and (ii) or (B) if earlier, the Administrative Agent shall have notified the assignor Bank or any Lender and the Assignee of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent receipt of the Companyitems mentioned in clauses (i) and (ii) and that it has acknowledged the assignment by countersigning the Notice of Assignment.
(bc) From and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeany assignment, (i) the Assignee thereunder shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and AcceptanceAssignee by the assignor Lender, shall have the rights and obligations of a Bank Lender hereunder and under the each other Loan DocumentsDocument, and (ii) the assignor Bank shallLender, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptancethe Assignee, relinquish its rights and shall be released from its obligations hereunder and under the each other Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoDocument.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates (each of the Company (such Persons being herein called a "Participant") participating interests in any of the Loans, the its Commitment or any other interest of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documentssuch Lender hereunder; provided, however, that that
(i) the originating Bank's no participation contemplated in this Section 10.08(d) shall relieve such Lender from its Commitment or its other obligations hereunder or under this Agreement shall remain unchanged, any other Loan Document;
(ii) the originating Bank such Lender shall remain solely responsible for the performance of its Commitment and such other obligations, ;
(iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this Agreement and the other Loan Documents, and Agreement; and
(iv) no Bank Participant, unless such Participant is itself a Lender, shall transfer be entitled to require such Lender to take or grant refrain from taking any participating interest action hereunder or under which the any other Loan Document, except that such Lender may agree with any Participant has rights that such Lender will not, without such Participant's consent, approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any consent or waiver with respect to, this Agreement or any other Loan Document, to the extent such amendment, consent or waiver would require unanimous consent of the other Loan Documents, and all amounts payable by Lenders as described in the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 proviso to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this AgreementSection 10.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Sources: Receivables Bridge Credit Agreement (Ibp Inc), Credit Agreement (Ibp Inc)
Assignments, Participations, etc. (a) Any Agent The Bank may, and with the written consent of the Agents, Company (which consents consent shall not be unreasonably be withheld, any other Bank, may ) at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitment, and the other rights and obligations of such the Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) . Upon the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice making of such assignmentan assignment the Assignee shall, together with payment instructionsfor all purposes, addresses and related information with respect to be considered the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyBank" under this Agreement.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons financial institutions not Affiliates of the Company (a "Participant") participating interests in any ratable part (but not all) of any Loans, the Commitment of that the Bank and the other interests of that the Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Company, shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no the Bank shall not transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such the Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(ec) Notwithstanding any other provision in this Agreement, any the Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Sources: Credit Agreement (Dendrite International Inc), Credit Agreement (Dendrite International Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent and the Issuing Bank, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part -------- of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely -------- ------- and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment --------- ---------- and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a -------------- processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments -76- of the assigning Bank pro tanto.. --- -----
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating ----------- interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this -------- ------- Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.
01. In the case of any such ------- participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14(S)203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Sources: Credit Agreement (West Marine Inc), Credit Agreement (West Marine Inc)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, the Swing Line Lender and the Issuer, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (each an “Assignee”) all, or any part of all, of the Loans, the Commitments, the L/C Obligations and the other rights and obligations of such Lender hereunder, in a minimum amount of $5,000,000 or, if less, the total amount of such Lender’s outstanding Loans and/or Commitments (provided that no written consent of either Agent the Company, the Agent, the Swing Line Lender or the Issuer shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000Lender); provided, however, that (i) the Company Company, the Agent and the Agents Co-Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Company, the Agent and the Co-Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E D ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Co-administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and and, if required, provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder (including without limitation any obligations under Section 10.10) have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and, if required, provided that it consents to such assignment in accordance with subsection 11.08(a)), the Company shall execute and deliver to the Administrative Agent, Agent new Notes evidencing such Assignee's ’s assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "“originating Bank"Lender”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Company, each Issuer and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in clause (a) (but only in respect of any increase of any Commitment of any originating Lender), (b) or (e) of the first proviso to Section 11.01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.01, or any of the other Loan Documents4.03 and 11.05 as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and 3,500 (ii) if the assignor including, without limitation, in connection with any assignment by a Bank or any of its Affiliates is to a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyBank).
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.8(a)) the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3 and 10.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Sources: Credit Agreement (Marcus Corp), Credit Agreement (Marcus Corp)
Assignments, Participations, etc. (a1) Any Agent may, and with With the prior written consent of the AgentsAdministrative Agent and, which but only if there has not occurred and is continuing an Event of Default or Potential Default, MAC, in each case such consents shall not to be unreasonably withheldwithheld or delayed, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either MAC or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender or to another Lender or its Affiliate) (each an "“Assignee"”) all, all or any ratable part of all, such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans, Loans at the Commitments time owing to it) and the other rights and obligations of Obligations held by such Bank Lender hereunder, in a minimum amount of $5,000,0005 million (or (A) if such Assignee is another Lender or an Affiliate of a Lender, $1 million, or such lesser amount as agreed by the Administrative Agent; and (B) if such Lender’s Commitment is less than $5 million, one hundred percent (100%) thereof); provided, however, that (i) MAC, the Company Borrower, the Issuing Lender and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower, the Issuing Lender and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment Agreement and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(bA) From and after the date that the Administrative Agent notifies the assignor Bank Lender and the Borrower that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance Agreement and payment of the above-referenced processing fee, : (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned to it pursuant to such Assignment and AcceptanceAcceptance Agreement, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and AcceptanceAcceptance Agreement, relinquish its rights and be released from its obligations under the Loan Documents.
Documents (c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company but shall execute and deliver be entitled to indemnification as otherwise provided in this Agreement with respect to any events occurring prior to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans assignment) and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, iii) this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising resulting therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d2) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance Agreement and payment of the processing fee (which notice shall also be sent by the Administrative Agent to each Lender), the Borrower shall, if requested by the Assignee, execute and deliver to the Administrative Agent, a new Note evidencing such Assignee’s Applicable Percentage of the Commitments.
(3) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in all or any Loans, the Commitment portion of that Bank its rights and obligations under this Agreement and the other interests Loan Documents (including all or a portion of that Bank its Commitments and the Loans owing to it) (the "originating Bank") hereunder and under the other Loan Documents“Originating Lender”); provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, and (iii) the Company Borrower, the Issuing Lender and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 2.5, or any 2.6 and 2.7 (and subject to the burdens of the other Loan DocumentsSections 2.8 and 11.8 above) as though it were also a Lender thereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement, and Section 11.10 of this Agreement shall apply to such Participant as if it were a Lender party hereto.
(e4) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights and obligations under and interest in this Agreement and the Note held by it in favor other Loan Documents (including all or a portion of its Commitments and the Loans owing to it) to any Federal Reserve Bank in accordance with Lender or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank may enforce Lender, provided that any payment in respect of such pledge assigned interests made by the Borrower to or security interest for the account of the assigning and/or pledging Lender in any manner permitted under applicable lawaccordance with the terms of this Agreement shall satisfy the Borrower’s obligations hereunder in respect to such assigned interests to the extent of such payment. No such assignment shall release the assigning Lender from its obligations hereunder.
Appears in 2 contracts
Sources: Revolving Loan Facility Credit Agreement (Macerich Co), Revolving Loan Facility Credit Agreement (Macerich Co)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrower (at all times other than during the existence of a Default or an Event of Default) and the Administrative Agent, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Borrower or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, provided, however, that the aggregate principal amount of the Commitments and Loans assigned by any Lender to someone other than another Lender shall be in a minimum amount of $5,000,000; provided5,000,000 (or if less, howeverthe entire Commitments then held by such Lender) and integral multiplies of $1,000,000 thereafter and after giving effect to any such assignment by a Lender, that the aggregate amount of the Commitments and/or Loans held by such assigning Lender is at least $5,000,000 (i) unless such Lender has assigned the Company entire Commitment and Loans then held by it). The Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) required consents with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Sources: Credit Agreement (Montpelier Re Holdings LTD), Credit Agreement (Montpelier Re Holdings LTD)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent consents of the AgentsBorrower and the Agent, which consents shall not be unreasonably withheldat the sole discretion of the Borrower and the Agent, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that (i) no written consent of either the Borrower shall be required during the existence of an Event of Default after the Agent has declared the Commitment of each Bank to make Loans to be terminated and (ii) no written consent of the Borrower or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Combined Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E J ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five (5) Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with Section 10.8(a)), the Company Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Combined Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating BankOriginator") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankOriginator's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originator shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower and the Agents Agent shall continue to deal solely and directly with the originating Bank Originator in connection with the originating BankOriginator's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3 and 10.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note held by it for the purpose of creating a security interest in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Sources: Credit Agreement (Gentle Dental Service Corp), Credit Agreement (Gentle Dental Service Corp)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsBorrower (at all times other than during the existence of an Event of Default), the Agent and the applicable Issuing Bank(s), which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Borrower, the Agent or an Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Revolving Loan Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, hereunder in a an aggregate minimum amount of $5,000,00010,000,000, pro-rated in accordance with the respective amounts of the Facility A Commitment, the Facility B Term Loans outstanding and the Facility C Commitment of such Bank; provided that such Bank shall retain an aggregate amount of not less than $10,000,000 in respect thereof, unless such Bank assigns and delegates all of its rights and obligations hereunder to one or more Eligible Assignees on the time and subject to the conditions set forth herein; and provided, further, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") ), together with any Note or Notes subject to such assignment assignment; and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Sources: Credit Agreement (Ferrellgas Partners Finance Corp), Credit Agreement (Ferrellgas Finance Corp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrowers at all times other than during the existence of an Event of Default, the Agent, and the L/C Issuer with an outstanding Letter of Credit, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (each an “Assignee”) all, or any part of all, of the Loans, the Commitments, the L/C Obligations and the other rights and obligations of such Lender hereunder, in a minimum amount of $5,000,000 or, if less, the total amount of such Lender’s outstanding Loans and/or Commitments (provided that no written consent of either Agent the Borrower, the Agent, or the L/C Issuer shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000Lender); provided, however, that (i) the Company Borrowers and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrowers and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrowers and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E “D” ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract3,000 provided, such Bank shall not assign all of its interest that in the 76 128 Loans and case of contemporaneous assignments by a Lender to more than one fund managed by the Commitments to an Assignee unless same investment advisor, only a single fee of $3,000 shall be payable for all such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companycontemporaneous assignments.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and and, if required, provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder (including any obligations under Section 11.10) have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five (5) Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(d) The Agent shall maintain a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and the Commitments of, and principal amount of the Loans owing to, each Lender from time to time. The entries in such register shall be conclusive, in the absence of clear and obvious error, and the Borrowers, the Agent and the Lenders shall treat each person whose name is recorded in such register as the owner of the Commitments and the Loans recorded therein for all purposes of this Agreement. The register shall be available for inspection by the Borrowers, any Lender and their representatives, at any reasonable time and from time to time upon reasonable prior notice.
(e) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrowers (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "“originating Bank"Lender”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrowers, the L/C Issuer and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the clause (a) (but only in respect of any increase of any Commitment of any Originating Lender), (b) or (c) of the first proviso to Section 12.01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any be entitled to the benefit of the other Loan DocumentsSections 4.01 and 11.05 as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(ef) Notwithstanding any other provision in this Agreement, (i) any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14C.F.R. Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawlaw and (ii) any Lender that is a fund that invests in bank loans may, without the consent of the Agent or the Borrower, pledge all or any portion of its rights under and interest in this Agreement to any trustee or to any other representative of holders of obligations owed or securities issued by such fund as security for such obligations or securities; provided, that any transfer to any Person upon the enforcement of such pledge or security interest may only be made subject to Section 12.08.
Appears in 2 contracts
Sources: Credit Agreement (North American Galvanizing & Coatings Inc), Credit Agreement (North American Galvanizing & Coatings Inc)
Assignments, Participations, etc. (a) 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 and, to the extent expressly contemplated hereby, the Affiliates 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 may assign to one or more assignees (each, an "Assignee") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that (i) except in the case of an assignment to a Lender or a Lender Affiliate, each of the Borrower and the Administrative Agent may, and with the must give their prior written consent of the Agents, to such assignment (which consents consent shall not be unreasonably withheld), any other Bank, may at any time assign and delegate (ii) except in the case of an assignment to one a Lender or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any a Lender Affiliate or an assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loansentire remaining amount of the assigning Lender's Commitment, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that the Commitment of the assigning Lender subject to each such assignment (i) determined as of the Company date the Assignment and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information Acceptance with respect to the Assignee, shall have been given such assignment is delivered to the Company Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent by such Bank otherwise consent, (iii) 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, except that this clause (iii) shall not apply to rights in respect of outstanding Bid Loans, (iv) the Assignee and the Assignee; (B) such Bank Assignor in respect of each assignment shall execute and its Assignee shall have delivered deliver to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") , together with any Note or Notes subject to such assignment a processing and recordation fee of $3,500, and (Cv) the assignor Bank or Assignee has paid Assignee, if it shall not be a Lender, shall deliver to each the Administrative Agent a processing fee in the amount of its $[______________]an Administrative Questionnaire; and (ii) if the assignor Bank or provided further that any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
Borrower otherwise required under this paragraph shall not be required if an Event of Default under clause (bf) From or (g) of Section 8.01 has occurred and is continuing. Subject to acceptance and recording thereof pursuant to paragraph (d) of this Section, from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documentsthis Agreement, and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase of an Assignment and Acceptance 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 3.05, 3.08, 3.09, 3.10, 3.11 and 10.05)(but only to the extent such Lender notifies the Borrower of any claim under such Section within 90 days after it obtains knowledge thereof). 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 (e) of this Section.
(c) Within five Business Days after The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its receipt offices in the United States a copy of notice by the Administrative Agent that it has received an executed each Assignment and Acceptance delivered to it and payment a register for the recordation of the processing feenames and addresses of the Lenders, and the Company shall execute Commitment of, and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained 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 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 assignor Bank (such Notes Borrower, and any Lender, at any reasonable time and from time to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately time upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoreasonable prior notice.
(d) Upon its receipt of a duly completed Assignment and Acceptance 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 Acceptance 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.
(e) Any Bank may at any time Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more commercial banks or other Persons not Affiliates of the Company entities (each a "Participant") participating interests in any Loans, the all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan DocumentsLoans owing to it); provided, however, provided that (i) the originating Banksuch Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, obligations and (iii) the Company Borrower, the Administrative Agent and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this 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 the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any provision of this Agreement; provided that such participationagreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the proviso to Section 10.02 that affects such Participant. Subject to paragraph (f) of this Section, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, Borrower agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement Sections 3.05 (other than 3.05(f)), 3.06, 3.08, 3.09 and 3.10 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 amount extent permitted by law, each Participant also shall be entitled to the benefits of its participating interest Section 10.06 as though it were owing directly a Lender, provided such Participant agrees to be subject to Section 3.06 as though it as were a Bank under this AgreementLender.
(ef) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment under Section 3.05, any Bank 3.08, 3.09 or 3.10 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the 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 3.05 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.05(f) as though it were a Lender.
(g) Any Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor to secure obligations of any such Lender to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Bank, and such Federal Reserve Bank may enforce 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 in shall release a Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto.
Appears in 2 contracts
Sources: Credit Agreement (Tyson Foods Inc), 364 Day Credit Agreement (Tyson Foods Inc)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrower, the Agent, the Swingline Lender and Bank of America as Issuing Lender, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent (x) the Borrower shall be required either in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an a Lender or a Lender Affiliate of such BankLender or at any time that an Event of Default shall exist and (y) the Swingline Lender in its capacity as such and Bank of America in its capacity as an Issuing Lender shall be required in connection with an assignment of outstanding Term Loans) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000Lender hereunder (although such assignments do not have to be pro rata among the respective Tranches); provided, however, that (i) any such assignment to an Eligible Assignee which is not a Lender or a Lender Affiliate shall be in a minimum amount equal to the Company lesser of $5,000,000 or the full amount of the assignor Lender's outstanding Loans and Commitments; and provided, still further, that the Borrower, the Issuing Lenders, the Swingline Lender and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E L ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]); and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable assignment is recorded by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon Agent in the occurrence of an Event of Default, each Participant shall be deemed Register pursuant to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.Section
Appears in 2 contracts
Sources: Credit Agreement (Globe Manufacturing Corp), Credit Agreement (Globe Manufacturing Corp)
Assignments, Participations, etc. (a) 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 and, to the extent expressly contemplated hereby, the Affiliates of each of the Administrative Agent and the Lenders and Issuing Banks) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b) Any Lender may assign to one or more assignees (each, an "Assignee") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that (i) except in the case of an assignment to a Lender or a Lender Affiliate, each of the Borrower and the Administrative Agent may, and with the each Issuing Bank must give their prior written consent of the Agents, to such assignment (which consents consent shall not be unreasonably withheld), any other Bank, may at any time assign and delegate (ii) except in the case of an assignment to one a Lender or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any a Lender Affiliate or an assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loansentire remaining amount of the assigning Lender's Commitment, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that the Commitment of the assigning Lender subject to each such assignment (i) determined as of the Company date the Assignment and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information Acceptance with respect to the Assignee, shall have been given such assignment is delivered to the Company Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent by such Bank otherwise consent, (iii) 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, except that this clause (iii) shall not apply to rights in respect of outstanding Bid Loans, (iv) the Assignee and the Assignee; (B) such Bank Assignor in respect of each assignment shall execute and its Assignee shall have delivered deliver to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") , together with any Note or Notes subject to such assignment a processing and recordation fee of $3,500, and (Cv) the assignor Bank or Assignee has paid Assignee, if it shall not be a Lender, shall deliver to each the Administrative Agent a processing fee in the amount of its $[______________]an Administrative Questionnaire; and (ii) if the assignor Bank or provided further that any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
Borrower otherwise required under this paragraph shall not be required if an Event of Default under clause (bf) From or (g) of Section 8.01 has occurred and is continuing. Subject to acceptance and recording thereof pursuant to paragraph (d) of this Section, from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documentsthis Agreement, and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase of an Assignment and Acceptance 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 3.05, 3.08, 3.09, 3.10, 3.11 and 10.05)(but only to the extent such Lender notifies the Borrower of any claim under such Section within 90 days after it obtains knowledge thereof). 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 (e) of this Section.
(c) Within five Business Days after The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its receipt offices in the United States a copy of notice by the Administrative Agent that it has received an executed each Assignment and Acceptance delivered to it and payment a register for the recordation of the processing feenames and addresses of the Lenders, and the Company shall execute Commitment of, and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained 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 Issuing Banks 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 assignor Bank (such Notes Borrower, and any Lender and any Issuing Bank, at any reasonable time and from time to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately time upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoreasonable prior notice.
(d) Upon its receipt of a duly completed Assignment and Acceptance 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 Acceptance 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.
(e) Any Lender may, without the consent of the Borrower, any Issuing Bank may at any time or the Administrative Agent, sell participations to one or more commercial banks or other Persons not Affiliates of the Company entities (each a "Participant") participating interests in any Loans, the all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan DocumentsLoans owing to it); provided, however, provided that (i) the originating Banksuch Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, obligations and (iii) the Company Borrower, the Administrative Agent, the Issuing Banks and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this 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 the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any provision of this Agreement; provided that such participationagreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the proviso to Section 10.02 that affects such Participant. Subject to paragraph (f) of this Section, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, Borrower agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement Sections 3.05 (other than 3.05(f)), 3.06, 3.08, 3.09 and 3.10 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 amount extent permitted by law, each Participant also shall be entitled to the benefits of its participating interest Section 10.06 as though it were owing directly a Lender, provided such Participant agrees to be subject to Section 3.06 as though it as were a Bank under this AgreementLender.
(ef) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment under Section 3.05, any Bank 3.08, 3.09 or 3.10 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the 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 3.05 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.05(f) as though it were a Lender.
(g) Any Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor to secure obligations of any such Lender to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Bank, and such Federal Reserve Bank may enforce 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 in shall release a Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto.
Appears in 2 contracts
Sources: Credit Agreement (Tyson Foods Inc), Credit Agreement (Tyson Foods Inc)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 132 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Sources: Loan Agreement (Enstar Income Growth Program Five-a Lp), Loan Agreement (Enstar Income Growth Program Five-B Lp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsAgent and the Borrower, which consents consent shall not be unreasonably withheldwithheld (except Borrower’s consent shall not be required if a Default or an Event of Default exists and is continuing), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and Borrower and, the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment assignment; and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender and the Borrower that it has received (and the Borrower and the Agent have provided its their consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with subsection 10.8(a)), the Company Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's ’s assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans Commitment retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank assignor Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "“originating Bank"Lender”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any consent or waiver with respect to, this Agreement or any other Loan Document. Any Lender that sells a participation to any Person that is a “foreign corporation, partnership or trust” within the meaning of the other Loan Documents, and all amounts payable Code shall include in its participation agreement with such Person a covenant by such Person that such Person will comply with the Company hereunder shall be determined provisions of Section 9.10 as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due Person were a Lender and unpaid, or shall have been declared or shall have become due provide that the Agent and payable upon the occurrence of an Event of Default, each Participant Borrower shall be deemed to have the right third party beneficiaries of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementsuch covenant.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) Any Lender (a “Granting Lender”) may, with notice to the Agent, grant to a special purpose funding vehicle (an “SPC”) the option to fund all or any part of any Loan that such Granting Lender would otherwise be obligated to fund pursuant to this Agreement. The funding of a Loan by an SPC hereunder shall utilize the Revolving Credit Commitment of the Granting Lender to the same extent, and as if, such Loan were funded by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment. Notwithstanding anything to the contrary contained in the foregoing or anywhere else in this Agreement, (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to the terms hereof, and (iii) the Borrower and Agent shall continue to deal exclusively with the Granting Lender and any funding by an SPC hereunder shall not constitute an assignment, assumption or participation of any rights or obligations of the Granting Lender. Any SPC may disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or guarantee to such SPC, provided, as a condition precedent to such disclosure, (A) such agency, dealer or provider has delivered to such Granting Lender for the benefit of Borrower a written confidentiality agreement substantially similar to Section 10.9, and (B) simultaneous with or prior to such disclosure, such Granting Lender has given written notice to Borrower of the agency, dealer or provider to which such disclosure is being made and the contents of such disclosure. This Section may not be amended without the prior written consent of each Granting Lender, all or any part of whose Loan is being funded by an SPC at the time of such amendment.
Appears in 2 contracts
Sources: Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsAgent and Borrower, which consents consent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent or Borrower shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 or, if less, the entire Commitment of such Lender; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until until:
(Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; ;
(Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E and substance reasonably satisfactory to Agent, such Lender and its Assignee (an "Assignment and Acceptance") together with any Note or Notes subject to such assignment and ); and
(Ciii) the assignor Bank Lender or the Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it the Agent has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) to an executed Assignment and Acceptance and payment of the above-referenced processing fee, :
(i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under this Agreement and the other Loan Documents, and ; and
(ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by Immediately upon the Administrative Agent that it has received an executed Assignment and Acceptance and payment making of the processing fee, the Company shall execute and deliver fee payment to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion Agent in respect of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoLender to the same extent.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankOriginating Lender") hereunder and under the other Loan Documents; provided, however, that that:
(i) the originating BankOriginating Lender's obligations under this Agreement shall remain unchanged, ;
(ii) the originating Bank Originating Lender shall remain solely responsible for the performance of such obligations, ;
(iii) the Company Borrower and the Agents Agent shall continue to deal solely and directly with the originating Bank Originating Lender in connection with the originating BankOriginating Lender's rights and obligations under this Agreement and the other Loan Documents, and ;
(iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 9.1; and
01(v) the participation shall be in a minimum amount of $5,000,000 or, if less, the entire commitment of such Originating Lender. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank Lender had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans held by it in favor of to any Federal Reserve Bank in accordance with Lender or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Federal Reserve Board and any Operating Circular issued by such Federal Reserve Bank may enforce Lender, provided that any payment in respect of such pledge assigned Loans made by the Borrower to or security interest for the account of the assigning or pledging Lender in any manner permitted under applicable lawaccordance with the terms of this Agreement shall satisfy the Borrower's obligations hereunder in respect to such assigned Loans to the extent of such payment. No such assignment shall release the assigning Lender from its obligations hereunder.
Appears in 2 contracts
Sources: Credit Agreement (Esquire Communications LTD), Credit Agreement (Esquire Communications LTD)
Assignments, Participations, etc. (ai) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent all such assignments shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $1,000,000 if made to another Lender in the Lender Group or $5,000,000 if made to any other Assignee;
(ii) no Lender shall have Commitments, immediately following an assignment, of an aggregate amount of less than $1,000,000 unless such Lender shall have assigned all of its Loans, Commitments, rights and obligations hereunder, and no Assignee, other than a Lender in the Lender Group, shall have Commitments immediately following an assignment of an aggregate amount of less than $5,000,000, unless such Assignee shall have assigned all of its Loans, Commitments, rights and obligation hereunder;
(iii) the prior written consent of the Administrative Agent shall be required for assignments other than assignments between members of the Lender Group or assignments by a Lender to its wholly-owned Affiliate (or its parent institution), which consent shall not be unreasonably withheld or delayed;
(iv) the prior written consent of the relevant Issuing Lender shall be required for all assignments of risk participations in Letters of Credit other than assignments between members of the Lender Group or assignments by a Lender to its wholly-owned Affiliate (or its parent institution), which consent shall not be unreasonably withheld or delayed; providedand
(v) so long as there is no Event of Default, howeverthe prior written consent of the Company, that which consent shall not be unreasonably withheld or delayed, shall be required for any assignment except the consent of the Company shall not be required for (iA) assignments by a Lender to its wholly-owned Affiliate (or its parent institution) or (B) assignments between members of the Lender Group.
(b) Notwithstanding any assignment, the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank an assigning Lender in connection with the interest interests so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an a Notice of Assignment and Acceptance in the form of Exhibit E (G hereto(an --------- "Assignment and Acceptance"); (iii) together except in connection with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has initial syndication of the Commitments by the Underwriters, the processing fee of $3,500 shall have been paid to each the Administrative Agent for an assignment to an Assignee outside the Lender Group or a processing fee in of $2,500 shall have been paid to the amount Administrative Agent for an assignment between members of its $[______________]the Lender Group; and (iiiv) if all consents from the assignor Bank Administrative Agent, the Company or any of its Affiliates is a Swap Provider with respect Issuing Lender required pursuant to this Agreement or any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyLoan Document have been obtained.
(bc) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feehas become effective, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, Documents and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents. The Administrative Agent shall record the information contained in the Assignment and Acceptance in the Register.
(cd) Within five Business Days after its receipt of notice by Immediately upon the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptancebecoming effective, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(de) Notwithstanding any of the foregoing, any Lender may at any time assign all or any portion of its rights under this Agreement and any Note to a Federal Reserve Lender, without restriction hereunder; provided, however, that -------- ------- no such assignment shall release any Lender from its obligations hereunder.
(f) Any Bank Lender may at any time sell to one or more commercial banks Lenders or other Persons not Affiliates of the Company institutional investors (a "Participant") participating interests in any Loans, Commitments together with the Commitment related Loans of that Bank and the Lender together with any other interests interest of that Bank (the "originating Bank") hereunder and under the other Loan DocumentsLender hereunder; provided, however, that (i) the originating Bank-------- ------- Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan DocumentsAgreement, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to this Agreement except to the extent such amendment, consent or waiver would as to such Participant:
01(a) postpone or delay any date fixed for any payment of principal, or interest;
(b) reduce the principal of, or the Applicable Amount specified herein for any Loan;
(c) reduce the commission on any Letter of Credit, or of any fees payable to the Administrative Agent for the account of the Lenders hereunder;
(d) release the Subsidiary Guaranty, any Subsidiary Guarantor, release all or substantially all of the Collateral except as otherwise expressly provided in the Collateral Documents. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank Lender had not sold such participation; , except that, that if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(eg) Notwithstanding Each Lender agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all non-public information provided to it by the Company or any Subsidiary of the Company or by the Administrative Agent in connection with this Agreement or any Collateral Document and neither it nor any of its Affiliates shall use any such information for any purpose or in any manner other provision in than pursuant to the terms contemplated by this Agreement, any Bank may at any time create a security interest in, except to the extent such information (i) was or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.becomes generally available to
Appears in 2 contracts
Sources: Credit Agreement (United Artists Theatre Co), Credit Agreement (United Artists Theatre Co)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrower (at all times other than during the existence of an Event of Default) and the Administrative Agent, which consents shall not be unreasonably withheld, any other and the Fronting Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Borrower or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "“Assignee"”) all, or any ratable part of all, of the LoansLC Obligations, the Commitments and the other rights and obligations of such Bank Lender hereunder, provided, however, that (w) the aggregate principal amount of the Commitment assigned by any Lender to someone other than another Lender shall be in a minimum amount of $5,000,000; provided5,000,000 (or if less, howeverthe entire Commitment then held by such Lender), that (ix) after giving effect to any such assignment by a Lender, the aggregate amount of the Commitments and/or LC Obligations held by such assigning Lender is at least $5,000,000 (unless such Lender has assigned the entire Commitment and LC Obligations then held by it), (y) after giving effect to any such assignment by a Lender, the Assignee Percentage under the Tranche A Commitment and Tranche B Commitment is the same and the Percentage of the assignor Lender under the Tranche A Commitment and the Tranche B Commitment is the same, and (z) the Company Assignee provides the Administrative Agent and the Agents Borrower with the form specified in Section 9.10. The Borrower and the Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E C ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Credit Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Credit Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Credit Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any LoansLC Obligations, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "“originating Bank"Lender”) hereunder and under the other Loan Credit Documents; provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Credit Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Credit Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of 3.3 and 10.5 to the other Loan Documentsextent the Lender selling such participation would be so entitled as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement. All participations shall be pro rata among such Lender’s Tranche A Commitment and Tranche B Commitment.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note any LC Obligation held by it in favor of any Federal Reserve Bank Lender in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Sources: Letter of Credit Reimbursement Agreement (Max Re Capital LTD), Letter of Credit Reimbursement Agreement (Max Re Capital LTD)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and with the written consents of the Administrative Agent and, in case of an assignment of a Revolving Commitment or L/C Obligations, the Issuing Lender and the Swingline Lender, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent the Company, the Administrative Agent, the Issuing Lender or the Swingline Lender shall be required in connection with any assignment and delegation by a Bank Lender to an a Person described in clause (ii), (iii), (iv) or (v) of the definition of Eligible Assignee that is an Affiliate of such BankAssignee) (each each, an "Assignee") all, or any ratable part of allpart, of the Loans, the Commitments Revolving Commitment, the L/C Obligations and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 (or, if less, all of such Lender's remaining rights and obligations hereunder or all of such Lender's rights and obligations with respect to Revolving Commitment and Revolving Loans or Term Loans) or such lesser amount as may be approved by the Company and the Administrative Agent (provided that such minimum amount shall not apply to assignments by a Lender to Persons described in clause (ii), (iii), (iv) or (v) of the definition of Eligible Assignee and provided further that any assignment consisting solely of Term Loans may be in a minimum amount of $1,000,000); provided, however, that (iA) the Company Company, the Administrative Agent, the Issuing Lender and the Agents Swingline Lender may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, Assignee shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; , (Bii) such Bank Lender and its the Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E K (an "Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or the Assignee has shall have paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and 3,500 (ii) if provided that such fee shall not apply to any assignment by any Lender to any Affiliate of such Lender or, in the assignor Bank or case of any of its Affiliates assignee Lender that is a Swap Provider with respect fund, to any Specified Swap Contract, Person in clause (iv) of the definition of Eligible Assignee that has the same investment adviser as such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, assignee or that is managed by an Affiliate of such Assigneeinvestment adviser) and (B) the Company shall not, shall also assume all obligations as a result of such assignor Bank any -115- 126 assignment, delegation or Affiliate participation by any Lender, incur any increased liability for Taxes, Other Taxes or Further Taxes pursuant to Section 4.1. The Company designates the Administrative Agent as its agent for maintaining a book entry record of ownership identifying the Lenders, their respective addresses and the amount of the respective Loans and Notes which they own. The foregoing provisions are intended to comply with respect the registration requirements in Treasury Regulation Section 5f.103-1 so that the Loans and Notes are considered to be in "registered form" pursuant to such Specified Swap Contractsregulation. The Administrative Agent, with acting for this purpose as the consent agent of the Company, shall maintain at its address a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and the Commitments and Loans of each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive, absent manifest error, and the Company, the Agents, the Issuing Lender, the Swingline Lender 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. The Register shall be available for inspection by the Company, the Agents and the Lenders at any reasonable time and from time to time upon reasonable prior notice.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent consent, and obtained received the consent consents of the Documentation AgentSwingline Lender, the Issuing Lender and (if applicable) the Company, with respect to) to an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents. Concurrently with or prior to giving such notice to the assignor Lender, the Administrative Agent shall have recorded the information contained in such Assignment and Acceptance in the Register. No assignment shall be effective for the purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any LoansLoan, the Revolving Commitment of that Bank such Lender and the other interests of that Bank such Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Swingline Lender, the Issuing Lender and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders or the consent of a particular Lender or the consent of the Required Revolving Lenders or Required Term Lenders, in each case as described in clauses (a) through (i) of the proviso to Section 11.1. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 4.1, 4.3 and 11.5 as though it were also a Lender hereunder (provided, with respect to Sections 4.1 and 4.3, the Company shall not be required to pay any amount which it would not have any rights under this Agreement, or any of the other Loan Documentsbeen required to pay if no participating interest had been sold), and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 the Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement. Each Lender which sells a participation will maintain a book entry record of ownership identifying the Participant(s) and the amount of such participation(s) owned by such Participant(s). Such book entry record of ownership shall be maintained by the Lender as agent for the Company and the Administrative Agent. This provision is intended to comply with the registration requirements in Treasury Regulation Section 5f.103-1 so that the Loans and Notes are considered to be in "registered form" pursuant to such regulation. Each Lender may furnish any information concerning the Company and its Subsidiaries in the possession of such Lender from time to time to participants and prospective participants and may furnish information in response to credit inquiries consistent with general banking practice.
(ed) Notwithstanding any other provision in this Agreement, (i) any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the any Note held by it to any Affiliate of such Lender that is an "Eligible Assignee" or create a security interest in, or pledge all or any portion of its rights under and interest in this Agreement and any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawlaw and (ii) any Lender which is a fund may, pledge all or any portion of its Loans and Notes to its trustee in support of its obligations to its trustee.
Appears in 2 contracts
Sources: Credit Agreement (Del Monte Foods Co), Credit Agreement (Del Monte Foods Co)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate Upon notice to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Borrower, any Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form may, as long as no Event of Exhibit E ("Assignment and Acceptance") together with any Note Default has occurred or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contractoccurring, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any LoansAdvances, the Revolving Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, howeverPROVIDED, HOWEVER, that the Borrower shall have no additional expense as a result of such participation, and PROVIDED, FURTHER, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 3.01, 3.03 and 10.05 as though it were also a Bank hereunder, and not have any other rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(eb) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" by the Borrower and provided to it by the Borrower or any Subsidiaries of the Borrower, or by the Administrative Agent on the Borrower's or such Subsidiary's behalf, in connection with this Agreement or any other Loan Document, and neither such Bank nor any of its Affiliates shall disclose any such information for any purpose or in any manner other than pursuant to the terms contemplated by this Agreement, except to the extent such information was or becomes generally available to the public other than as a result of a disclosure by such Bank; PROVIDED, HOWEVER, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which such Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Administrative Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; and (F) to such Bank's independent auditors and other professional advisors. Notwithstanding the foregoing, the Borrower authorizes each Bank to disclose to any assignee and proposed assignee, and to any Participant and any prospective Participant, such financial and other information in such Bank's possession concerning the Borrower or its Subsidiaries which has been delivered to the Administrative Agent or the Banks pursuant to this Agreement or which has been delivered to the Administrative Agent or the Banks by the Borrower in connection with the Banks' credit evaluation of the Borrower prior to entering into this Agreement; PROVIDED that, unless otherwise agreed by the Borrower, such recipient agrees in writing to such Bank to keep such information confidential to the same extent required of the Banks hereunder.
(c) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note held Advances made by it in favor of to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Federal Reserve Board and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Advances made by the Borrower to or for the account of the assigning or pledging Bank may enforce in accordance with the terms of this Agreement shall satisfy the Borrower's obligations hereunder in respect of such pledge or security interest in any manner permitted under applicable lawassigned Advances to the extent of such payment. No such assignment shall release the assigning Bank from its obligations hereunder.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Schuler Homes Inc), Credit Agreement (Schuler Homes Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and of the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such BankBank or to any other Bank unless at the time of such assignment and delegation the Company's obligations under Article III would be increased as a result thereof in which case the Company's consent will be required and such increase in obligations will be deemed a reasonable basis for the Company to withhold consent thereto) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) no assignment hereunder shall in any event be less than $10,000,000 of the combined Commitments of the assigning Bank under this Agreement and under and as defined in the Facility B Credit Agreement unless as a result of such assignment the assigning Bank's rights and obligations hereunder shall be reduced to zero; (ii) if a Bank assigns less than all of its rights and obligations hereunder, such Bank's remaining Commitment and such Bank's Commitment under and as defined in the Facility B Credit Agreement, after giving effect to such assignment, shall not be less than $10,000,000; (iii) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; , (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance substantially in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment ), and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]3,500; and (iiiv) if no assignment of Loans shall be effective, and shall instead be void and of no effect, unless performed simultaneously with an assignment of an identical percentage of the assignor rights and obligations of the assigning Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in Syndicated Loans under and as defined in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyFacility B Credit Agreement.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five . To the extent the Loans and Commitments of any assignor Bank are evidenced by a Note instead of a loan account, within 5 Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feeassignment, the Company shall execute and deliver to the Administrative Agent, Agent (for delivery to the Assignee) new Notes evidencing such Assignee's assigned portion of the assignor Bank's Loans and Commitment such Commitments and, if the assignor Bank has retained a portion of its the Loans and its such Commitment, replacement Notes in the a principal amount of the Loans and such Commitments retained by the assignor Bank. Each such Note shall be dated the date of the predecessor Note. The assignor Bank shall ▇▇▇▇ the predecessor Note "exchanged" and deliver it to the Company.
(such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). c) Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of to the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments the Commitment of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks banks, federally chartered instrumentalities of the United States or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank Bank, and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3, 3.4 and 10.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 subject to Section 10.9, to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Company and provided to it by the Company or any of its Subsidiaries, or by the Agent on the Company's or Subsidiary's behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; provided, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Bank's independent auditors and other professional advisors; (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or potential, provided that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Company is party or is deemed a party with such Bank.
(f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 s or any CFR Section203.14§ 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent mayThe provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, and with except that the Company may not assign or otherwise transfer any of its rights or obligations hereunder 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 an Eligible Assignee in accordance with the Agentsprovisions of subsection (b) of this Section, which consents shall not be unreasonably withheld, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) or (h) of this Section (and any other Bankattempted assignment or transfer by any party hereto shall be null and void). 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 subsection (d) of this Section and, to the extent expressly contemplated hereby, the Indemnified Persons and their permitted successors and assigns) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b) Any Lender may at any time assign and delegate to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Loans at the time owing to it); provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Lender's Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund (as defined in subsection (g) of this Section) with respect to a Lender, the aggregate amount of the Loans subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Agent or, if "Trade Date" is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $1,000,000 unless each of the Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed); (ii) 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 with respect to the Loans assigned; (iii) any assignment of a Revolving Credit Loan or a Revolving Credit Commitment must be approved by the Agent unless the Person that is the proposed assignee is itself a Revolving Credit Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); and (iv) the parties to each assignment shall execute and deliver to the Agent an Assignment and Assumption, together with a processing and recordation fee of $2,500 (which fee shall not, except in the case of an assignment pursuant to Section 3.07 (if such fee is not paid by the assignee), be payable by the Company); provided that no written consent of either Agent such fee shall be required payable in connection with the case of any assignment and delegation by a Bank Lender to an Affiliate or Approved Fund of such Lender; provided further that in the case of two or more concurrent assignments to two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor (in each case, collectively, an "Assignee Group") (which may be effected by a suballocation of an assigned amount among members of such Assignee Group) or two or more concurrent assignments by members of the same Assignee Group to a single Eligible Assignee (or to an Eligible Assignee that is an Affiliate and members of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loansits Assignee Group), the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate fees payable with respect to such Specified Swap Contracts, with assignments and assumptions are set forth in Schedule 10.07(b) hereto. Subject to acceptance and recording thereof by the Agent pursuant to subsection (c) of this Section (but without prejudice to any right of the assigning Lender otherwise specified herein to make assignments hereunder without the consent of the Company.
(b) From Agent), from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto to this Agreement and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank Lender under this Agreement (provided that, with respect to circumstances in effect on the Loan Documentseffective date of such Assignment and Assumption, an Eligible Assignee shall not be entitled to receive any greater payment under Section 3.01 than the applicable Lender would have been entitled to receive had the assignment not taken place), and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase 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 Section 3.01, Section 3.03, Section 3.04, Section 10.04 and Section 10.05 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Company (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection 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 subsection (d) of this Section.
(c) Within five Business Days after its receipt The Agent, acting solely for this purpose as an agent of notice by the Administrative Agent that it has received an executed Company, shall maintain at the Agent's Office a copy of each Assignment and Acceptance Assumption delivered to it and payment a register for the recordation of the processing feenames and addresses of the Lenders, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount amounts of the Loans retained 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 Company, the 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 assignor Bank (such Notes Company and any Lender at any reasonable time and from time to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately time upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoreasonable prior notice.
(d) Any Bank Lender may at any time time, without the consent of, or notice to, the Company or the Agent, sell participations to one any Person (other than a natural person or more commercial banks the Company or other Persons not Affiliates any of the Company Company's Subsidiaries) (each, a "Participant") participating interests in any Loans, all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan DocumentsLoans owing to it); provided, however, provided that (i) the originating Banksuch Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, obligations and (iii) the Company Company, the Agent and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this 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 the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any provision of this Agreement; provided that such participationagreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that directly affects such Participant. Subject to subsection (e) of this Section, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement Section 3.01, Section 3.03, and Section 3.04 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the amount extent permitted by law, each Participant also shall be entitled to the benefits of its participating interest Section 10.09 as though it were owing directly a Lender, provided such Participant agrees to be subject to Section 2.13 as though it as were a Bank under this AgreementLender.
(e) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment under Section 3.01 or Section 3.03 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, any Bank unless the sale of the participation to such Participant is made with the Company's prior written consent. A Participant that is not a "United States person" within the meaning of Section 7701(a)(30) of the Code shall not be entitled to the benefits of Section 3.01 unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 9.12 as though it were a Lender.
(f) Any Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Lender; provided that no such pledge or security interest in assignment shall release such Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
(g) As used herein, the following terms have the following meanings:
Appears in 1 contract
Sources: Credit Agreement (Conseco Inc)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Bank may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent all or a portion of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other its rights and obligations under this Agreement (including all or a portion of such Bank hereunder, in a minimum amount of $5,000,000its Revolving Commitment and the Loans at the time owing to it); provided, however, provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Bank's Revolving Commitment and the Loans at the time owing to it or in the case of an assignment to a Bank or an affiliate of a Bank or an Approved Fund with respect to a Bank, the aggregate amount of the Revolving Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such assignment (determined as of the date the Assignment and Assumption Agreement, as hereinafter defined, with respect to such assignment is delivered to the Administrative Agent) shall not be less than $10,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consent (each such consent not to be unreasonably withheld or delayed), (ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Bank's rights and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information obligations under this Agreement with respect to the Assignee, Loan or the Revolving Commitment assigned and (iii) the parties to each assignment shall have been given execute and deliver to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance agreement, substantially in the form of Exhibit E C hereto (an "Assignment and AcceptanceASSIGNMENT AND ASSUMPTION AGREEMENT") ), together with any Note or Notes subject a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Bank, shall deliver to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in an Administrative Questionnaire. Subject to acceptance and recording thereof by the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect Administrative Agent pursuant to any Specified Swap ContractSection 2.02(a), such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption Agreement, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption Agreement, shall have the rights and obligations of a Bank under the Loan Documentsthis Agreement, and (ii) the assignor assigning Bank thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption Agreement, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documents.
(c) Within five Business Days after its receipt case of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Assumption Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments covering all of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the other Loan Documentsbenefits of Sections 3.01, 3.03, 10.04, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement10.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Credit Agreement (General Mills Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and with the consent of the Agent and L/C Administrator, which consents consent of the Company, Agent or L/C Administrator shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the LoansCompany, the Commitments and Agent or the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.L/C Administrator
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and the Agent, L/C Administrator and, to the extent required, the Company have provided its their consent and obtained the consent of the Documentation Agent) with respect to) to an executed Assignment and Acceptance and that the Agent has received payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates Related Parties of the Company (a "Participant") participating interests in any LoansL/C Advance, any Letter of Credit, the L/C Commitment of that such Bank and the other interests of that such Bank (the "originating Originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Agent and the Agents L/C Administrator shall continue to deal solely and directly with the originating Originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks, as described in clause (a) of the proviso to Section 10.1. Each Bank which sells a participation will maintain a book entry record of ownership identifying the Participant(s) and the amount of such participation(s) owned by such Participant(s). Such book entry record of ownership shall be maintained by the Bank as agent for the Company and the Agent. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3 and 10.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 the Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.this
(ed) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, pledge all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Letter of Credit Agreement (Delphi International LTD)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time time, assign and delegate to one or more Eligible Assignees (provided that no written consent assignees other than the Company or any of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) its Affiliates or Subsidiaries (each an "“Assignee"”) all, all or any ratable part of all, of the Loans, the Commitments its Loan and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $US$5,000,000; provided, however, that (i) the . The Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until and the assignment will not be effective until: (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank the assigning Lender and the Assignee; (Bii) such Bank the assigning Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance substantially in the form of Exhibit E C ("an “Assignment and Acceptance") ”), together with any Note or Notes subject to such assignment assignment; and (Ciii) the assignor Bank assigning Lender or the Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and US$3,500 (ii) if the assignor Bank or any of its Affiliates is such processing fee being payable for all assignments, including, but not limited to, an assignment by a Swap Provider with respect Lender to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyanother Lender).
(b) From and after the date that the Administrative Agent notifies the assignor Bank assigning Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at the Administrative Agent’s Payment Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and 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, absent manifest error, and the Company, the Administrative 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 Company and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(d) Within five ten (10) Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, Agent a new Note or Notes evidencing in the amount of such Assignee's ’s assigned Loans and Commitment Loan and, if the assignor Bank assigning Lender has retained a portion of its Loans and its CommitmentLoan, replacement Notes in the principal amount of the Loans retained by for the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such Bankthe assigning Lender). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments Loans arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(de) Any Bank Lender (the “originating Lender”) may at any time sell to one or more commercial banks or other Persons not Affiliates of Persons, other than the Company or any of its Affiliates or Subsidiaries, (a "“Participant"”) participating interests in all or any Loans, the Commitment part of that Bank and the other interests of that Bank its Loan (the "originating Bank") hereunder and under the other Loan Documentseach a “Participation”); provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described Section 10.01(a) (Amendments and Waivers). In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.Lender selling such
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Syndication Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Syndication Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "AssigneeASSIGNEE") all, or any ratable part of all, of the Loans, the Commitments Commitment and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; providedPROVIDED, howeverHOWEVER, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent Agents by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Syndication Agent an Assignment and Acceptance in the form of Exhibit EXHIBIT E ("Assignment and AcceptanceASSIGNMENT AND ACCEPTANCE") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Syndication Agent and the Administrative Agent a processing fee in of $1,500 each except where the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates Assignee is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent affiliate of the Companyassigning Bank.
(b) From and after the date that the Administrative Syndication Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Syndication Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.8(a)), the Company shall execute and deliver to the Administrative Syndication Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoby the amount the Commitment assigned.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "ParticipantPARTICIPANT") (other than investment companies) participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Originating Bank") hereunder and under the other Loan Documents; providedPROVIDED, howeverHOWEVER, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.1. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 3.1, 3.3 and 10.5 as though it were also a Bank hereunder, but shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Company and provided to it by the Company, or by an Agent on the Company's behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; PROVIDED, HOWEVER, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which any Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Bank's independent auditors and other professional advisors; (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or potential, provided that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under 70 the terms of any other document or agreement regarding confidentiality to which the Company is party or is deemed party with such Bank.
(f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(g) Any Bank may transfer and carry all or A portion of its Commitment and the Loans at the time held by it at, to or for the account of any domestic or foreign branch office of such Bank, and such transfer shall not be deemed an assignment or participation pursuant to this Section 10.8; provided, however, that such Bank shall not be entitled to receive any amount payable pursuant to Section 3.3 hereof to the extent that such amount would not have been payable but for the transfer referred to above; provided, further, that such Bank shall have delivered to the Syndication Agent revised information with respect to it as set forth in Section 10.2.
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Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company Borrowers and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrowers and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.its
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, with the written consent of the Administrative Agent and with the written consent of the AgentsBorrower at all times other than during the existence of an Event of Default, which consents consent of the Borrower, if required, and the Administrative Agent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "AssigneeASSIGNEE") all, or any ratable part of all, of the Loans, the Commitments Revolving Commitment and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000 (or the remaining amount of their Revolving Commitment, if lower); providedPROVIDED, howeverHOWEVER, that (i) such Bank also assigns and delegates to such Assignee(s) a ratable portion of its "Loans" and "Commitment" under the Company Supremex Credit Agreement, and (ii) the Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit EXHIBIT E ("Assignment and AcceptanceASSIGNMENT AND ACCEPTANCE") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of $3,500. In connection with any assignment by BofA, its $[______________]; Swingline Commitment may be in whole or in part included as part of the assignment transaction, and (ii) if the assignor Bank or any Assignment and Acceptance may be appropriately modified to include an assignment and delegation of its Affiliates is a Swap Provider with respect to Swingline Commitment and any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with outstanding Swingline Loans. If the consent of the Company.
(b) From Administrative Agent and after of the date that Borrower shall be required for any such assignment, the Bank proposing to make such assignment shall give the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance Borrower no less than 20 calendar days' notice of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementrequested consent.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Credit Agreement (Mail Well Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the prior written consent of Borrower at all times other than during the Agentsexistence of an Event of Default, and the Administrative Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Borrower or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an a Bank Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,0005,000,000 and multiples of $1,000,000 in excess thereof; provided, however, that (i) the Company Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an a Notice of Assignment and Acceptance in the form of Exhibit E D ("Notice of Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Notice of Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Notice of Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Notice of Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Notice of Assignment and Acceptance and payment of the processing fee, Borrower shall, upon the Company shall request of the Assignee made through the Administrative Agent, execute and deliver to the Administrative Agent, one or more new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank had previously requested one or more Notes and has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Notice of Assignment and Acceptance, this Agreement Agreement, shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to)
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.01, or any of the other Loan Documents3.03 and 10.05 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans or Notes held by it in favor of to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Loans or Notes made by Borrower to or for the account of the assigning or pledging Bank may enforce in accordance with the terms of this Agreement shall satisfy Borrower's obligations hereunder in respect to such pledge assigned Loans or security interest in any manner permitted under applicable lawNotes to the extent of such payment. No such assignment shall release the assigning Bank from its obligations hereunder.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent mayThis Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto, and with provided that the Borrower may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank)Banks. Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Each Bank may at any time sell to one grant participations in any of its rights hereunder or more commercial banks or other Persons not Affiliates under any of the Company (a "Participant") participating interests Notes to another financial institution, provided that in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant participant shall not have any rights under this Agreement, Agreement or any of the other Loan Documents, Credit Documents (the participant's rights against such Bank in respect of such participation to be those set forth in the agreement executed by such Bank in favor of the participant relating thereto) and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; , except thatthat the participant shall be entitled to the benefits of Sections 1.10, 2.06 and 4.04 to the extent that such Bank would be entitled to such benefits if amounts outstanding the participation had not been entered into or sold, and, provided further that no Bank shall transfer, grant or assign any participation under which the participant shall have rights to approve any amendment to or waiver of this Agreement are due and unpaidor any other Credit Document except to the extent such amendment or waiver would (i) extend the final scheduled maturity of any Loan or Note or Letter of Credit (unless such Letter of Credit is not extended beyond the Maturity Date) in which such participant is participating (it being understood that any waiver of the application of any prepayment or the method of any application of any prepayment to, the amortization of the Loans shall not constitute an extension of the final maturity date), or reduce the rate or extend the time of payment of interest or Fees thereon (except in connection with a waiver of the applicability of any post-default increase in interest rates), or reduce the principal amount thereof (it being understood that any amendment or modification to the financial definitions in this Agreement shall have been declared not constitute a reduction in the rate of interest for purposes of this clause (i)), 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 set-off in respect of its increase such participant's participating interest in amounts owing under this Agreement any Commitment over the amount thereof then in effect (it being understood that (x) a waiver of any Default or Event of Default or of a mandatory reduction in the Total Commitment, or a mandatory prepayment, shall not constitute a change in the terms of any Commitment and (y) an increase in any Commitment or Loan shall be permitted without the consent of any participant's participation is not increased as a result thereof), (ii) release all or substantially all of the Collateral which support the Loans in which such participant is participating (except as expressly permitted in any Credit Document) or (iii) consent to the same extent as if assignment or transfer by the amount Borrower of any of its participating interest were owing directly to it as a Bank rights and obligations under this Agreement.
(eb) Notwithstanding the foregoing, (x) any other provision in this AgreementBank may assign all or a portion of its outstanding Loans and/or Commitment and its rights and obligations hereunder to an Affiliate of such Bank or to another Bank, and (y) with the consent of the Administrative Agent (which consent shall not be unreasonably withheld), any Bank may assign all or a portion of its outstanding Commitment and its rights and obligations hereunder to one or more Eligible Transferees. No assignment pursuant to the immediately preceding sentence shall to the extent such assignment represents an assignment to an institution other than one or more Banks hereunder, be in an aggregate amount less than $5,000,000 unless the entire Commitment and outstanding Loans of the assigning Bank is so assigned. If any Bank so sells or assigns all or a part of its rights hereunder or under the Notes, any reference in this Agreement or the Notes to such assigning Bank shall thereafter refer to such Bank and to the respective assignee to the extent of their respective interests and the respective assignee shall have, to the extent of such assignment (unless otherwise provided therein), the same rights and benefits as it would if it were such assigning Bank. Each assignment pursuant to this Section 12.04(b) shall be effected by the assigning Bank and the assignee Bank executing an Assignment and Agreement (the "Assignment and Assumption Agreement") substantially in the form of Exhibit L (appropriately completed). In the event of (and at the time of) any such assignment, either the assigning or the assignee Bank shall pay to the Administrative Agent a nonrefundable assignment fee of $3,500, and at the time create of any assignment pursuant to this Section 12.04(b), (i) Annex I shall be deemed to be amended to reflect the Commitment of the respective assignee (which shall result in a security interest indirect reduction to the Commitment of the assigning Bank) and of the other Banks, and (ii) if any such assignment occurs after the Restatement Effective Date, the Borrower will issue new Notes to the respective assignee and to the assigning Bank in conformity with the requirements of Section 1.05. No transfer or pledgeassignment under this Section 12.04(b) will be effective until recorded by the Administrative Agent on the Register pursuant to Section 12.16. To the extent of any assignment pursuant to this Section 12.04(b), the assigning Bank shall be relieved of its obligations hereunder with respect to its assigned Commitment. At the time of each assignment pursuant to this Section 12.04(b) to a Person which is not already a Bank 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 Bank shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a Section 4.04(b)(ii) Certificate) described in Section 4.04(b). To the extent that an assignment of all or any portion of its rights a Bank's Commitments and related outstanding Obligations pursuant to Section 1.13 or this Section 12.04(b) would, at the time of such assignment, result in increased costs under Section 1.10, 1.11, 2.06 or 4.04 which exceed those being charged, if any, by the respective assigning Bank prior to such assignment, then the Borrower shall not be obligated to pay such excess increased costs (although the Borrower shall be obligated to pay any other increased costs of the type described above resulting from changes giving rise to such increased costs after the date of the respective assignment). Each Bank and interest in the Borrower agree to execute such documents (including without limitation amendments to this Agreement and the Note held by it other Credit Documents) as shall be necessary to effect the foregoing.
(c) Nothing in favor of this Agreement shall prevent or prohibit any Bank from pledging its Notes or Loans to a Federal Reserve Bank in accordance with Regulation A support of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and borrowings made by such Bank from such Federal Reserve Bank.
(d) Notwithstanding any other provisions of this Section 12.04, no transfer or assignment of the interests or obligations of any Bank may enforce hereunder or any grant of participation therein shall be permitted if such pledge transfer, assignment or security interest grant would require the Borrower to file a registration statement with the SEC or to qualify the Loans under the "Blue Sky" laws of any State.
(e) Each Bank initially party to this Agreement hereby represents, and each Person that became a Bank pursuant to an assignment permitted by this Section 12 will, upon its becoming party to this Agreement, represent that it is an Eligible Transferee which makes loans in the ordinary course of its business and that it will make or acquire Loans for its own account in the ordinary course of such business, provided that subject to the preceding clauses (a) and (b), the disposition of any manner permitted under applicable lawpromissory notes or other evidences of or interests in Indebtedness held by such Bank shall at all times be within its exclusive control.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of (i) the Agents, Company at all times other than during the existence of an Event of Default (which consents consent shall not be unreasonably withheld) and (ii) the Agent (which consent shall not be unreasonably withheld), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate affiliate of such Bank) which have not been a party to any Material litigation with the Agent or the Company (each an "Assignee") all, or any -------- ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a an initial minimum amount of $5,000,00015,000,000 and in increments of $5,000,000 in excess thereof; provided, -------- however, that (iA) each Bank (including each Eligible Assignee) must retain ------- a Commitment of not less than $15,000,000 after giving effect to such assignment (except for the Banks which act as the Agent and Co-Agent, respectively, which each must retain a Commitment of not less than $25,000,000, except if such Banks resign as Agent or Co-Agent, as applicable), and (B) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A1) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B2) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E "H" ("Assignment ----------- and Acceptance") together with any Note or Notes subject to such assignment and (C3) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 5,000. All costs and (ii) if the assignor expenses incurred by an assigning Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, in such Bank assignment shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless be borne by such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyBank.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent with respect to and obtained received the consent of the Documentation Agent) Company with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates may, with the written consent of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) Company at all times other than during the originating Bank shall remain solely responsible for the performance existence of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights toan Event of Default
011. In the case of any such ----- ------- ------------ participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.5, or any of the other Loan Documents------------- 4.7 and 11.12 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except thatand, if amounts --- ----- outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement. Each Bank understands and acknowledges that the Company does not presently intend to permit the sale of participations to Participants pursuant to this subparagraph (d), and will not likely consent to any such request of any Bank during the term of this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Company and provided to it by the Company or any Subsidiary, or by the Agent on such Company's or Subsidiary's behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; provided, -------- however, that any Bank may disclose such information (A) at the request or ------- pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Bank's independent auditors and other professional advisors; (G) to any Participant or Assignee, actual or potential, provided that such Person agrees in writing to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Company is party or is deemed party with such Bank.
(f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14(S)203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawLaw.
Appears in 1 contract
Sources: Revolving Credit Agreement (Standard Pacific Corp /De/)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "AssigneeASSIGNEE") all, or any a ratable part of all, of the Loans, the Revolving Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; providedPROVIDED, howeverHOWEVER, that (i) no single Bank may make more than two such assignments; (ii) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E EXHIBIT C ("Assignment and AcceptanceASSIGNMENT AND ACCEPTANCE") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such 3,500. Each Bank shall not assign all retain a minimum Revolving Commitment amount of at least $10,000,000, unless its interest in the 76 128 Loans and the Commitments Revolving Commitment is reduced to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyzero.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement Agreement, shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Revolving Commitments arising therefrom. The Revolving Commitment allocated to each Assignee shall reduce such Commitments the Revolving Commitment of the assigning Bank pro tantoPRO TANTO.
(d) Any Bank or Designated Bidder may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "ParticipantPARTICIPANT") participating interests in any Loans, the Revolving Commitment of that Bank and the other interests of that Bank or Designated Bidder (the "originating BankOriginator") hereunder and under the other Loan Documents; providedPROVIDED, howeverHOWEVER, that (i) the originating BankOriginator's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originator shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank Originator in connection with the originating BankOriginator's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the FIRST PROVISO to Section 10.
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank the Originator had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank or Designated Bidder (as the case may be) under this Agreement.
(e) Each Bank and Designated Bidder agrees to take and to cause its Affiliates to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Company and provided to it by the Company or any Subsidiary, or by the Agent on the Company's or such Subsidiary's behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents or in connection with other business now or hereafter existing or contemplated with the Company or any Subsidiary; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank or Designated Bidder, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank or Designated Bidder; PROVIDED, HOWEVER, that any Bank or Designated Bidder may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank or Designated Bidder is subject or in connection with an examination of such Bank or Designated Bidder by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Bank or Designated Bidder or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Bank's or Designated Bidder's independent auditors and other professional advisors; (G) to any Participant or Assignee, actual or potential, provided that such Person agrees in writing to keep such information confidential to the same extent required of the Banks hereunder; (H) as to any Bank or Designated Bidder or its Affiliate, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Company or any Subsidiary is party or is deemed party with such Bank or Designated Bidder or such Affiliate; and (I) to its Affiliates.
(f) Notwithstanding any other provision in this Agreement, any Bank or Designated Bidder may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Credit Agreement (Ross Stores Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank or another Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitment and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance Assumption Agreement in the form of Exhibit E 11.08 ("Assignment and AcceptanceAssumption Agreement") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance Assumption Agreement and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and AcceptanceAssumption Agreement, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and AcceptanceAssumption Agreement, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance Assumption Agreement and payment of the processing feefee (and provided that it consents to such assignment in accordance with subsection 11.08(a)), the Company shall execute and deliver to the Administrative Agent, Agent new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such 95 Credit Agreement - Idex Corporation 103 Bank). Immediately upon each Assignor Bank's or Assignee's making its processing fee payment under the Assignment and AcceptanceAssumption Agreement, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments Commitment of the assigning Bank pro tanto. Unless the Company shall otherwise agree, the Agent shall not deliver any new Notes executed by the Company unless the Agent shall have received the old Notes to be replaced or customary indemnification in favor of the Agent and the Company with respect to lost or destroyed notes. Such old Notes shall be promptly returned to the Company.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank or Designated Bidder (the "originating BankOriginator") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankOriginator's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originator shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank Originator in connection with the originating BankOriginator's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.01. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 4.01, 4.03 and 11.05 as though it were also a Bank or Designated Bidder (as the case may be) hereunder, provided that the Company shall not have be required to pay any rights greater amount under this Agreementsuch section than it would be required to pay had the Originator not sold such participation. Notwithstanding the immediately preceding sentence, or any of the other Loan Documents, and all amounts payable by the Company hereunder under this Agreement and each other Loan Document shall be determined as if no such Bank participation had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementsold.
(e) Notwithstanding any other provision in this Agreement, any Bank or Designated Bidder may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law. Notwithstanding any such pledge, such Bank shall remain liable to the Company and the Issuing Bank as if such pledge had not been made. In the event of any enforcement or proposed enforcement of such pledge, the Company shall have the right to replace such Bank pursuant to the provisions of Section 4.08.
(f) Notwithstanding anything to the contrary contained herein, if at any time BofA assigns all of its Commitment and Loans pursuant to subsection (a) above, BofA may, 96 Credit Agreement - Idex Corporation 104 upon 30 days' notice to the Company and the Banks, resign as Issuing Bank. In the event of any resignation of the Issuing Bank, whether pursuant to this clause (f) or Section 10.09 above, the Company shall be entitled to appoint from among the Banks a successor Issuing Bank hereunder; provided, however, that no failure by the Company to appoint any such successor shall affect the resignation of BofA as Issuing Bank, as the case may be. BofA shall retain all the rights and obligations of the Issuing Bank hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Issuing Bank and all L/C Obligations with respect thereto (including the right to require the Banks to make Base Rate Committed Loans or fund participations in unreimbursed amounts pursuant to Section 3.03).
Appears in 1 contract
Sources: Credit Agreement (Idex Corp /De/)
Assignments, Participations, etc. (a) 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 subsection (d) of this Section and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent all or a portion of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other its rights and obligations under this Agreement (including all or a portion of such Bank hereunderits Commitment and the Loans (including for purposes of this subsection (b), participations in a minimum amount of $5,000,000L/C Obligations) at the time owing to it); provided, however, provided that (i) except in the Company case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Agents may continue Loans at the time owing to deal solely and directly it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with such Bank in connection with respect to a Lender, the interest so assigned aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to an Assignee until (A) written notice of each such assignment, together determined as of the date the Assignment and Assumption with payment instructionsrespect to such assignment is delivered to the Administrative Agent or, addresses if “Trade Date” is specified in the Assignment and related information Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed), (ii) 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 with respect to the AssigneeLoans or the Commitment assigned, (iii) the parties to each assignment shall have been given execute and deliver to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") Assumption, together with any Note or Notes subject a processing and recordation fee of $3,500 and (iv) each Issuing Lender and the Swing Line Lender shall have consented to such assignment (which consent shall not be unreasonably withheld or delayed). Subject to acceptance and (C) the assignor Bank or Assignee has paid to each recording thereof by the Administrative Agent a processing fee in the amount pursuant to subsection (c) of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contractthis Section, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto to this Agreement and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank Lender under the Loan Documentsthis Agreement, and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase 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 4.01, 4.02 and 4.05 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrowers (at their expense) shall execute and deliver new or replacement Notes to the assigning Lender and the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection 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 subsection (d) of this Section.
(c) Within five Business Days after its receipt The Administrative Agent, acting solely for this purpose as an agent of notice by the Borrowers, shall maintain at the Administrative Agent’s Office 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 Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, Lenders may treat each Person whose name is recorded in the Company shall execute and deliver Register pursuant to the Administrative Agentterms hereof as a Lender hereunder for all purposes of this Agreement, new Notes evidencing such Assignee's assigned Loans and Commitment and, if notwithstanding notice to the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained contrary. The Register shall be available for inspection by the assignor Bank (such Notes Borrowers and any Lender, at any reasonable time and from time to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately time upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoreasonable prior notice.
(d) Any Bank Lender may at any time time, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations to one any Person (other than a natural person or more commercial banks the Company or other Persons not Affiliates any of the Company Company’s Affiliates or Subsidiaries (each, a "“Participant"”) participating interests in any Loans, all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Commitment of that Bank and the other interests of that Bank Loans (the "originating Bank"including such Lender’s participations in L/C Obligations) hereunder and under the other Loan Documentsowing to it); provided, however, provided that (i) the originating Bank's such Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the Company Borrowers, the Administrative Agent and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Bank's such Lender’s rights and obligations under this 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, waiver or other Loan Documentsmodification that would (i) postpone any date upon which any payment of money is scheduled to be paid to such Participant, (ii) reduce the principal, interest, fees or other amounts payable to such Participant, (iii) release the Company as a Guarantor from the Master Guaranty and Intercreditor Agreement or (iv) no Bank shall transfer release all or grant any participating interest substantially all of the Guarantors from liability under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under Master Guaranty and Intercreditor Agreement except in accordance with this Agreement. Subject to subsection (e) of this Section, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 Borrower agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement Sections 4.01, 4.02 and 4.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the amount extent permitted by law, each Participant also shall be entitled to the benefits of its participating interest Section 11.09 as though it were owing directly a Lender, provided such Participant agrees to be subject to Section 2.13 as though it as were a Bank under this AgreementLender.
(e) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment under Section 4.01 or 4.02 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, any Bank unless the sale of the participation to such Participant is made with the Company’s prior written consent. A Participant that would be a foreign Person if it were a Lender shall not be entitled to the benefits of Section 4.01 unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 4.01 as though it were a Lender.
(f) Any Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor (including under its Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Bank; provided that no such pledge or security interest in assignment shall release such Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
(g) As used herein, the following terms have the following meanings:
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany and the Administrative Agent, which consents shall not be unreasonably withheld, conditioned or delayed and which consent of the Company shall not be required if a Default or Event of Default shall have occurred and be continuing (it being understood (x) that any resulting obligation to pay increased costs or reserves pursuant to Section 3.01, 3.04 or 3.06 as of the date of any assignment would justify the Company’s refusal to consent thereto, (y) other Bankthan in the case of a failure of an assigning Bank to comply with clause (C) below, may that the consent of the Company will be deemed given unless the Company replies in writing to any request for consent within five Business Days after actual receipt of such request and (z) with respect to Eligible Assignees described in clause (f) of the definition thereof, that any assignment to any such Eligible Assignee is subject to the Company’s absolute discretion), and, if demanded by the Company pursuant to Section 3.09 shall, at any time assign and delegate to one or more Eligible Assignees (provided provided, however, that no written consent of either the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of the assigning Bank so long as the Company shall not be required to pay any further amounts pursuant to Section 3.01, 3.04 or 3.06 than would have been required to be paid but for such Bankassignment) (each an "“Assignee"”) all, all or any ratable part of all, of the Loans, the Commitments its Term Loan and its Revolving Commitment and Revolving Loan and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000US$5,000,000 (it being understood that no Bank may assign all or any part of its Term Loan without concurrently therewith assigning all or a proportionate part of its Revolving Commitment and Revolving Loan and vice versa); provided, however, that (iA) if a Default or Event of Default shall have occurred and be continuing, any Bank may assign each of its Loans to any third party, (B) following any assignment, the provisions of Sections 10.04 and 10.05 shall inure to the benefit of the assigning Bank to the extent related to events, circumstances, claims, costs, expenses or liabilities arising prior to such assignment, (C) in the case of an assignment to an entity described in clause (f) of the definition of Eligible Assignee, the relevant Bank shall furnish to the Company information and documents relating to the proposed assignee as the Company may request and (D) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee and the assignment will not be effective until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such the assigning Bank and the Assignee; (Bii) such the assigning Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("“Assignment and Acceptance") ”), together with any Note or Notes subject to such assignment and assignment; (Ciii) the assignor assigning Bank or the Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]US$3,500 (such processing fee being payable for all assignments, including, but not limited to, an assignment by a Bank to another Bank); and (iiiv) except if an Event of Default has occurred and is continuing, the assignor Bank or any of its Affiliates is Assignee has delivered to the Company a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent copy of the Companytax residence certificate evidencing residency as set forth above.
(b) From and after the date that the Administrative Agent notifies the assignor assigning Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor assigning Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at the Administrative Agent’s Payment Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Banks, and the Commitments of, and principal amount of the Loans owing to, each Bank pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Company, the Administrative Agent and the Banks may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company and any Bank, at any reasonable time and from time to time upon reasonable prior notice.
(d) Within five ten Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with Section 10.08(a)), the Company shall execute and deliver to the Administrative Agent, Agent a new Notes evidencing Term Note and a new Revolving Note in the amount of such Assignee's ’s assigned Loans Term Loan and Commitment Revolving Commitment, respectively and, if the assignor assigning Bank has retained a portion of its Loans Term Loan and its Revolving Commitment, replacement Notes in the principal amount of the Loans retained by for the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such the assigning Bank). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Loans and Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(de) Any Bank (the “Originating Bank”) may at any time sell without any consent to one or more commercial banks or other Persons not Affiliates of the Company entities that would have been an Eligible Assignee (a "“Participant"”) participating interests in all or any part of its Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Originating Bank's ’s obligations under this Agreement shall remain unchanged, (ii) the originating Originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Originating Bank in connection with the originating Originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section
0110.01 and provided, further, that the Participant shall, at the time that it purchases the Participation and from time to time thereafter as the Company may reasonably request, provide to the Company documentation evidencing that it is an Eligible Assignee. In the case of any such participation, the Bank selling such participation shall be entitled to agree to pay over to the Participant shall not have any rights under this Agreement, or any of the other Loan Documentsamounts paid to such Bank pursuant to Sections 3.01 and 3.04, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement; provided that such agreement or instrument may provide that such Bank will not, without the consent of the Participant, agree to any amendment, waiver or other modification that would (i) postpone any date upon which any payment of money is scheduled to be paid to such Participant or (ii) reduce the principal, interest, fees or other amounts payable to such Participant. Subject to paragraph (f) of this Section 10.08, the Company agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Bank and had acquired its interest by assignment pursuant to paragraph (a) of this Section 10.08. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.10 as though it were a Bank, provided such Participant agrees to be subject to Section 2.13 as though it were a Bank.
(ef) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment under Section 3.01, any 3.04, 3.05 or 3.06 than the applicable Bank would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Company’s prior written consent.
(g) Any Bank may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor to secure obligations of such Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Bank; provided that no such pledge or security interest assignment shall release a Bank from any of its obligations hereunder or substitute any such pledgee or assignee for such Bank as a party hereto.
(h) If the consent of the Company to an assignment or to an Assignee is required hereunder (including a consent to an assignment which does not meet the minimum assignment threshold specified in any manner permitted under applicable lawSection 10.08(a)), the Company shall be deemed to have given its consent five Business Days after the date notice thereof has been actually received by the Company unless such consent is expressly refused by the Company prior to such fifth Business Day.
Appears in 1 contract
Sources: Loan Agreement (Gruma Sab De Cv)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the Agents, Company (which consents consent shall not be unreasonably withheld) and the Agent, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) at the time of each such assignment, the Bank making such assignment retains no less than $10,000,000 of the Commit ments, or none of them; (ii) if the assigning Bank is the Agent, and retains none of the Commitments following the assignment, such Agent shall immediately resign, in accordance with Section 9.9 of this Agreement; and (iii) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released re leased from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of of-the processing feefee (and provided that it consents to such assignment pursuant to subsection 10.8(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing evi dencing such Assignee's assigned Loans and Revolving Commitment and, if the assignor Bank has retained a portion of its Loans and its Revolving Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement Agreement, shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Revolving Commitments arising therefrom. The Revolving Commitment allocated to each Assignee shall reduce such Revolving Commitments of the assigning Bank pro tanto.
(d) Prior to assigning all or any ratable part of the Loans, the Commitments, and other rights and obligations hereunder to any Person which is not a Bank hereunder, an assigning Bank shall first offer (through the Agent) the interest to be assigned to the other Banks. The offer shall contain all material terms of the proposed assignment. The Agent, once it receives the offer from the assigning Bank, shall promptly advise each other Bank thereof. Each other Bank shall then have ten Business Days within which to accept such offer. Any other Bank accepting the offer must accept the entire interest so offered unless one or more other Banks have accepted a portion thereof such that, when added to the other portion(s) accepted by one or more other Banks, the entire interest offered has been accepted by such other Banks. If more than one other Bank accepts the entire interest offered, then the interest shall be assigned to such accepting Banks pro rata in the proportion of their Revolving Commitments. If no other Bank accepts the offer of the assigning Bank within ten Business Days from receiving the Agent's advice of the offer, then the assigning Bank shall be free to assign its interest to an Eligible Assignee other than a Bank.
(e) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue con tinue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3 and 10.5 as though it were also a Bank here under, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(ef) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confi dential" by the Company and provided to it by the Company or any Subsidiary of the Company, or by the Agent on such Company's or Subsidiary's behalf, in connection with this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information for any purpose or in any manner other than pursuant to the terms contemplated by this Agreement; except to the extent such information (i) was or becomes generally available to the public other than as a result of a disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; provided further, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Bank or their respective Affiliates may be party, (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document, and (F) to such Bank's independent auditors and other professional advisors. Notwithstanding the foregoing, the Company authorizes each Bank to disclose to any Participant or Assignee (each, a "Transferee") and to any prospective Transferee, such financial and other information in such Bank's possession concerning the Company or its Subsidiaries which has been delivered to Agent or the Banks pursuant to this Agreement or which has been delivered to the Agent or the Banks by the Company in connection with the Banks' credit evaluation of the Company prior to entering into this Agreement; provided that, unless otherwise agreed by the Company, such Transferee agrees in writing to such Bank to keep such information confidential to the same extent required of the Banks hereunder.
(g) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans or Notes held by it in favor of to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Federal Reserve Board and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Loans or Notes made by the Company to or for the account of the assigning or pledging Bank in accordance with the terms of this Agreement shall satisfy the Company's obligations hereunder in respect to such assigned Loans or Notes to the extent of such payment. No such assignment shall release the assigning Bank from its obligations hereunder.
(h) Notwithstanding any other provision contained in this Agreement or any other Loan Document to the contrary, from and after an Event of Default, any Bank may enforce assign all or any part of the Loans, the Commitments and the other rights and obligations of such pledge Bank hereunder, without the consent of the Company or security interest in the Agent, to any manner permitted under applicable lawperson, provided that such person shall execute and deliver an Assignment and Acceptance.
Appears in 1 contract
Sources: Credit Agreement (Price Reit Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAgent and, in the absence of a Default or an Event of Default, the Company, which consents consent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent or the Company shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,0001,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the he interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance Assumption in the form of Exhibit E ("Assignment and AcceptanceAssumption") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if 1% of the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, amount so assigned by such Bank shall not assign all of its interest in to the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) to an executed Assignment and Acceptance Assumption and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance Assumption and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and AcceptanceAssumption, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Credit Agreement (Ns Group Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the -------------------------------- written consent of the AgentsBorrowers' Designee, the Agent, the Swingline Bank and the Issuing Bank (which consents in each case shall not be unreasonably withheld), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided each an "Assignee") -------- all, or any ratable part of all, of the Loans, the Commitment, the L/C Obligations and the other rights and obligations of such Bank hereunder; provided, however, that (i) no written consent of either the Borrowers' Designee or the Agent or the Issuing Bank or the Swingline Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is another Bank or an Affiliate of such Bank; and (ii) (each except in connection with an "Assignee") all, or any ratable part assignment of all, all of the Loans, the Commitments and the other a Bank's rights and obligations of with respect to its Commitment, Loans and L/C Obligations, any such assignment to an Eligible Assignee that is not a Bank hereunder, in a minimum amount of hereunder shall be equal to or greater than $5,000,00010,000,000; providedand provided further, however, that (i) the Company Borrowers' Designee and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) such Bank and its Assignee shall have delivered to the Borrowers' Designee and the Agent an Assignment and Acceptance Agreement substantially in the form of Exhibit G (an "Assignment and Acceptance"), together with any Note or Notes subject to such assignment; (B) a written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, in substantially the form of the Notice of Assignment and Acceptance attached as Schedule 1 to the Assignment and Acceptance, shall have been given to the Company Borrowers' Designee and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has shall have paid to each the Administrative Agent a processing fee in the amount of its $[______________]3,500; and (iiD) if the assignor Issuing Bank, the Swingline Bank or and the Borrowers' Designee each consents to such assignment in accordance with this Section. In connection with any assignment by BofA, its Swingline Commitment may be assigned in whole (and not part) and only in connection with an assignment transaction involving an assignment of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans Commitment and Loans, and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance may be appropriately modified to include an assignment and payment delegation of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights its Swingline Commitment and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documentsany outstanding Swingline Loans.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received (and, if necessary, consented to) an executed Assignment and Acceptance and payment of the processing feefee (and provided that the Issuing Bank, the Company Swingline Bank and the Borrowers' Designee each consents to such assignment in accordance with subsection 11.8(a)), the Borrowers' Designee shall execute and deliver to the Administrative Agent, Agent any new Notes requested by such Assignee evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in as requested by the principal amount of assignor Bank evidencing the Loans and Commitment retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank, if any). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company any Borrower (a "Participant") participating ----------- interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this -------- ------- Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrowers, the Borrowers' Designee, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.
011. In the case of any such ----- ------- participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.1, or any of the other Loan Documents4.3 and 11.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement, provided that such Participant shall not be entitled -------- to the benefits of Section 4.1 as a result of such Participant's failure to comply with the requirements of Section 10.10(a).
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it (other than in respect of Swingline Loans) in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14'203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Revolving Multicurrency Credit Agreement (Johns Manville International Group Inc)
Assignments, Participations, etc. (a) Any Agent Bank (including the Issuing Bank) may, and with the prior written consent of the Agents, Company (at all times other than during the existence of an Event of Default) which consents consent of the Company shall not be unreasonably withheldwithheld and written consent of the Administrative Agent, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a the Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E "E" ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500.00, and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all rights and obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with Subsection 11.08(a)) the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, the originating Bank shall remain a Bank for all purposes hereof and the other Loan Documents to which such originating Bank is a party, and the Participant may not become a Bank for purposes hereof or for any other of the Loan Documents, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to SECTION 11.
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan DocumentsDocuments (the Participant's rights against the granting Bank in respect of such participation being those set forth in the agreement creating or evidencing such participation with such Bank), and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14S.S. 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany, at all times other than during the existence of an Event of Default, and any LC Issuer and the Agent, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, any LC Issuer or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "“Assignee"”) all, or any ratable part of all, of the LoansAggregate Outstanding Credit Exposure, the Commitments Commitment and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,0005,000,000 (or such lesser amount as the Company and the Agent may consent); provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E I ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if 4,000, provided that in the case of a transfer under Section 3.08, the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments be obligated to an Assignee unless pay such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyprocessing fee.
(b) From and after the date that the Administrative Agent notifies the Company and the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance which has been consented to by the Agent, the LC Issuers and by the Company (if required), and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that the Agent, the LC Issuers and the Company consent to such assignment in accordance with subsection 10.08(a), to the extent required), the Company shall shall, if requested, execute and deliver to the Administrative Agent, new Agent Notes evidencing such Assignee's assigned Loans and Commitment for the Assignee (if the Assignee was not previously a Bank under this Agreement) and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes is not retaining any interest in the principal amount of the Loans retained by the this Agreement such assignor Bank (such shall promptly cancel and return its Notes to be in exchange for, but not in payment of, the Notes held by such Bank)Agent for return to the Company. Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may may, with the written consent of the Company at all times other than during the existence of an Event of Default, which consent shall not be unreasonably withheld, at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Eligible Assignees (a "“Participant"”) participating interests in any LoansOutstanding Credit Exposure of such Bank, the Commitment of that Bank and the other interests of that Bank (the "“originating Bank"”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's ’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.01 and (v) with respect to the sale of participating interests in any Bid Loan to any Participant, (x) the Company’s consent shall not be required and (y) the Participant need not be an Eligible Assignee. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as “confidential” or “secret” by the Company and provided to it by the Company or any Subsidiary, if amounts outstanding or by the Agent on such Company’s or Subsidiary’s behalf, under this Agreement are due or any other Loan Document, and unpaidneither it nor any of its Affiliates shall disseminate such information except on a “need to know” basis to employees of such Bank or Affiliate, as the case may be, and their respective representatives or use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; provided, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process (provided that such Bank shall have been declared promptly notify the Company of any such subpoena or shall have become due process, unless it is legally prohibited from doing so, and payable upon cooperate with the occurrence Company at the Company’s expense in obtaining a suitable order protecting the confidentiality of an such information); (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Bank or their respective Affiliates may be party provided that such Bank will promptly notify the Company of any such disclosure and use reasonable efforts at the Company’s expense to obtain a suitable order protecting the confidentiality of such information; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Bank’s independent auditors and other professional advisors; and (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or (provided that there exists no Event of Default, each with the written consent of the Company, ) potential, provided that such Affiliate, Participant shall be deemed or Assignee agrees in writing to have the right of set-off in respect of its participating interest in amounts owing under this Agreement keep such information confidential to the same extent as if required of the amount of its participating interest were owing directly to it as a Bank under this AgreementBanks hereunder.
(ef) Notwithstanding any other provision in this Agreement, without consent of the Company, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it (i) in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law, and (ii) to any direct or indirect counterparties in credit derivative transactions relating to the Loans for the purpose of the physical settlement of such transaction. If requested by any such Bank for purposes of this subsection 10.08(f), the Company shall execute and deliver Notes to such Bank.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default, the Agent, the Issuing Bank, and the beneficiary of each outstanding Several Letter of Credit, which consents of the Company and the Agent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "AssigneeASSIGNEE") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, PROVIDED that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit EXHIBIT E ("Assignment and AcceptanceASSIGNMENT AND ACCEPTANCE") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoPRO TANTO.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "ParticipantPARTICIPANT") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that PROVIDED that
(i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the FIRST PROVISO to SECTION 11.
011. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Company and provided to it by the Company or any Subsidiary, or by the Agent on such Company's or Subsidiary's behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; PROVIDED that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Bank's independent auditors and other professional advisors; (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or potential, provided that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Company is party or is deemed party with such Bank.
(f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Note, if any, held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14C.F.R. Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Lender may at any time and from time to time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, all or any ratable part of all, of the Loans, the Obligations, the Commitments and the other rights and obligations of such Bank Lender hereunder, :
(i) to any Person meeting the criteria of clause (a) of the definition of the term "ELIGIBLE ASSIGNEE" upon the giving of notice to the Borrower and the Administrative Agent; and
(ii) to any Person meeting the criteria of clause (b) of the definition of the term "ELIGIBLE ASSIGNEE" upon the prior written consents of each of the Borrower (which consent shall not be required so long as any Event of Default shall be continuing) and the Administrative Agent (neither of which consents shall in a minimum amount of $5,000,000any event be unreasonably withheld or delayed); provided, however, that each such assignment pursuant to this clause (iii) shall be in an aggregate amount of not less than $5,000,000 (or such lesser amount as may be agreed to by the Company Administrative Agent or as shall constitute the aggregate amount of the Commitments, Loans and other Obligations of the assigning Lender); provided, however, that the Borrower, the Issuing Lender and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the any interest so assigned to any such Person (each, an Assignee "Assignee") until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance Assumption in the form of Exhibit E M (an "Assignment and AcceptanceASSIGNMENT AND ASSUMPTION") together with any Note or Notes subject to such assignment ); and (C) in the case of any assignment to an Assignee which is not already a Lender or a Lender Affiliate, the assignor Bank Lender or Assignee has shall have paid to each the Administrative Agent a processing fee in the amount of its $[______________]3,500; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider provided that, with respect to any Specified Swap Contract, such Bank assignment to any Lender or Lender Affiliate such processing fee shall not assign all of its interest be in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate amount of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company$1,750.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received the requirements of paragraph (and provided its consent and obtained the consent of the Documentation Agenta) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeabove are satisfied, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned to it pursuant to such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights and be released from its obligations under the Loan Documents. Anything herein to the contrary notwithstanding, any Lender assigning all of its Loans, Commitments and other rights and obligations hereunder to an Assignee shall continue to have the benefit of all indemnities hereunder following such assignment.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and AcceptanceAssumption, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments Aggregate Commitment arising therefrom. The Commitment allocated to each an Assignee shall reduce such Commitments the Commitment of the assigning Bank Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons that are not Credit Parties or Affiliates of the Company any Credit Parties (a "ParticipantPARTICIPANT") participating interests in any Loans, the Term Commitment, Revolving Commitment or Incremental Commitment of that Bank such Lender and the other interests of that Bank such Lender (the "originating BankORIGINATING LENDER") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankOriginating Lender's obligations under 107 -100- this Agreement shall remain unchanged, (ii) the originating Bank Originating Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, the Issuing Lender and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Originating Lender in connection with the originating BankOriginating Lender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to
01, or any termination, waiver or consent with respect to, this Agreement or any other Loan Document; provided however, that such Participant shall have the may approve any amendment, consent or waiver described in clauses (i), (ii) and (iii) of Section 11.1(b). In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.1, or any of 4.3 and 11.5, subject to the other Loan Documentssame limitations, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except thatthough it were also a Lender hereunder, and, if amounts outstanding under this Agreement are due and payable and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an any Event of Default, each Participant shall shall, to the extent permitted under Applicable Law, be deemed to have the right rights of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(e) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, assign and pledge all or any portion of its rights under and interest in this Agreement and the Note Loans or other Obligations held by it in favor of to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Federal Reserve Board and any Operating Circular issued by such Federal Reserve Bank may enforce Bank; provided, however, that any payment in respect of such pledge assigned Loans or security interest other Obligations made by the Borrower to or for the account of the assigning or pledging Lender in any manner permitted under applicable lawaccordance with the terms of this Agreement shall satisfy the Borrower's obligations hereunder with respect to such assigned Loans to the extent of such payment. No such assignment shall release the assigning Lender from its obligations hereunder.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent The Bank may, and with the written consent of Middleby at all times other than during the Agentsexistence of an Event of Default, which consents consent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent Middleby shall be required in connection with any assignment and delegation by a the Bank to an Eligible Assignee that is an Affiliate of such the Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments LC Obligations, the Commitment and the other rights and obligations of such the Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents Borrowers may continue to deal solely and directly with such the Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and Borrowers by the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyBank.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company any Borrower (a "Participant") participating interests in any Loans, the Commitment of that the Bank and the other interests of that the Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, and (iii) the Company and the Agents Borrowers shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of 3.3 and 9.5 as though it were also the other Loan DocumentsBank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a the Bank under this Agreement.
(ec) Notwithstanding any other provision in this Agreement, any the Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent mayThe provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, and with except that Borrower may not assign or otherwise transfer any of its rights or obligations hereunder 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 an Eligible Assignee in accordance with the Agentsprovisions of Section 11.6(b), which consents shall not be unreasonably withheld(ii) by way of participation in accordance with the provisions of Section 11.6(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 11.6(f) (and any other Bankattempted assignment or transfer by any party hereto shall be null and void). 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 Section 11.6(d), and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy, or claim under or by reason of this Agreement.
(b) Any Lender may at any time assign and delegate to one (1) or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and Borrowings (including for purposes of this Section 11.6(b), participations in L/C Obligations) at the time owing to it); provided that no written consent that: (i) except in the case of either Agent shall be required an assignment of the entire remaining amount of the assigning Lender’s Commitment and Borrowings at the time owing to it or in connection with any the case of an assignment and delegation by to a Bank to an Eligible Assignee that is Lender or an Affiliate of a Lender with respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Borrowings outstanding thereunder) subject to each such Bank) assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall be in an integral multiple of $1,000,000, but not less than $5,000,000, unless each of Administrative Agent and, so long as no Event of Default has occurred and is continuing, Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); (ii) each partial assignment shall be made as an "Assignee") all, or any ratable assignment of a proportionate part of all, of all the Loans, the Commitments and the other assigning Lender’s rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information under this Agreement with respect to the AssigneeCommitment and Borrowings assigned, except that this clause (ii) shall have been given not apply to the Company and the rights in respect of Swing Line Advances; (iii) any assignment of a Commitment must be approved by Administrative Agent by and each Issuing Bank unless the Person that is the proposed assignee is itself a Lender, or a Lender Affiliate having total assets in excess of $10,000,000,000 as reflected on its most current financial statements (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee) each such Bank and the Assigneeconsent not be to unreasonably withheld or delayed; (Biv) after giving effect to such Bank assignment, unless the assigning Lender is assigning all of its rights and its Assignee Commitments hereunder, the assigning Lender shall have delivered retain a Commitment of at least $10,000,000 (or such lesser amount agreed to by Borrower and Administrative Agent), or if the Company Total Aggregate Commitment has been terminated, their Notes having outstanding principal balance of at least $10,000,000 (or such lesser amount agreed to by Borrower and Administrative Agent), except for each Lender which acts as Administrative Agent, Syndication Agent, and Documentation Agent, respectively, which each must retain a Commitment of not less than $15,000,000, or if the Total Aggregate Commitment has been terminated, their Notes having outstanding principal balance of at least $15,000,000, except if such Lenders resign as Administrative Agent, Syndication Agent, or Documentation Agent, as applicable; and (v) the parties to each assignment shall execute and deliver to Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") Assumption, together with any Note or Notes subject a processing and recordation fee of $3,500. Subject to such assignment acceptance and (C) the assignor Bank or Assignee has paid to each the recording thereof by Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect pursuant to any Specified Swap ContractSection 11.6(c), such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto to this Agreement and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank Lender under the Loan Documentsthis Agreement, and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase 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 4.4, 4.6, 4.7, 11.2, and 11.12 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, Borrower (at its expense) shall execute and deliver Note(s) to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 11.6(b) 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 Section 11.6(d).
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans acting solely for this purpose as an agent of Borrower, shall maintain at Administrative Agent’s Lending Office a copy of each Assignment and Commitment andAssumption delivered to it and a register for the recordation of the names and addresses of Lenders, if and the assignor Bank has retained a portion Commitments of, and principal amounts of its Loans and its Commitmentthe Borrowings owing to, replacement Notes each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement Register shall be deemed to be amended conclusive absent manifest error, and Borrower may treat each Person whose name is recorded in the Register pursuant to the extentterms hereof as a Lender hereunder for all purposes of this Agreement, but only notwithstanding notice to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefromcontrary. The Commitment allocated Register shall be available for inspection by Borrower and any Lender, at any reasonable time and from time to each Assignee shall reduce such Commitments of the assigning Bank pro tantotime upon reasonable prior notice.
(d) Any Bank Lender may at any time sell participations to one any Eligible Assignee (each, a “Participant”) in all or more commercial banks a portion of such Lender’s rights and/or obligations under this Agreement (including all or other Persons not Affiliates a portion of its Commitment and/or the Company Borrowings (a "Participant"including such Lender’s participations in Swing Line Advances) participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documentsowing to it); provided, however, provided that (i) the originating Bank's such Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.other
Appears in 1 contract
Sources: Revolving Credit Agreement (Standard Pacific Corp /De/)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent and the Issuing Bank, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") -------- all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 or, if less, the Commitment of such Lender; provided, however, that (i) the Company and the Agents Agent may continue to deal -------- solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note --------- ------------------------- or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 11.8(a)), the Company shall execute and deliver ------------------ to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement Agreement, shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.. --- -----
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating ----------- interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's -------- ------- obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 11.
011. In the case of any such ----- ------- ------------ participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections -------- 4.1, or any of the other Loan Documents4.3 and 11.5 as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts --- --- ---- outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(e) Each Lender agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Company and provided to it by the Company or any Subsidiary, or by the Agent on such Company's or Subsidiary's behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Lender, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Lender; provided, however, that any Lender may disclose such information (A) at the -------- ------- request or pursuant to any requirement of any Governmental Authority to which the Lender is subject or in connection with an examination of such Lender by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Lender or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Lender's independent auditors and other professional advisors, and (G) to any Affiliate of such Lender, or to any Participant or Assignee, actual or potential, provided that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Lenders hereunder.
(f) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawFRB.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (provided that no written consent including all or a portion of either Agent shall be required its Commitment and the Loans (including for purposes of this subsection (b), participations in connection with any L/C Obligations and in Swing Line Loans) at the time owing to it); PROVIDED that
(i) except in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment and delegation by the Loans at the time owing to it or in the case of an assignment to a Bank to an Eligible Assignee that is Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such Bank) assignment, determined as of the date of the Assignment and Acceptance with respect to such assignment is delivered to the Agent or, if the "Trade Date" is specified in the Assignment and Acceptance, as of the Trade Date, shall not be less than $5,000,000 unless the Agent, and so long as no Default or Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed); (ii) each partial assignment shall be made as an "Assignee") all, or any ratable assignment of a proportionate part of allall the assigning Lender's rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to rights in respect of Swing Line Loans; (iii) any assignment of a Commitment must be approved by the Agent, the Issuing Bank and the Swing Line Bank unless the Person that is the proposed assignee is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); and (iv) the parties to each assignment shall execute and deliver to the Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500. Subject to acceptance and recording thereof by the Agent pursuant to SECTION 11.08, from and after the effective date specified in each Assignment and Acceptance, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the Loansinterest assigned by such Assignment and Acceptance, have the Commitments and the other rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Bank hereunderAssignment and Acceptance, be released from its obligations under this Agreement (and, in a minimum amount the case of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in covering all of the form 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 Exhibit E ("Assignment SECTIONS 4.01, 4.03, 4.04, 11.04 and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider 11.05 with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in facts and circumstances occurring prior to the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate effective date of such Assigneeassignment). Upon request, the Company (at its expense) shall also assume all execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such assignor Bank or Affiliate Lender of a participation in such rights and obligations in accordance with respect to such Specified Swap Contracts, with the consent of the CompanySECTION 11.08(d).
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with SECTION 11.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes (if requested by the Eligible Assignee) evidencing such Eligible Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Eligible Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Eligible Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Eligible Assignee shall reduce such Commitments of the assigning Bank pro tantoLender PRO TANTO.
(d) Any Bank Lender may at any time time, without the consent of, or notice to, the Company or the Agent, sell participations to one any Person (other than a natural person or more commercial banks the Company or other Persons not Affiliates any of the Company Company's Affiliates or Subsidiaries) (each, a "ParticipantPARTICIPANT") participating interests in any all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in L/C Obligations and/or Swing Line Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documentsowing to it); provided, however, PROVIDED that (i) the originating Banksuch Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, obligations and (iii) the Company Company, the Issuing Bank, the Agent and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this 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 the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any provision of this Agreement; PROVIDED that such participationagreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to SECTION 11.01 that directly affects such Participant. Subject to SECTION 11.08(f), the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement SECTIONS 4.01, 4.03 and 4.04 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to SECTION 11.08(a), PROVIDED that if because of circumstances in effect on the amount effective date of its any sale of a participating interest interest, the Company would, under SECTION 4.01, be obligated to make any payment to or for the account of the applicable Lender, the Company shall only be obligated to make such payment to the extent that it would then have been obligated to make such payment to such Lender if it had not sold such participating interest. To the extent permitted by law, each Participant also shall be entitled to the benefits of SECTION 11.10 as though it were owing directly a Lender, PROVIDED such Participant agrees to be subject to SECTION 2.14 as though it as were a Bank under this AgreementLender.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) No assignee, participant or other transferee of any Lender's rights shall be entitled to receive any greater payment under ARTICLE IV than such Lender would have been entitled to receive with respect to the rights transferred or by reason of the provisions of ARTICLE IV requiring such Lender to designate a different Applicable Lending Office under certain circumstances or at a time when the circumstances giving rise to such greater payment did not exist.
(g) Notwithstanding anything to the contrary contained herein, any Lender (a "GRANTING LENDER") may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Agent and the Company (an "SPC") the option to provide all or any part of any Revolving Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; PROVIDED that (i) nothing herein shall constitute a commitment by any SPC to fund any Revolving Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Revolving Loan, the Granting Lender shall be obligated to make such Revolving Loan pursuant to the terms hereof. Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Company under this Agreement (including its obligations under SECTIONS 4.01, 4.03 and 4.04), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Revolving Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Revolving Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Company and the Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Revolving Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Revolving Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.
(h) Notwithstanding anything to the contrary contained herein, any Lender that is a Fund may create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities, PROVIDED that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this SECTION 11.08, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.
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Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent and the Issuing Bank, which consents consent of the Company shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and assignment; (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 4,000 and (iiiv) the Agent and, if applicable, the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank Company shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyhave consented thereto.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it and assumed by the Assignees pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 12.8(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Revolving Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each AssigneeFollowing receipt by the Agent of all consents to such assignment required hereby and of the Agent's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 12.
011. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement entitled to the same extent as if the amount benefit of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.Sections
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent all or a portion of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other its rights and obligations under this Agreement (including all or a portion of such Bank hereunderits Commitment and the Loans (including for purposes of this SUBSECTION (a), participations in a minimum amount of $5,000,000L/C Obligations) at the time owing to it); provided, however, PROVIDED that (i) except in the Company case of an assignment of the entire remaining amount of the assigning Lender's Commitment and the Agents may continue Loans at the time owing to deal solely and directly it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund (as defined in SUBSECTION (f) of this Section) with such Bank in connection with respect to a Lender, the interest so assigned aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to an Assignee until (A) written notice of each such assignment, together determined as of the date the Assignment and Assumption with payment instructionsrespect to such assignment is delivered to the Administrative Agent or, addresses if "Trade Date" is specified in the Assignment and related information Assumption, as of the Trade Date, shall not be less than Cdn.$5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); (ii) 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 with respect to the AssigneeLoans or the Commitment assigned; (iii) any assignment of a Commitment must be approved by the -88- Administrative Agent, shall have been given to the Company and the Administrative Agent by such Bank and Issuing Lender unless the Person that is the proposed assignee is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); (Biv) such Bank the parties to each assignment shall execute and its Assignee shall have delivered deliver to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") Assumption, together with a processing and recordation fee of Cdn.$6,500; and (v) an assignee shall not be entitled to receive any Note greater payment under SECTION 5.1 than the applicable Lender would have been entitled to receive with respect to the Commitment or Notes Loan assigned to such assignee, unless the assignment is made with the Borrower's prior written consent (but subject to such assignment limitation, the assignee shall be entitled to the benefits of SECTION 5.3 hereof, which may require the Borrower to compensate Lenders for increased costs, including increased withholding tax rates). Subject to acceptance and (C) the assignor Bank or Assignee has paid to each recording thereof by the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect pursuant to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
SUBSECTION (b) From of this Section, from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto to this Agreement and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank Lender under the Loan Documentsthis Agreement, and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase 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 5.1, 5.3, 5.4, 11.4 AND 11.5 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection 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 SUBSECTION (c) of this Section.
(b) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent's Payment Office 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 Commitments of, and principal amounts of the Loans and L/C Obligations 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 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.
(c) Within five Business Days after its receipt of Any Lender may at any time, without the consent of, or notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feeto, the Company shall execute and deliver to Borrower or the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if sell participations to any Person (other than a natural person or the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount Borrower or any of the Loans retained by the assignor Bank Borrower's Affiliates or Subsidiaries) (such Notes to be in exchange foreach, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Commitment of that Bank and the other interests of that Bank Loans (the "originating Bank"including such Lender's participations in L/C Obligations) hereunder and under the other Loan Documentsowing to it); provided, however, PROVIDED that (i) the originating Banksuch Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, obligations and (iii) the Company Borrower, the Administrative Agent and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this 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 the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any provision of this Agreement; PROVIDED that such participationagreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to SECTION 11.1 that directly affects such Participant. Subject to SUBSECTION (d) of this Section, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, Borrower agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement SECTIONS 5.1, 5.3, 5.4, 5.6 AND 11.5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to SUBSECTION (a) of this Section. To the amount extent permitted by law, each Participant also shall be entitled to the benefits of its participating interest SECTION 11.11 as though it were owing directly a Lender, provided such Participant agrees to be subject to SECTION 2.11 as though it were a Lender.
(d) A Participant shall not be entitled to receive any greater payment under SECTION 5.1 OR 5.3 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the 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 5.1 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with SECTION 5.1 as though it were a Bank under this AgreementLender.
(e) Notwithstanding any other provision in this Agreement, any Bank Any Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Bank; PROVIDED that no such pledge or security interest in assignment shall release such Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
(f) As used herein, the following terms have the following meanings:
Appears in 1 contract
Sources: Credit Agreement (Capital Environmental Resource Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of (i) the Agents, Company at all times other than during the existence of an Event of Default (which consents consent shall not be unreasonably withheld) and (ii) the Agent (which consent shall not be unreasonably withheld), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate affiliate of such Bank) which have not been a party to any Material litigation with the Agent or the Company (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a an initial minimum amount of $5,000,00010,000,000 and in minimum amounts of $1,000,000 after the first assignment; provided, however, that (iA) each Bank (including each Eligible Assignee) must retain a Commitment of not less than $15,000,000 after giving effect to such assignment (unless such assignor Bank transfers and assigns all of its Commitment hereunder), and (B) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A1) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B2) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E "G" ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C3) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,000. All costs and (ii) if the assignor expenses incurred by an assigning Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, in such Bank assignment shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless be borne by such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyBank.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent with respect to and obtained received the consent of the Documentation Agent) Company with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Banking Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with Section 11.6(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may may, with the written consent (which consent shall not be required if the participation is to an affiliate of the Bank) of (i) the Company at all times other than during the existence of an Event of Default (which consent shall not be unreasonably withheld) and (ii) the Agent (which consent shall not be unreasonably withheld), at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (iA) the originating Bank's obligations under this Agreement shall remain unchanged, (iiB) the originating Bank shall remain solely responsible for the performance of such obligations, (iiiC) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (ivD) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.5, or any of the other Loan Documents4.7, 4.8 and all amounts payable by the Company hereunder shall be determined 11.12 as if such though it were also a Bank had not sold such participation; except thathereunder, and, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Company and provided to it by the Company or any Subsidiary, or by the Agent on such Company's or Subsidiary's behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; provided, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Bank's independent auditors and other professional advisors; (G) to any Participant or Assignee, actual or potential, provided that such Person agrees in writing to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Company is party or is deemed party with such Bank.
(f) Notwithstanding any other provision in this Agreement, the parties to this Agreement acknowledge and agree that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments, and do not prohibit or restrict assignments by any Bank may at creating security interests, including any time create pledge or assignment by a security interest in, Bank of any Loan or pledge, all Note or other rights or interests in or to this Agreement (or any portion of its rights under and interest in this Agreement and the Note held by it thereof) in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14 or any other applicable law, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawLaw. The Company, upon receipt of written notice from the applicable Bank, agrees to issue Notes to any Bank requiring Notes to facilitate transactions of the type described in this paragraph.
Appears in 1 contract
Sources: Credit Agreement (Pan Pacific Retail Properties Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent and the Issuing Bank, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000 or, if less, the remaining Commitment of such Bank; provided, however, that (i) after giving effect to any such assignment, the Company Commitment of the assignor Bank shall be at least $10,000,000 unless such Bank's entire Commitment is assigned; and provided, further, that the Borrowers and the Agents Agent may continue to deal solely and directly with such assignor Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-above- referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by from the Administrative Agent that it the Agent has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment if such consent is required in accordance with subsection 11.08(a)), if requested by the assignor Bank or the Assignee, through the Agent, the Company Borrowers shall execute and deliver to the Administrative Agent, Agent new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank), and upon delivery by the Borrowers to the Agent of the new Notes evidencing the assigned Loans and Commitment and, if applicable, any replacement Notes in favor of the assignor Bank, the Agent shall mark the original Notes payable to the assignor Bank "replaced and can▇▇▇▇ed" and deliver such Notes to the Company. Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments Commitment of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating BankOriginator") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankOriginator's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originator shall remain solely responsible for the performance of such obligations, (iii) the Company Borrowers, the Agent and the Agents Issuing Bank shall continue to deal solely and directly with the originating Bank Originator in connection with the originating BankOriginator's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights toparticipating
01. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 4.01, 4.03 and 11.05 as though it were also a Bank hereunder (but, in the case of Sections 4.01 and 4.03, solely to the extent that the amounts claimed thereunder by such Participant do not have any rights under this Agreement, or any of exceed the other Loan Documents, and all amounts payable that could be claimed thereunder by the Company hereunder shall be determined as if Bank which sold a participation interest to such Participant had such Bank had not sold such participation; except thatparticipation interest), and, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAdministrative Agent and, at all times other than during the existence of an Event of Default, the Company (which consents shall consent of the Company may not unreasonably be unreasonably withheld), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such BankBank or is another Bank prior to such assignment) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments (provided that any assignment of the Commitments shall be an assignment of a proportionate share of the Revolver A Commitment and the Revolver B Commitment) (in a minimum aggregate amount of $10,000,000) and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent (or the Administrative Agent, in its sole discretion, has waived) a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance (which shall be executed by the Company if the Company's consent is required) and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment Upon satisfaction of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes conditions set forth in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Banksubsection 11.8(a). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.
011. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Company and provided to it by the Company or any Subsidiary, or by the Administrative Agent on such Company's or Subsidiary's behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; provided, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Administrative Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Bank's independent auditors and other professional advisors; (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or potential, provided that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Company is party or is deemed party with such Bank.
(f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(g) Any Assignee that is a foreign corporation, partnership or trust shall make the representation and undertakings set forth in Section 10.10, as a condition to such assignment.
Appears in 1 contract
Sources: Revolving Credit Agreement (Wisconsin Central Transportation Corp)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of Spherion (at all times other than during the Agentsexistence of an Event of Default) and the Agent and the Issuing Bank, which consents shall not be unreasonably withheldwithheld (provided that the withholding of consent by reason of any proposed assignment resulting in the incurrence by the Companies of increased costs under ARTICLE IV shall not be deemed to be unreasonable and the withholding of consent by the Borrower of an assignment to an Approved Fund for any reason shall not be deemed unreasonable), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Companies, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to (i) an Eligible Assignee that is an Affiliate of such Bank and (ii) a Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitment, the L/C Commitment, the L/C Obligations, Swing Line Participations and the other rights and obligations of such Bank hereunder, in a minimum aggregate amount of $5,000,000; provided, however, that (i) the each Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the each Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the each Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E EXHIBIT M ("Assignment and Acceptance") together with any Note or Notes subject to such assignment assignment; and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]3,500; and (iiprovided, further, the assignment may at the option of the assigning Bank and the Assignee not assign any portion of any outstanding Bid Loans. Notwithstanding the foregoing, no Bank may effect an assignment under this SECTION 11.8(a) if after giving effect thereto its remaining aggregate Commitment shall be less than $5,000,000, unless such assignment shall be part of a 102 series of transactions disclosed by such Bank to the assignor Agent to effect the disposition of all of such Bank's interests in the Loan Documents. A Bank or any may not assign a portion of its Affiliates is 364 Day Commitment without the assignment of a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all ratable portion of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyRevolving Commitment.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents. Upon the request of the Assignee, the Companies shall issue Notes to the Assignee in lieu of and to replace the Notes then held by the assignor Bank, which assigned Notes shall be returned by the assignor to the Companies.
(c) Within five Business Days after its their receipt of notice by from the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that they consent to such assignment in accordance with SECTION 11.8(a)), the Company Companies shall execute and deliver to the Administrative Agent, Agent a new Notes Revolving Loan Note evidencing such Assignee's assigned Revolving Loans and Revolving Commitment and a Bid Loan Note and a new 364 Day Note evidencing such Assignee's assigned 364 Day Commitment and, if the assignor Bank has retained a portion of its Revolving Loans and its Revolving Commitment and 364 Day Loans and its 364 Day Commitment, a replacement Notes Revolving Loan Note in the principal amount of the Loans Revolving Commitment it has retained by the assignor Bank (such Notes Revolving Loan Note to be in exchange for, but not in payment of, the Notes Revolving Loan Note held by such Bank) and a replacement 364 Day Note in the principal amount of the 364 Day Commitment it has retained (such 364 Day Note to be in exchange for, but not in payment of, the 364 Day Note held by such Bank). Immediately upon each Assignee's making its payment of the processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments Commitment of the assigning Bank pro tantorata.
(d) The Agent, acting solely for this purpose as an agent of the Borrowers shall maintain at the Agent's office a copy of each Assignment and Acceptance delivered to is and a register for the recordation of the names and addresses of the Banks, and the Commitments of, and principal amount of the Loans and L/C Obligations owing to, each Bank pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive, and the Borrowers, the Agent and the Banks may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and the Banks, at any reasonable time and from time to time upon reasonable prior notice. 103
(e) Any Bank or Designated Bidder may at any time sell to one or more commercial banks or other Persons not Affiliates of the a Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank or Designated Bidder (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) each Company, the Company Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to SECTION 11.
011. In the case of any such participation, the Participant shall be entitled to the benefit of SECTIONS 4.1, 4.2, 4.4, 4.5, 4.6 AND 11.5 as though it were also a Bank or Designated Bidder hereunder (provided that no Participant shall be entitled to any payment under SECTION 4.1, 4.5 OR 4.6 in excess of the payment which would have been payable to the originating Bank if it had not so sold a participation), and not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Companies hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest interest, subject in all events to SECTION 2.18 as if such Participant were a Bank, in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank or Designated Bidder under this Agreement.
(ef) Notwithstanding any other provision in this Agreement, any Bank or Designated Bidder may at any time create a security interest in, or pledge, pledge all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(g) Any assignment or participation shall be subject to the assignee's or the participant's agreement to be bound by all applicable confidentiality restrictions set forth herein.
(h) Notwithstanding an assignment, the Bank making the assignment shall continue to have the benefits of ARTICLE IV and SECTIONS 11.4 and 11.5 with respect to the period prior to the assignment.
Appears in 1 contract
Sources: Credit Agreement (Spherion Corp)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAgent and the Issuing Bank, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "AssigneeASSIGNEE") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,0005,000,000 (or, if less, the entire amount of such Bank's Loans, Commitment and L/C Obligations); providedPROVIDED, howeverHOWEVER, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit EXHIBIT E ("Assignment and AcceptanceASSIGNMENT AND ACCEPTANCE") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with SECTION 11.08(A)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoPRO TANTO.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "ParticipantPARTICIPANT") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.Commitment
Appears in 1 contract
Sources: Credit Agreement (Waterlink Inc)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of Company (at all times other than during the Agentsexistence of an Event of Default) and Administrative Agent (at all times), which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that but no written consent of either Company or Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 (or a lesser amount, if such lesser amount constitutes all of the remaining Loans and Commitment of the assigning Lender); provided, however, that (i) the but Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A1) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (B2) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance Agreement in the form of Exhibit E D ("Assignment and Acceptance") together with any Note or Notes subject to such assignment assignment, and (C3) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) Company's consent, if required, with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i1) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii2) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of (1) request therefor; (2) the Note(s),if any, previously held by the assignee Lender, and (3) notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the (and provided that it consents to such assignment in accordance with Section 9.08(a)), Company shall execute and deliver to the Administrative Agent, new Notes Note(s) evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its CommitmentCommitment and has requested the execution and delivery of Note(s), replacement Notes Note(s) in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, extent necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks Lenders or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankOriginator") hereunder and under the other Loan Documents; provided, however, that but
(i1) the originating BankOriginator's obligations under this Agreement shall remain unchanged, ; (ii2) the originating Bank Originator shall remain solely responsible for the performance of such obligations, ; (iii3) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Originator in connection with the originating BankOriginator's rights and obligations under this Agreement and the other Loan Documents, and (iv4) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of Lenders as described in Sections 9.01(a) through (e). In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan DocumentsDocument, and all amounts payable by the Company hereunder shall be determined as if such Bank Originator had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: 364 Day Revolving Credit Agreement (Commercial Metals Co)
Assignments, Participations, etc. (a) Any Agent Bank may, and with subject to the written consent of the AgentsParent at all times other than during the existence of an Event of Default, and the Administrative Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Parent or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such BankBank and the assignee need not be an Eligible Assignee if an Event of Default has occurred and is continuing) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount such that the Assignee after giving effect to such assignment shall hold at least $5,000,000 of $5,000,000the Commitments (or if less the aggregate amount of the Commitments of the Bank so assigning); provided, however, that (i) the Company Parent and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Parent and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.;
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 12.8(a)), the Company Parent shall at the request of the Assignee execute and deliver to the Administrative Agent, a new Notes Note evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments Commitment of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Parent (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Parent and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 12.
011. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 3.1, 3.3 and 12.5 as though it were also a Bank hereunder, and not have any other rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Parent hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.in
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(i) Notwithstanding anything to the contrary contained herein, any Bank, (a "Granting Lender") may grant to a special purpose funding vehicle (an "SPV"), identified as such in writing from time to time by such Granting Lender to the Administrative Agent and the Parent, the option to fund all or any part of any Loan that such Granting Lender would otherwise be obligated to fund pursuant to this Credit Agreement; provided that (aa) nothing herein shall constitute a commitment by any SPV to fund any Loan, (ab) if an SPV elects not to exercise such option or otherwise fails to fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to the terms hereof, (ac) no SPV shall have any voting rights pursuant to Section 12.1 and (ad) with respect to notices, payments and other matters hereunder, the Parent, the Administrative Agent and the Banks shall not be obligated to deal with an SPV, but may limit their communications and other dealings relevant to such SPV to the applicable Granting Lender. The funding of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent that, and as if, such Loan were funded by such Granting Lender.
(ii) As to any Loans or portion thereof made by it, each SPV shall have all the rights that its applicable Granting Lender making such Loans or portion thereof would have had under this Credit Agreement; provided, however, that each SPV shall have granted to its Granting Lender an irrevocable power of attorney, to deliver and receive all communications and notices under this Agreement (and any related documents) and to exercise on such SPV's behalf, all of such SPV's voting rights under this Credit Agreement. No additional Note shall be required to evidence the Loans or portion thereof made by an SPV; and the related Granting Lender shall be deemed to hold its Note as agent for such SPV to the extent of the Loans or portion thereof funded by such SPV. In addition. any payments for the account of any SPV shall be paid to its Granting Lender as agent for such SPV.
(iii) Each party hereto hereby agrees that no SPV shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment. In furtherance of the foregoing, each party hereto hereby agrees (which agreements shall survive the termination of this Credit Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under the laws of the United States or any State thereof.
(iv) In addition, notwithstanding anything to the contrary contained in this Agreement, but subject to the other provisions of Section 13.8(f), any SPV may (i) at any time and without paying any processing fee therefor, assign or participate all or a portion of its interest in any processing fee therefor, assign or participate all or a portion of its Loans to the Granting Lender or to any financial institutions to any financial institutions providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancements to such SPV. This Section 12.8(f) may not be amended without the written consent of any Granting Lender affected thereby if the existence of such Granting Lender has been identified to the Parent and Administrative Agent pursuant to Section 12.8(f)(i).
Appears in 1 contract
Assignments, Participations, etc. (a1) Any Agent may, and with With the prior written consent of the AgentsAdministrative Agent and, which but only if there has not occurred and is continuing an Event of Default or Potential Default, MAC, such consents shall not to be unreasonably withheldwithheld or delayed, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either MAC or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender or to another Lender or its Affiliate) (each an "Assignee") all, all or any ratable part of all, such Lender's Percentage Share of the Loans, the Commitments Term Loan and the other rights and obligations of Obligations held by such Bank Lender hereunder, in a minimum amount of $5,000,0001,000,000, which minimum amount may be an aggregated amount in the event of simultaneous assignments to or by two or more funds under common management (or if such Lender's Percentage Share of the Term Loan is less than $1,000,000, one hundred percent (100%) thereof); provided, however, that (i) MAC, the Company Borrowers and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrowers and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrowers and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment Agreement and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3500.
(bA) From and after the date that the Administrative Agent notifies the assignor Bank Lender and the Borrowers that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance Agreement and payment of the above-referenced processing fee, : (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned to it pursuant to such Assignment and AcceptanceAcceptance Agreement, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and AcceptanceAcceptance Agreement, relinquish its rights and be released from its obligations under the Loan Documents.
Documents (c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company but shall execute and deliver be entitled to indemnification as otherwise provided in this Agreement with respect to any events occurring prior to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans assignment) and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, iii) this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising Percentage Shares resulting therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d2) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance Agreement and payment of the processing fee (which notice shall also be sent by the Administrative Agent to each Lender), the Borrowers shall, if requested by the Assignee, execute and deliver to the Administrative Agent, a new Note evidencing such Assignee's Percentage Share of the Term Loan.
(3) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrowers (a "Participant") participating interests in any Loans, the Commitment of that Bank Term Loan and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, and (iii) the Company Borrowers and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 2.5, or any 2.6 and 2.7 (and subject to the burdens of the other Loan DocumentsSections 2.8 and 11.8 above) as though it were also a Lender thereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement, and Section 11.10 of this Agreement shall apply to such Participant as if it were a Lender party hereto.
(e4) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and Percentage Share of the Note Term Loan held by it in favor of to any Federal Reserve Bank in accordance with Lender or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank may enforce Lender, provided that any payment in respect of such pledge assigned Percentage Share of the Term Loan made by the Borrowers to or security interest for the account of the assigning and/or pledging Lender in any manner permitted under applicable lawaccordance with the terms of this Agreement shall satisfy the Borrowers' obligations hereunder in respect to such assigned Percentage Share of the Term Loan to the extent of such payment. No such assignment shall release the assigning Lender from its obligations hereunder.
Appears in 1 contract
Sources: Credit Agreement (Macerich Co)
Assignments, Participations, etc. (a) Any Agent mayThis Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto, and with provided that the Borrower may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank)Banks. Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Each Bank may at any time sell to one grant participations in any of its rights hereunder or more commercial banks or other Persons not Affiliates under any of the Company (a "Participant") participating interests Notes to another financial institution, provided that in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant participant shall not have any rights under this Agreement, Agreement or any of the other Loan Documents, Credit Documents (the participant's rights against such Bank in respect of such participation to be those set forth in the agreement executed by such Bank in favor of the participant relating thereto) and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; , except thatthat the participant shall be entitled to the benefits of Sections 1.10, 2.06 and 4.04 to the extent that such Bank would be entitled to such benefits if amounts outstanding the participation had not been entered into or sold, and, provided further, that no Bank shall transfer, grant or assign any participation under which the participant shall have rights to approve any amendment to or waiver of this Agreement are due and unpaidor any other Credit Document except to the extent such amendment or waiver would (i) extend the final scheduled maturity of any Loan or Note or Letter of Credit (unless such Letter of Credit is not extended beyond the Maturity Date) in which such participant is participating, or reduce the rate or extend the time of payment of interest or Fees thereon (except in connection with a waiver of the applicability of any post-default increase in interest rates), or reduce the principal amount thereof (it being understood that any amendment or modification to the financial definitions in this Agreement shall have been declared not constitute a reduction in the rate of interest for purposes of this clause (i)), 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 set-off in respect of its increase such participant's participating interest in amounts owing under this Agreement any Revolving Commitment over the amount thereof then in effect (it being understood that (x) a waiver of any Default or Event of Default or of a mandatory reduction in the Total Revolving Commitment, or a mandatory prepayment, shall not constitute a change in the terms of such participation and (y) an increase in any Revolving Commitment or Revolving Loan shall be permitted without the 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 which support the Revolving Loans in which such participant is participating (except as expressly permitted in any Credit Document) or (iii) consent to the same extent as if assignment or transfer by the amount Borrower of any of its participating interest were owing directly to it as a Bank rights and obligations under this Agreement.
(eb) Notwithstanding the foregoing, (x) any Bank may assign all or a portion of its Revolving Commitment and its rights and obligations hereunder to (i) an Affiliate of such Bank or to one or more other Banks or (ii) in the case of any Bank that is a fund that invests in bank loans, any other provision fund that invests in this Agreementbank loans and is managed by the same investment advisor of such Bank or by an Affiliate of such investment advisor or (y) with the consent of the Administrative Agent and the Borrower (which consents shall not be unreasonably withheld), any Bank may assign all or a portion of its Revolving Commitment and its rights and obligations hereunder to one or more Eligible Transferees (treating any fund that invests in bank loans and any other fund that invests in bank loans and is managed by the same investment advisor of such fund or by an Affiliate of such investment advisor as a single Eligible Transferee). No assignment pursuant to the immediately preceding sentence shall, to the extent such assignment represents an assignment to an institution other than one or more Banks hereunder or an Affiliate of any Bank, be in an aggregate amount less than $5,000,000 unless the entire Commitment and outstanding Revolving Loans of the assigning Bank is so assigned. If any Bank so sells or assigns all or a part of its rights hereunder or under the Notes, any reference in this Agreement or the Notes to such assigning Bank shall thereafter refer to such Bank and to the respective assignee to the extent of their respective interests and the respective assignee shall have, to the extent of such assignment (unless otherwise provided therein), the same rights, benefits and obligations as it would if it were such assigning Bank. Each assignment pursuant to this Section 12.04(b) shall be effected by the assigning Bank and the assignee Bank executing an Assignment Agreement (the "Assignment Agreement") substantially in the form of Exhibit L (appropriately completed). In the event of (and at the time of) any such assignment (other than an assignment to one or more Banks or an Affiliate of a Bank), either the assigning or the assignee Bank shall pay to the Administrative Agent a nonrefundable assignment fee of $3,500, and at the time create of any assignment pursuant to this Section 12.04(b), (i) Schedule I shall be deemed to be amended to reflect the Revolving Commitment of the respective assignee (which shall result in a security interest indirect reduction to the Revolving Commitment of the assigning Bank) and of the other Banks, and (ii) if any such assignment occurs after the Effective Date, the Borrower will issue new Notes to the respective assignee and to the assigning Bank in conformity with the requirements of Section 1.05. No transfer or pledgeassignment under this Section 12.04(b) will be effective until recorded by the Administrative Agent on the Register pursuant to Section 12.16. To the extent of any assignment pursuant to this Section 12.04(b), the assigning Bank shall be relieved of its obligations hereunder with respect to its assigned Revolving Commitments. At the time of each assignment pursuant to this Section 12.04(b) to a Person which is not already a Bank 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 Bank shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a Section 4.04(b)(ii) Certificate) described in Section 4.04(b). To the extent that an assignment of all or any portion of a Bank's Revolving Commitment and related outstanding Obligations pursuant to Section 1.13 or this Section 12.04(b) would, at the time of such assignment, result in increased costs under Section 1.10, 1.11, 2.06 or 4.04 which exceed those being charged, if any, by the respective assigning Bank prior to such assignment, then the Borrower shall not be obligated to pay such excess increased costs (although the Borrower shall be obligated to pay any other increased costs of the type described above resulting from changes giving rise to such increased costs after the date of the respective assignment). Each Bank and the Borrower agree to execute such documents (including, without limitation, amendments to this Agreement and the other Credit Documents) as shall be necessary to effect the foregoing.
(c) Nothing in this Agreement shall prevent or prohibit any Bank from pledging its Notes or Loans to a Federal Reserve Bank in support of borrowings made by such Bank from such Federal Reserve Bank and, with the consent of the Administrative Agent, any Bank which is a fund may pledge all or any portion of its rights Loans and Notes to its trustee in support of its obligations to its trustee.
(d) Notwithstanding any other provisions of this Section 12.04, no transfer or assignment of the interests or obligations of any Bank hereunder or any grant of participation therein shall be permitted if such transfer, assignment or grant would require the Borrower to file a registration statement with the SEC or to qualify the Loans under and interest in the "Blue Sky" laws of any State.
(e) Each Bank initially party to this Agreement hereby represents, and each Person that became a Bank pursuant to an assignment permitted by this Section 12 will, upon its becoming party to this Agreement, represent that it is an Eligible Transferee which makes or invests in loans in the Note ordinary course of its business and that it will make, invest in or acquire Revolving Loans for its own account in the ordinary course of such business, provided that subject to the preceding clauses (a) and (b), the disposition of any promissory notes or other evidences of or interests in Indebtedness held by it in favor of any Federal Reserve such Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawshall at all times be within its exclusive control.
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Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Administrative Agent and the Issuer, which consents consent of the Company shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Administrative Agent or the Issuer shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "AssigneeASSIGNEE") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 or, if less, 100% of such Lender's outstanding Loans and/or Commitment; providedPROVIDED, howeverHOWEVER, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; , (B) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E EXHIBIT D ("Assignment and AcceptanceASSIGNMENT AND ACCEPTANCE") together with any Note or Notes subject to such assignment and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]3,500; PROVIDED, FURTHER, that upon receipt of notice from any Lender that such Lender intends, pursuant to this SECTION 11.08, to make any such assignment and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments delegation to an Assignee unless such Assignee, or other than an Affiliate of such AssigneeLender or another Lender, then, so long as no Event of Default has occurred and is continuing, the Company shall also assume all obligations have 10 days from the date of receipt of such notice to obtain an Assignee (which Assignee shall be reasonably satisfactory to the Administrative Agent and the assignor Bank or Affiliate with respect Lender) to accept such Specified Swap Contractsassignment and delegation from such Lender, in lieu of the Assignee specified by such assignor Lender, with such assignment to be made otherwise in compliance with this SECTION 11.08, except that the consent of $3,500 processing fee shall be paid by the Company or the Assignee chosen by the Company; PROVIDED, FURTHER, that if any Assignee chosen by the Company pursuant to preceding proviso is found to be unsatisfactory to the assignor Lender, then the Company shall have an additional 10-day period to obtain another Assignee.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and and, if required, provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five (5) Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with SUBSECTION 11.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoLender PRO TANTO.
(d) The Administrative Agent shall maintain a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and the Commitments of, and principal amount of the Loans owing to, each Lender from time to time. The entries in such 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 such register as the owner of the Commitments and the Loans recorded therein for all purposes of this Agreement. The register shall be available for inspection by the Company, any Lender and their representatives, at any reasonable time and from time to time upon reasonable prior notice.
(e) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "ParticipantPARTICIPANT") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankORIGINATING LENDER") hereunder and under the other Loan Documents; providedPROVIDED, howeverHOWEVER, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment,
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of SECTIONS 4.01, or any of the other Loan Documents4.03 and 11.05 as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(ef) Notwithstanding any other provision in this Agreement, (i) any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawlaw and (ii) any Lender that is a fund that invests in bank loans may, without the consent of the Administrative Agent or the Company, pledge all or any portion of its rights under and interest in this Agreement to any trustee or to any other representative of holders of obligations owed or securities issued by such fund as security for such obligations or securities; PROVIDED, that any transfer to any Person upon the enforcement of such pledge or security interest may only be made subject to SECTION 11.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, with the written consent of the Agent and with the written consent of ▇▇▇▇▇▇▇▇▇ at all times other than during the Agentsexistence of an Event of Default, which consents consent of ▇▇▇▇▇▇▇▇▇, if required, shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either ▇▇▇▇▇▇▇▇▇ or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, provided that (i) the Company Companies and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company ▇▇▇▇▇▇▇▇▇ and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company ▇▇▇▇▇▇▇▇▇ and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with 3,500. If the consent of the CompanyAgent and of ▇▇▇▇▇▇▇▇▇ shall be required for any such assignment, the Bank proposing to make such assignment shall give the Agent and ▇▇▇▇▇▇▇▇▇ no less than 20 calendar days notice of such requested consent.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee and requesting new Notes (and provided that it consents to such assignment in accordance with Section 11.08(a)), the Company Companies shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may may, with the written consent of ▇▇▇▇▇▇▇▇▇ at all times other than during the existence of an Event of Default, which consent of ▇▇▇▇▇▇▇▇▇, if required, shall not be unreasonably withheld, at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Companies (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, provided that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Companies and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as pursuant to subsections (a), (b) or (c) of the first proviso to Section 11.01, in which event such Participant shall (if agreed by the originating Bank) be entitled to vote with respect to such amendment, consent or waiver. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.01, or any of the other Loan Documents4.03 and 11.05 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement. If the consent of the ▇▇▇▇▇▇▇▇▇ shall be required for any such participation, the Bank proposing to make such participation shall give the Agent and ▇▇▇▇▇▇▇▇▇ no less than 20 calendar days notice of such requested consent.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsAgent, the Issuing Bank and, so long as no Default or Event of Default has occurred and is continuing, each Credit Party, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent the Agent, the Issuing Bank or any Credit Party shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") allall of, or any ratable part of allof, of the Loans, the Commitments Commitments, the L/C --------- Obligations and the other rights and obligations of such Bank Lender hereunder, in a minimum aggregate amount of $5,000,0005,000,000 (or, if less, the entire amount of such Lender's Loans and Commitments, and such Loans and Commitments may consist of either or both of the Revolving Loan Commitments or L/C Commitments as determined by the assigning Lender); provided, however, that (i) the Company each Credit Party -------- ------- and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company each Credit Party and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company each Credit Party and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together --------- ------------------------- with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with Section 11.08(a)), the Company relevant Credit Party shall execute and deliver to ---------------- the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.. --- -----
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company a Credit Party (a "Participant") participating ----------- interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations -------- ------- under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) each Credit Party, the Company Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as required pursuant to the first proviso to Section ----- ------- -------
0111.01. In the case of any such participation, the Participant shall not have any ----- rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Credit Parties hereunder shall be determined as if such Bank Lender had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14(S)203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) No assignee, participant or other transferee of any Lender's rights shall be entitled to receive any greater payment under Article IV than such Lender would have been entitled to receive with respect to the rights transferred or by reason of the provisions of Article IV requiring such Lender to designate a different Applicable Lending office under certain circumstances or at a time when the circumstances giving rise to such greater payment did not exist.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time may assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments Committed Line Portion, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,0001,000,000; provided, however, that (i) any such disposition shall not, without the Company prior consent of the Borrower, require the Borrower to apply to register or qualify the Loan or any Note under the securities laws of any state, and (ii) the Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ax) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (By) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("“Assignment and Acceptance"”) in form attached hereto as Exhibit D, together with any Note or Notes subject to such assignment assignment; and (Cz) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company The Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's ’s assigned Loans and Commitment Committed Line Portion and, if the assignor Bank has retained a portion of its Loans and its CommitmentCommitted Line Portion, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments Committed Line Portion arising therefrom. The Commitment Committed Line Portion allocated to each Assignee shall reduce such Commitments Committed Line Portion of the assigning Bank pro tanto. Upon such Assignment, the Administrative Agent is authorized to revise Schedule 2.01 and Schedule 11.02 to reflect the adjusted status of the Banks.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment Committed Line Portion of that Bank and the other interests of that Bank (the "“originating Bank"”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's ’s and the Borrower’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, the Issuing Banks and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as “confidential” or “secret” by the Borrower and provided to it by the Borrower or any Subsidiary or Affiliate, or by the Agents on the Borrower or Subsidiary’s or Affiliate’s behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Borrower; provided, however, that such source is not bound by a confidentiality agreement with, or under obligation of confidentiality to the Borrower known to the Bank; provided, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Administrative Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) such Bank’s independent auditors and other professional advisors; (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or potential; provided, however, that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Borrower is party or is deemed party with such Bank. The foregoing is not intended to limit the Banks’ obligations to maintain confidential information received from the Borrower under applicable laws.
(f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Credit Agreement (Atmos Energy Corp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrower, which consents consent shall not be unreasonably withheldwithheld (provided that such consent shall not be required at any time that an Event of Default exists or in connection with an assignment of a Term Loan to a Related Fund) and of Agent, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no the written consent of either the Agent or the Borrower shall not be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of allof, of the Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 (or such lesser amount as Agent in its sole discretion may agree) or, if less, the entire Commitment or Loan(s) of such Lender; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until until:
(Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; ;
(Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E and substance reasonably satisfactory to Agent, such Lender and its Assignee (an "Assignment and Acceptance");
(iii) together such Assignee, if it is to become a Non-U.S. Lender, shall have complied with any Note or Notes subject to such assignment and the provisions of subsection 10.1(f); and
(Civ) the assignor Bank Lender or the Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From Subject to the provisions of subsection 9.8(f) below, from and after the date that the Administrative Agent notifies the assignor Bank Lender that it the Agent has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) to an executed Assignment and Acceptance and payment of the above-referenced processing fee, :
(i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under this Agreement and the other Loan Documents, and ; and
(ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt Subject to the provisions of notice by subsection 9.8(f) below, immediately upon the Administrative Agent that it has received an executed Assignment and Acceptance and payment making of the processing fee, the Company shall execute and deliver fee payment to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion Agent in respect of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments Commitment of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement Lender to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementextent.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAgent, which consents and unless an Event of Default shall not have occurred and be unreasonably withheldcontinuing, any other Bankwith the written consent of the Company, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 and (iiprovided, further, that notwithstanding anything in this Section 10.08(a) if to the assignor contrary, so long as no Event of Default shall have occurred and be continuing, no Bank may assign all or any portion of its Affiliates is a Swap Provider with respect interests hereunder to any Specified Swap ContractAssignee if, on the date the assignment is to become effective, a payment made by Agent to such Bank Assignee would be subject to any U.S. withholding tax. Any consent to assignment required of the Agent or of the Company pursuant to this Section 10.08 shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companybe unreasonably withheld.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.01, or any of the other Loan Documents, 3.03 and all amounts payable by the Company 10.05 as though it were also a Bank hereunder shall be determined as if such Bank had not sold such participation; except thatand, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14#203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Credit Agreement (Longview Fibre Co)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Each Bank may at any time assign and delegate to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Loans, its Note, and its Commitment); provided that no written consent of either Agent that
(i) each such assignment shall be required to an Eligible Assignee;
(ii) except in connection with the case of an assignment to another Bank or an assignment of all of a Bank's rights and obligations under this Agreement, any such partial assignment and delegation shall be in an amount at least equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof;
(iii) each such assignment by a Bank to an Eligible Assignee that is an Affiliate shall be of such Bank) (each an "Assignee") alla constant, or any ratable part and not varying, percentage of all, all of the Loans, the Commitments and the other its rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000under this Agreement and the Note; provided, however, that and
(iiv) the Company parties to such assignment shall execute and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect deliver to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and for its Assignee shall have delivered to the Company and the Administrative Agent acceptance an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") hereto, together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500. Upon execution, delivery, and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate acceptance of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of Acceptance, the above-referenced processing fee, (i) the Assignee assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to of such Assignment and Acceptanceassignment, shall have the rights obligations, rights, and obligations benefits of a Bank under hereunder and the Loan Documents, and (ii) the assignor assigning Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to of such Assignment and Acceptanceassignment, relinquish its rights and be released from its obligations under this Agreement. Upon the Loan Documentsconsummation of any assignment pursuant to this Section, the assignor, the Agent and the Company shall make appropriate arrangements so that if required, new Notes are issued to the assignor and the assignee. If the assignee is not incorporated under the laws of the United States of America or a state thereof, it shall deliver to the Company and the Agent certification as to exemption from deduction or withholding of Taxes in accordance with Section 10.10.
(b) The Agent shall maintain at its address referred to in Section 11.02 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Banks and the Commitment of, and principal amount of the Loans owing to, each Bank from time to time (the "Register"). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Company, the Agent and the Banks may treat each Person whose name is recorded in the Register as a Bank hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Company or any Bank at any reasonable time and from time to time upon reasonable prior notice.
(c) Within five Business Days after Upon its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance executed by the parties thereto, together with any Note subject to such assignment and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment andAgent shall, if such Assignment and Acceptance has been completed and is in substantially the assignor Bank has retained a portion form of its Loans and its CommitmentExhibit E hereto, replacement Notes in the principal amount of the Loans retained by the assignor Bank (i) accept such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoparties thereto.
(d) Any Each Bank may at any time sell participations to one or more commercial banks Persons in all or other Persons not Affiliates a portion of the Company its rights and obligations under this Agreement (including all or a "Participant") participating interests in any portion of its Commitment and its Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents); provided, however, provided that (i) the originating such Bank's obligations under this Agreement shall remain unchanged, (ii) the originating such Bank shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Company participant shall be entitled to the benefit of the yield protection provisions contained in Article IV and the Agents right of set-off contained in Section 11.10, and (iv) the Company shall continue to deal solely and directly with the originating such Bank in connection with the originating such Bank's rights and obligations under this Agreement and the other Loan DocumentsAgreement, and (iv) no such Bank shall transfer retain the sole right to enforce the obligations of the Company relating to its Loans and its Note and to approve any amendment, modification, or grant any participating interest under which the Participant has rights to
01. In the case waiver of any such participationprovision of this Agreement (other than amendments, the Participant shall not have any rights under this Agreementmodifications, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if waivers decreasing the amount of principal of or the rate at which interest is payable on such Loans or Note, extending any scheduled principal payment date or date fixed for the payment of interest on such Loans or Note, or extending its participating interest were owing directly to it as a Bank under this AgreementCommitment).
(e) Notwithstanding any other provision set forth in this Agreement, any Bank may at any time create a security interest in, or pledge, assign and pledge all or any portion of its rights under Loans and interest in this Agreement and the its Note held by it in favor of to any Federal Reserve Bank in accordance with as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and any Operating Circular issued by such Federal Reserve Bank. No such assignment shall release the assigning Bank from its obligations hereunder.
(f) Any Bank may enforce furnish any information concerning the Company or any of its Subsidiaries in the possession of such pledge or security interest in any manner permitted under applicable lawBank from time to time to assignees and participants (including prospective assignees and participants), subject, however, to the provisions of Section 11.09.
Appears in 1 contract
Sources: Credit Agreement (Gymboree Corp)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany and the Agent, the Issuing Bank and the Swingline Bank (which consents in each case shall not be unreasonably withheld), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitment, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) no written consent of the Company shall be required during the existence of a Default or an Event of Default; (ii) no written consent of the Company or the Agent, the Issuing Bank or the Swingline Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is another Bank or an Affiliate of such Bank; and (iii) except in connection with an assignment of all of a Bank's rights and obligations with respect to its Commitment, Loans and L/C Obligations, any such assignment to an Eligible Assignee that is not a Bank hereunder shall be equal to or greater than $5,000,000; and (iv) no such partial assignment need be of a ratable part of the Loans, the Commitment and the other interests, rights and obligations hereunder of such assigning Bank; and provided further, however, that the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) such Bank and its Assignee shall have delivered to the Company and the Agent an Assignment and Acceptance Agreement substantially in the form of Exhibit E ("Assignment and Acceptance"), together with any Note or Notes subject to such assignment; (B) a written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, in substantially the form of the Notice of Assignment and Acceptance attached as Schedule 1 to the Assignment and Acceptance, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has shall have paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 and (iiD) if the assignor Agent, the Company the Issuing Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, Swingline Bank each shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.have provided any required
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it the Agent has received (and and, if required, provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment thereto and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the received any other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations consents required under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.Section 11
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the Agents, Administrative Agent and Issuing Bridge Lenders (which consents consent shall not be unreasonably withheld), any other Bank, may at any time time, assign and delegate to one or more Eligible Assignees (provided -------- that no written consent of either Administrative Agent or Issuing Bridge Lenders shall be required in connection with (i) any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank or (ii) to another Bank) (each an "Assignee") all, or any -------- ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that that: -------- -------
(iA) a Bank may enter into an assignment and delegation of less than $5,000,000 if such assignment and delegation consists of such Bank's entire interest;
(B) the assignment shall provide that any claims made by any Assignee under Sections 3.1, 3.2, 3.3, and 3.6 shall not exceed the claims the assigning Bank could have made on the interests assigned if the assigning Bank had retained such interests; provided, -------- however, that this subsection shall not apply when the assignment is ------- made by a Bank in favor of another Bank which was a Bank on the Closing Date; and
(C) Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A1) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B2) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment assignment; and (C3) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent to and obtained the consent of the Documentation Agent) with respect to) received an executed Assignment and Acceptance and payment of the above-referenced processing feefee of $3,500, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (other than any rights of indemnity) and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its CommitmentLoans, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement Agreement, shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee Assignee. If an assignor Bank has not retained a portion of its Loans, such Bank shall ▇▇▇▇ its Notes "superseded" and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated return such Notes to each Assignee shall reduce such Commitments of the assigning Bank pro tantoAdministrative Agent for delivery to Company.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Eligible Assignees (a "Participant") participating interests in any Loans, the Commitment of that Bank Loans and the other interests ----------- of that Bank (the "originating BankOriginator") hereunder and under the other Loan Documents; ---------- provided, however, that (i) the originating BankOriginator's obligations under this Agreement -------- ------- shall remain unchanged, (ii) the originating Bank Originator shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Originator in connection with the originating BankOriginator's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights tothe
011. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank Originator had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement (and the Note Notes held by it it) in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB Federal Reserve Board or U.S. Treasury Regulation 31 CFR Section203.14(S)203.14, and may assign all or any portion of its rights under or interests in this Agreement (and the Notes held by it) to any Affiliate for purposes of creating such a security interest or pledge, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent (i) Each Bank may, and with the prior written consent approval of the AgentsBorrower and the Administrative Agent, assign to one or more assignees, which consents shall approvals will not be unreasonably withheld, and (ii) each Bank may, without the consent of the Borrower or the Administrative Agent, assign to any of its Affiliates or to any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by other than a Bank replaced pursuant to an Eligible Assignee that is an Affiliate of such Bank) Section 3.14(b), (each such Person, an "Assignee") all), all or any ratable part fraction of all, of the its Committed Loans, the Commitments if any, owed to it and the other rights and obligations of such Bank hereunder, its Commitment in a minimum amount of $5,000,00010,000,000; provided, however, that the Borrower shall not, as a result of an assignment by any Bank to any of its wholly-owned Subsidiaries incur any increased liability for Taxes and Other Taxes pursuant to Section 3.05.
(ib) the Company No assignment shall become effective, and the Agents may Borrower and the Administrative Agent shall be entitled to continue to deal solely and directly with such each Bank in connection with the interest interests so assigned by such Bank to an Assignee Assignee, until (Ai) written notice of such assignment, together with an agreement to be bound, payment instructions, addresses and related information with respect to the such Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the such Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance , in substantially the form of Exhibit E 10.08 (a "Assignment Notice of Assignment"), and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank and such Assignee shall not assign all of its interest have executed in the 76 128 Loans and the Commitments to connection therewith an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.157
(bc) From and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeany assignment, (i) the Assignee thereunder shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and AcceptanceAssignee by the assignor Bank, shall have the rights and obligations of a Bank hereunder and under the each other Loan DocumentsDocument, and (ii) the assignor Bank shallBank, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptancethe Assignee, relinquish its rights and shall be released from its obligations hereunder and under the each other Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoDocument.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates (each of the Company (such Persons being herein called a "Participant") participating interests in any of the Loans, the its Commitment or any other interest of that such Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documentshereunder; provided, however, that (i) the originating Bank's no participation contemplated in this Section 10.08(d) shall relieve such Bank from its Commitment or its other obligations hereunder or under this Agreement shall remain unchanged, any other Loan Document; (ii) the originating such Bank shall remain solely responsible for the performance of its Commitment and such other obligations, ; (iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating such Bank in connection with the originating such Bank's rights and obligations under this Agreement and the other Loan Documents, Agreement; and (iv) no Participant, unless such Participant is itself a Bank, shall be entitled to require such Bank shall transfer to take or grant refrain from taking any participating interest action hereunder or under which the any other Loan Document, except that such Bank may agree with any Participant has rights that such Bank will not, without such Participant's consent, approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any consent or waiver with respect to, this Agreement or any other Loan Document, to the extent such amendment, consent or waiver would require unanimous consent of the other Loan Documents, and all amounts payable by Banks as described in the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 proviso to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.Section
Appears in 1 contract
Sources: Credit Agreement (Tyson Foods Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany (at all times other than during the existence of an Event of Default) and the Agent, which consents consent of the Company and the Agent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each each, an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with subsection 10.8(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's ’s assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "“originating Bank"”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's ’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.1. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3, 3.6 and 10.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of and during the continuance of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) Any Bank may at any time designate not more than one Designated Bank to fund Loans on behalf of such Designating Bank subject to the terms of this Section 10.8(f), and the provisions of Section 10.8(a) and (e) shall not apply to such designation. No Bank may have more than one Designated Bank at any time. Such designation may occur by the execution by such Bank and Designated Bank of a Designation Agreement substantially in the form of Exhibit G and delivery thereof to the Agent and the Company for their acceptance. Upon receipt of an appropriately completed Designation Agreement executed by a Designating Bank and a designee representing that it is a Designated Bank and consented to by the Company, the Agent will accept such Designation Agreement and will give prompt notice thereof to the Company and the other Banks, whereupon,
(i) the Company shall, upon the request of the Designating Bank, execute and deliver to the Designating Bank a Note payable to the order of the Designated Bank,
(ii) from and after the effective date specified in the Designation Agreement, the Designated Bank shall become a part to this Agreement with a right to make Loans on behalf of its Designating Bank pursuant to Section 2.1, and
(iii) the Designated Bank shall not be required to make payments with respect to any obligations in this Agreement except to the extent of excess cash flow of such Designated Bank which is not otherwise required to repay obligations of such Designated Bank which are then due and payable; provided, however, that regardless of such designation and assumption by the Designated Bank, the Designating Bank shall be and remain obligated to the Company, the Agent and the Banks for each and every obligation of the Designating Bank and its related Designated Bank with respect to this Agreement, including, without limitation, its Commitment, any indemnification obligations under Section 9.7 and any sums otherwise payable to the Company by the Designated Bank. Each Designating Bank, or a specified branch of affiliate thereof, shall serve as the administrative agent of its Designated Bank and shall on behalf of its Designated Bank: (x) receive any and all payments made for the benefit of such Designated Bank and (y) give and receive all communications and notices and take all actions hereunder, including, without limitation, votes, approvals, waivers, consents and amendments under or relating to this Agreement and the other Loan Documents. Any such notice, communication, vote, approval, waiver, consent or amendment shall be signed by a Designating Bank, or specified branch or affiliate thereof, as administrative agent for its Designated Bank and need not be signed by such Designated Bank on its own behalf and shall be binding upon such Designated Bank. The Company, the Agent and the Banks may rely thereon without any requirement that the Designated Bank sign or acknowledge the same. No Designated Bank may assign or transfer all or any portion of its interest hereunder or under any other Loan Document, other than via an assignment (by way of collateral, participation or conveyance) to its Designating Bank provided any such assignment shall be subject to the provisions of the Designation Agreement, or otherwise in accordance with the applicable provisions of this Section 10.8
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent (i) Each Bank may, and with the prior written consent approval of the AgentsBorrower and the Administrative Agent, assign to one or more assignees, which consents shall approvals will not be unreasonably withheld, and (ii) each Bank may, without the consent of the Borrower or the Administrative Agent, assign to any of its Affiliates or to any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by other than a Bank replaced pursuant to an Eligible Assignee that is an Affiliate of such Bank) Section 3.14(b), (each such Person, an "Assignee") all), all or any ratable part fraction of all, of the its Committed Loans, the Commitments if any, owed to it and the other rights and obligations of such Bank hereunder, its Commitment in a minimum amount of $5,000,00010,000,000; provided, however, that the Borrower shall not, as a result of an assignment by any Bank to any of its wholly-owned Subsidiaries incur any increased liability for Taxes and Other Taxes pursuant to Section 3.05.
(ib) the Company No assignment shall become effective, and the Agents may Borrower and the Administrative Agent shall be entitled to continue to deal solely and directly with such each Bank in connection with the interest interests so assigned by such Bank to an Assignee Assignee, until (Ai) written notice of such assignment, together with an agreement to be bound, payment instructions, addresses and related information with respect to the such Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the such Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance , in substantially the form of Exhibit E 10.08 (a "Notice of Assignment"), and such Bank and such Assignee shall have executed in connection therewith an Assignment and Acceptance") together with any Note or Notes subject Assumption Agreement in substantially the form of Attachment A to such assignment and Notice of Assignment, (Cii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 1,000 shall have been paid to the Administrative Agent by the assignor Bank or the Assignee, and (iii) either (A) five Business Days shall have elapsed after receipt by the Administrative Agent of the items referred to in clauses (i) and (ii) or (B) if earlier, the Administrative Agent shall have notified the assignor Bank or any and the Assignee of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent receipt of the Companyitems mentioned in clauses (i) and (ii) and that it has acknowledged the assignment by countersigning the Notice of Assignment.
(bc) From and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeany assignment, (i) the Assignee thereunder shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and AcceptanceAssignee by the assignor Bank, shall have the rights and obligations of a Bank hereunder and under the each other Loan DocumentsDocument, and (ii) the assignor Bank shallBank, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptancethe Assignee, relinquish its rights and shall be released from its obligations hereunder and under the each other Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoDocument.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates (each of the Company (such Persons being herein called a "Participant") participating interests in any of the Loans, the its Commitment or any other interest of that such Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documentshereunder; provided, however, that that
(i) the originating Bank's no participation contemplated in this Section 10.08(d) shall relieve such Bank from its Commitment or its other obligations hereunder or under this Agreement shall remain unchanged, any other Loan Document;
(ii) the originating such Bank shall remain solely responsible for the performance of its Commitment and such other obligations, ;
(iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating such Bank in connection with the originating such Bank's rights and obligations under this Agreement and the other Loan Documents, and Agreement; and
(iv) no Participant, unless such Participant is itself a Bank, shall be entitled to require such Bank shall transfer to take or grant refrain from taking any participating interest action hereunder or under which the any other Loan Document, except that such Bank may agree with any Participant has rights that such Bank will not, without such Participant's consent, approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any consent or waiver with respect to, this Agreement or any other Loan Document, to the extent such amendment, consent or waiver would require unanimous consent of the other Loan Documents, and all amounts payable by Banks as described in the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 proviso to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this AgreementSection 10.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Credit Agreement (Tyson Foods Inc)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time may assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments Uncommitted Line, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,0001,000,000; provided, however, that (i) any such disposition shall not, without the Company prior consent of the Borrower, require the Borrower to apply to register or qualify the Loan or any Note under the securities laws of any state, and (ii) the Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ax) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (By) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("“Assignment and Acceptance"”) in form attached hereto as Exhibit D, together with any Note or Notes subject to such assignment assignment; and (Cz) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company The Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's ’s assigned Loans and Commitment Uncommitted Line Portion and, if the assignor Bank has retained a portion of its Loans and its CommitmentUncommitted Line Portion, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments Uncommitted Line Portion arising therefrom. The Commitment Uncommitted Line Portion allocated to each Assignee shall reduce such Commitments Uncommitted Line Portion of the assigning Bank pro tanto. Upon such Assignment, the Administrative Agent is authorized to revise Schedule 2.01 and Schedule 11.02 to reflect the adjusted status of the Banks.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment Uncommitted Line Portion of that Bank and the other interests of that Bank (the "“originating Bank"”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's ’s and the Borrower’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, the Issuing Banks and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as “confidential” or “secret” by the Borrower and provided to it by the Borrower or any Subsidiary or Affiliate, or by the Agents on the Borrower or Subsidiary’s or Affiliate’s behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Borrower; provided, however, that such source is not bound by a confidentiality agreement with, or under obligation of confidentiality, the Borrower known to the Bank; provided, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Administrative Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) o such Bank’s independent auditors and other professional advisors; (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or potential; provided, however, that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Borrower is party or is deemed party with such Bank. The foregoing is not intended to limit the Banks’ obligations to maintain confidential information received from the Borrower under applicable laws.
(f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Credit Agreement (Atmos Energy Corp)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, howeverthat the assigning Bank shall either assign all of its Loans and Commitment or else retain at least $10,000,000 of the amount of its Loans and Commitment immediately prior to the assignment; and provided further, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company4,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.08(a) and that the assigned Loans are evidenced by Notes), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in all or any portion of any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.01, or any of the other Loan Documents3.03 and 10.05 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of Company (at all times other than during the Agentsexistence of an Event of Default) and Administrative Agent (at all times), which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that but no written consent of either Company or Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0002,500,000 (or a lesser amount, if such lesser amount constitutes all of the remaining Loans and Commitment of the assigning Lender); provided, however, that (i) the but Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A1) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (B2) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance Agreement in the form of Exhibit E D ("Assignment and Acceptance") together with any Note or Notes subject to such assignment assignment, and (C3) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) Company's consent, if required, with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i1) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii2) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of (1) request therefor; (2) the Note(s),if any, previously held by the assignee Lender, and (3) notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the (and provided that it consents to such assignment in accordance with Section 9.08(a)), Company shall execute and deliver to the Administrative Agent, new Notes Note(s) evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its CommitmentCommitment and has requested the execution and delivery of Note(s), replacement Notes Note(s) in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, extent necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks Lenders or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank -52-
(the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i1) the originating BankOriginator's obligations under this Agreement shall remain unchanged, ; (ii2) the originating Bank Originator shall remain solely responsible for the performance of such obligations, ; (iii3) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Originator in connection with the originating BankOriginator's rights and obligations under this Agreement and the other Loan Documents, and (iv4) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of Lenders as described in Sections 9.01(a) through (e). In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan DocumentsDocument, and all amounts payable by the Company hereunder shall be determined as if such Bank Originator had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrower, which consents consent shall not be unreasonably withheld, any other Bankand Agent, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent or Borrower shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 or, if less, the entire Commitment of such Lender; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until until:
(Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; ;
(Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in form and substance reasonably satisfactory to the form of Exhibit E Agent, such Lender and its Assignee (an "Assignment and Acceptance") together with any Note or Notes subject to such assignment and ); and
(Ciii) the assignor Bank Lender or the Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it the Agent has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) to an executed Assignment and Acceptance and payment of the above-referenced processing fee, :
(i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under this Agreement and the other Loan Documents, and ; and
(ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by Immediately upon the Administrative Agent that it has received an executed Assignment and Acceptance and payment making of the processing fee, the Company shall execute and deliver fee payment to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion Agent in respect of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments Commitment of the assigning Bank pro tantoLender to the same extent.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankOriginating Lender") hereunder and under the other Loan Documents; provided, however, that that:
(i) the originating BankOriginating Lender shall provide written notice of such assignment to the Borrower and the Agent;
(ii) the Originating Lender's obligations under this Agreement shall remain unchanged, ;
(iiiii) the originating Bank Originating Lender shall remain solely responsible for the performance of such obligations, ;
(iiiiv) the Company Borrower and the Agents Agent shall continue to deal solely and directly with the originating Bank Originating Lender in connection with the originating BankOriginating Lender's rights and obligations under this Agreement and the other Loan Documents, and ;
(ivv) no Bank Lender shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 9.1; and
01(vi) the participation shall be in a minimum amount of $5,000,000 or, if less, the entire Commitment of such Originating Lender. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank Lender had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans held by it in favor of to any Federal Reserve Bank in accordance with Lender or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Federal Reserve Board and any Operating Circular issued by such Federal Reserve Bank may enforce Lender, provided that any payment in respect of such pledge assigned Loans made by the Borrower to or security interest for the account of the assigning or pledging Lender in any manner permitted under applicable lawaccordance with the terms of this Agreement shall satisfy the Borrower's obligations hereunder in respect to such assigned Loans to the extent of such payment. No such assignment shall release the assigning Lender from its obligations hereunder.
Appears in 1 contract
Sources: Credit Agreement (Packaged Ice Inc)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the prior written consent of the Agents, Agent and the Company (which consents shall not be unreasonably withheldwithheld or delayed), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided PROVIDED that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "AssigneeASSIGNEE") all, or any ratable part of all, of the Loans, the Commitments Commitment and the other rights and obligations of such Bank Lender hereunder, in a minimum amount equal to the lesser of (x) $5,000,00010,000,000 and (y) all of such Lender's remaining rights and obligations hereunder (or, if assigning to another Lender or an Affiliate of any Lender, without regard to any minimum amount); provided, howeverPROVIDED, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E EXHIBIT H ("Assignment and AcceptanceASSIGNMENT AND ACCEPTANCE") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent (and obtained received, if applicable, the consent of the Documentation AgentCompany) with respect to) to an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, Documents and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank Lender may at any time sell to one or more Eligible Assignees that are commercial banks or other Persons and not Affiliates of the Company (a "ParticipantPARTICIPANT") participating interests in any Loans, the Commitment of that Bank such Lender and the other interests of that Bank such Lender (the "originating BankLender") hereunder and under the other Loan Documents; providedPROVIDED, howeverHOWEVER, that (i) the originating BankLender's obligations under this Agreement and the other Loan Documents shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in CLAUSES (a) or (b) of the FIRST PROVISO to SECTION 10.1 or CLAUSE (i) of the SECOND PROVISO to SECTION
0110.1 (if an increase in the originating Lender's Commitment would cause an increase in the Participant's commitment with respect to its participating interest). In the case of any such participation, the Participant shall not be entitled to the benefit of SECTIONS 3.1, 3.3, 3.4, 10.4 and 10.5 as though it were also a Lender hereunder (PROVIDED that no Participant shall be entitled to receive any greater amount pursuant to such Sections than the originating Lender would have any rights under this Agreement, or any of the other Loan Documentsbeen entitled to receive if no such participation had been sold), and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement. Each Lender may furnish any information concerning the Company and its Subsidiaries in the possession of such Lender from time to time to participants and prospective participants and may furnish information in response to credit inquiries consistent with general banking practice.
(ed) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, ,all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the LoansAdvances, the Commitments its Commitment hereunder and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E G ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or 2,500. The Company shall not be responsible for reimbursing any of its Affiliates is a Swap Provider with respect costs related to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyassignment hereunder.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under this Agreement and the Loan DocumentsNotes, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents Notes have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement and the Loan DocumentsNotes.
(c) Within five Business Banking Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 14.11), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans Advances and Commitment and, if the assignor Bank has retained a portion of its Loans Advances and its Commitmentcommitment, replacement Notes in the principal amount of the Loans Advances retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments the Commitment of the assigning Bank pro tantoby the amount of the Commitment assigned.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any LoansAdvances, the Commitment of that Bank and the other interests of that Bank (the "originating Originating Bank") hereunder and under the other Loan DocumentsNotes; provided, however, that (i) the originating Originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Originating Bank in connection with the originating Originating Bank's rights and obligations under this Agreement and the other Loan DocumentsNotes, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any Note, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 6 and 14.3 as though it were also a Bank hereunder, but shall not have any rights under this Agreement, or any of the other Loan DocumentsNotes, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Revolving Loan Agreement (North Star Universal Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAgent and the Issuing Bank, which consents consent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of -------- the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, -------- however, that (i) the Company and the Agents Agent may continue to deal solely and ------- directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and --------- -------------- Acceptance") together with any Note or Notes subject to such assignment and (C) ---------- the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]2,500; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating ----------- interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this -------- ------- Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.
01. In the case of any such ----- ------- participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14(S)203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Credit Agreement (Globalcenter Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAdministrative Agent and, so long as no Default or Event of Default shall then exist, the Borrower, in each case which consents consent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other --------- rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) -------- any such assignment to an Eligible Assignee shall be in a minimum amount equal to $2,500,000 or the Company then remaining Commitment of such Bank and (ii) provided further, that the Borrower, the Issuing Bank and the Agents -------- Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ax) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (By) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance Assumption; and (z) in the form case of Exhibit E ("Assignment and Acceptance") together with any Note assignment to an Assignee which is not already a Bank or Notes subject to such assignment and (C) its Affiliate, the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]3,500; and (ii) if the assignor provided that with respect -------- to a Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, Bank Affiliate such Bank processing fee shall not assign all of its interest be in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate amount of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company$1,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent requirements of the Documentation AgentSection 11.07(a) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeabove ---------------- are satisfied, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver . Anything herein to the Administrative Agentcontrary notwithstanding, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor any Bank has retained a portion assigning all of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank Commitments and the other interests of that Bank (the "originating Bank") rights and obligations hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents to an Assignee shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 benefit of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementall indemnities hereunder following such assignment.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Sources: Credit Agreement (Nexstar Broadcasting of the Wichita Falls LLC)
Assignments, Participations, etc. (a1) Any Agent mayLender may at any time, and with the written consent of the AgentsAgent and, which consents shall but only so long as there does not be unreasonably withheldexist an Event of Default, any other Bankthe Company, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) financial institutions (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Loans and the other rights and obligations of such Bank hereunder, Lender hereunder in a minimum amount of $5,000,0005,000,000.00; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructionsinstitutions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") Agreement together with any Note or Notes subject to such assignment assignment; and (Ciii) the assignor Bank or Assignee has Agent shall have been paid to each the Administrative Agent a processing fee on account of such assignment in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) 2,500.00. From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeAgreement, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned to it pursuant to such Assignment and AcceptanceAcceptance Agreement, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and AcceptanceAcceptance Agreement, relinquish its rights and be released from its obligations under the Loan Documents.
(c) . Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of Agreement, which notice shall also be sent by the processing feeAgent to each Lender, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if Loan funding commitment. Upon the assignor Bank has retained a portion effective date of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptanceassignment, this Agreement and the other Loan Documents shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments Percentage Share arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d2) Any Bank Lender may at any time sell to one or more commercial banks financial institutions or other Persons not Affiliates of the Company (each a "Participant") participating interests in any Loans, the Commitment funding commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank following such sale that Lender shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any continue to hold a Percentage Share of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had Credit Limit of not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementless than $5,000,000.00.
(e3) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans or Notes held by it in favor of to any Federal Reserve Bank in accordance with Lender or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawLender.
Appears in 1 contract
Sources: Credit Agreement (Franchise Mortgage Acceptance Co)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the prior written consent of the AgentsCompany at all times other than during the existence of an Event of Default, and the Administrative Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an a Bank Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000 and multiples of $1,000,000 in excess thereof; provided, however, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an a Notice of Assignment and Acceptance in the form of Exhibit E D ("Notice of Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Notice of Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Notice of Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Notice of Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Notice of Assignment and Acceptance and payment of the processing fee, the Company shall shall, upon the request of the Assignee made through the Administrative Agent, execute and deliver to the Administrative Agent, one or more new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank had previously requested one or more Notes and has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Notice of Assignment and Acceptance, this Agreement Agreement, shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3 and 10.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans or Notes held by it in favor of to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Loans or Notes made by the Company to or for the account of the assigning or pledging Bank may enforce in accordance with the terms of this Agreement shall satisfy the Company's obligations hereunder in respect to such pledge assigned Loans or security interest in any manner permitted under applicable lawNotes to the extent of such payment. No such assignment shall release the assigning Bank from its obligations hereunder.
Appears in 1 contract
Sources: Reducing Revolving Credit Agreement (Cinemark Usa Inc /Tx)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany (at all times other than during the existence of an Event of Default) and the Agent and the Issuing Bank, which consents consent of the Company shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company4,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute (and deliver provided that it consents to the Administrative Agentsuch assignment in accordance with subsection 13.8(a)), new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 13.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.1, or any of the other Loan Documents4.3 and 13.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note (if any) held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the 62. Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company4,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.08(a)), the Company shall shall, if requested by the Agent or any Bank, execute and deliver to the Administrative Agent, Agent new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
01. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 3.01, 3.03 and 10.05 (provided that the Participant shall not have be entitled to receive any rights greater payment under this Agreement, Sections 3.01 or any of 3.03 than the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such originating Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall would have been declared or shall have become due entitled to receive with respect to the participation sold to such Participant and payable upon the occurrence of an Event of Default, each Participant shall not be deemed entitled to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.indemnification for
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of a Default or an Event of Default and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the -------- Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents Agent -------- ------- may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit ------- E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid - ------------------------- to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.08(a)), the Company shall shall, if requested by the Agent or any Bank, execute and deliver to the Administrative Agent, Agent new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.. --- -----
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating ----------- interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this -------- ------- Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso ----- ------- to Section
0110.01. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 3.01, 3.03 and 10.05 (provided that the Participant shall not be entitled to receive any greater payment under Sections 3.01 or 3.03 than the originating Bank would have any rights under this Agreement, or any been entitled to receive with respect to the participation sold to such Participant and the Participant shall not be entitled to indemnification for Attorney Costs of counsel selected solely by and representing the interests only of the other Loan DocumentsParticipant) as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss. 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the Agents, Company (which consents consent shall not be unreasonably withheld, any withheld or delayed) at all times other than during the existence of an Event of Default and of the Agent and the Issuing Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an a Bank Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, and if in part, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment assignment and Acceptance acceptance agreement in substantially the form of Exhibit E ("Assignment and Acceptance") B attached hereto, together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the 3,500. The consent of the CompanyCompany to any such assignment shall not be unreasonably withheld.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment assignment and Acceptance acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment assignment and Acceptanceacceptance agreement, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment assignment and Acceptanceacceptance agreement, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days Promptly after its receipt of notice by the Administrative Agent that it has received an executed Assignment assignment and Acceptance acceptance agreement and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, Agent a new Notes Note evidencing such Assignee's assigned Bid Loans and Commitment and, if the assignor Bank has not retained a any portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes shall return its original Note to be in exchange for, but not in payment of, the Notes held by such Bank)Company for cancellation. Immediately upon each Assignee's making its processing fee payment under the Assignment assignment and Acceptanceacceptance agreement, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in clauses (a), (b) and (c) in the first proviso to Section 10.
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.01, or any of the other Loan Documents3.03 and 10.05 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" by the Company and provided to it by the Company or any Subsidiary of the Company, or by the Agent on such Company's or Subsidiary's behalf, in connection with this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information for any purpose or in any manner other than pursuant to the terms contemplated by this Agreement; except to the extent such information (i) was or becomes generally available to the public other than as a result of a disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; provided further, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable requirement of law; and (D) to such Bank's independent auditors and other professional advisors. Notwithstanding the foregoing, the Company authorizes each Bank to disclose to any Participant or Assignee (each, a "Transferee") and to any prospective Transferee, such financial and other information in such Bank's possession concerning the Company or its Subsidiaries which has been delivered to Agent or the Banks pursuant to this Agreement or which has been delivered to the Agent or the Banks by the Company in connection with the Banks' credit evaluation of the Company prior to entering into this Agreement; provided that, unless otherwise agreed by the Company, such Transferee agrees in writing to such Bank to keep such information confidential to the same extent required of the Banks hereunder.
(f) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans or Notes held by it in favor of to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Loans or Notes made by the Company to or for the account of the assigning or pledging Bank may enforce in accordance with the terms of this Agreement shall satisfy the Company's obligations hereunder in respect to such pledge assigned Loans or security interest Notes to the extent of such payment. No such assignment shall release the assigning Bank from its obligations hereunder.
(g) Each bank that becomes a party hereto after the Closing Date pursuant to Section 2.21 shall execute an assignment and acceptance agreement substantially in any manner permitted the form of Exhibit B attached hereto and deliver it to the Company and the Agent and shall pay the Agent a processing fee in the amount of $3,500. The Company shall execute and deliver to such new Bank a Note evidencing such Bank's Bid Loans. Immediately upon such Bank's payment of the processing fee under applicable lawthe assignment and acceptance agreement, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of such Bank and the resulting adjustment of the Aggregate Commitment.
Appears in 1 contract
Sources: Credit Agreement (Ceridian Corp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the Agents, Agent and the Borrower which consents shall not be unreasonably withheld, any other Bankconditioned or delayed, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of the lesser of $5,000,0005,000,000 or the entire amount of the Commitment of such Lender; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E I ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From Subject to the conditions set forth in Section 12.8(a), from and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeAcceptance, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within Subject to the conditions set forth in Section 12.8(a), within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feeAcceptance, the Company Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.. ---------
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 12.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.1, or any of the other Loan Documents4.3 and 12.5 as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14C.F.R. (S) 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) The Borrower agrees to actively assist and cooperate with U. S. Bank in the initial syndication of the Loans, including assistance in the preparation and review of information and participation in one or more meetings with prospective lenders.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsBorrowers at all times other than during the existence of an Event of Default and the Agent, which consents consent of the Borrowers shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Borrowers or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company Borrowers and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrowers and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its and the Borrowers', if applicable, consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it and the Company Borrowers, if applicable, consent to such assignment in accordance with Section 10.9(a)), the Borrowers shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank Bank, with notice to the Borrowers, may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrowers and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 3.1, 3.3 and 10.5 as though it were also a Bank hereunder, and not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrowers hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.in
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Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and with the written consents of the Administrative Agent and, in case of an assignment of a Revolving Commitment or L/C Obligations, the Issuing Lender and the Swingline Lender, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent the Company, the Administrative Agent, the Issuing Lender or the Swingline Lender shall be required in connection with any assignment and delegation by a Bank Lender to an a Person described in clause (ii), (iii) or (iv) of the definition of Eligible Assignee that is an Affiliate of such BankAssignee) (each each, an "Assignee") all, or any ratable part of allpart, of the Loans, the Commitments Revolving Commitment, the L/C Obligations and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,000; 5,000,000 (or, if less, all of such Lender's remaining rights and obligations hereunder or all of such Lender's rights and obligations with respect to Revolving Commitment and Revolving Loans, Term A Loans or Term B Loans) or such lesser amount as may be approved by the Company and the Administrative Agent (provided that such minimum amount shall not apply to assignments by a Lender to Persons described in clause (ii), (iii) or (iv) of the definition of Eligible Assignee) provided, however, that (iA) the Company Company, the Administrative Agent, the Issuing Lender and the Agents Swingline Lender may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, Assignee shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; , (Bii) such Bank Lender and its the Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E K (an "Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or the Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 and (iiB) if the assignor Bank or Company shall not, as a result of any assignment by any Lender to any of such Lender's Affiliates, incur any increased liability for Taxes, Other Taxes or Further Taxes pursuant to Section 4.1. The Company designates the Administrative Agent as its Affiliates is agent for maintaining a Swap Provider with respect to any Specified Swap Contractbook entry record of ownership identifying the Lenders, such Bank shall not assign all their respective addresses and the amount of its interest in the 76 128 respective Loans and Notes which they own. The foregoing provisions are intended to comply with the Commitments registration requirements in Treasury Regulation Section 5f.103-1 so that the Loans and Notes are considered to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect be in "registered form" pursuant to such Specified Swap Contracts, with the consent of the Companyregulation.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent consent, and obtained received the consent consents of the Documentation AgentSwingline Lender, the 109 Issuing Lender and (if applicable) the Company, with respect to) to an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any LoansLoan, the Revolving Commitment of that Bank such Lender and the other interests of that Bank such Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Swingline Lender, the Issuing Lender and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders or the consent of a particular Lender or the consent of the Required Revolving Lenders, Required Term A Lenders or Required Term B Lenders, in each case as described in clauses (a) through (h) of the proviso to Section 11.
011. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 4.1, 4.3 and 11.5 as though it were also a Lender hereunder (provided, with respect to Sections 4.1 and 4.3, the Company shall not be required to pay any amount which it would not have any rights under this Agreement, or any of the other Loan Documentsbeen required to pay if no participating interest had been sold), and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement 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 the Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement. Each Lender which sells a participation will maintain a book entry record of ownership identifying the Participant(s) and the amount of such participation(s) owned by such Participant(s). Such book-entry record of ownership shall be maintained by the Lender as agent for the Company and the Administrative Agent. This provision is intended to comply with the registration requirements in Treasury Regulation Section 5f.103-1 so that the Loans and Notes are considered to be in "registered form" pursuant to such regulation. Each Lender may furnish any information concerning the Company and its Subsidiaries in the possession of such Lender from time to time to participants and prospective participants and may furnish information in response to credit inquiries consistent with general banking practice.
(ed) Notwithstanding any other provision in this Agreement, (i) any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the any Note held by it to any Affiliate of such Lender that is an "Eligible Assignee" or create a 110 security interest in, or pledge all or any portion of its rights under and interest in this Agreement and any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 ss. CFR Section203.14203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawlaw and (ii) any Lender which is a fund may, with the consent of the Company, the Administrative Agent, and in the case of an assignment of a Revolving Commitment or L/C Obligations, the Issuing Lender and the Swingline Lender, pledge all or any portion of its Loans and Notes to its trustee in support of its obligations to its trustee.
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Assignments, Participations, etc. (a) Any Agent Bank may, and with the advance written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents consent of the Company shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") -------- all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000 and such Bank shall concurrently therewith assign a ratable portion in the Receivables Purchase Agreement; provided, however, that (i) the Company and -------- ------- the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an a Notice of Assignment and Acceptance in the form of Exhibit E I ("Notice of Assignment and Acceptance") --------- ----------------------------------- together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Notice of Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Notice of Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Notice of Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Notice of Assignment and Acceptance and payment of the processing fee, (and provided that the consents to such assignment have been obtained in accordance with Section 10.01(a)), the Company shall execute and deliver to the Administrative Agent, any new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its CommitmentCommitments, any replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Notice of Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.. --- -----
(d) Any Upon advance written notice to the Company, any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment ----------- of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) such -------- ------- Bank shall concurrently with any sale of a participation herein sell a ratable participation in the Receivables Purchase Agreement and thereafter cause any such participation herein to remain ratable with such participation in the Receivables Purchase Agreement, (ii) the originating Bank's obligations under this Agreement shall remain unchanged, (iiiii) the originating Bank shall remain solely responsible for the performance of such obligations, (iiiiv) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (ivv) no Bank shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under consent or waiver with respect to this Agreement 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 set-off in respect of its participating interest in amounts owing under this Agreement except to the same extent such amendment, consent or waiver would require unanimous consent as if described in the amount of its participating interest were owing directly first proviso to it as a Bank under this AgreementSection 10.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
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Sources: Credit Agreement (Mattel Inc /De/)