Mandatory prepayment - change of control. (a) The Company must promptly notify the Facility Agent if it becomes aware of any person or group of persons acting in concert which acquires control of the Company. (b) After notification under paragraph (a) above, each Lender may by notice to the Company: (i) cancel its Commitments; and (ii) demand that its participation in all outstanding Loans, together with accrued interest and all other amounts accrued under the Finance Documents be immediately due and payable. Any such notice will take effect in accordance with its terms. (c) In paragraph (a) above: (i) control has the meaning given to it in sections 450 and 451 of the Corporation Tax ▇▇▇ ▇▇▇▇; and (ii) acting in concert has the meaning given to it in the City Code on Takeovers and Mergers.
Appears in 2 contracts
Sources: Term and Revolving Facilities Agreement (Smith & Nephew PLC), Facility Agreement (Smith & Nephew PLC)
Mandatory prepayment - change of control. (a) The Company must promptly notify the Facility Agent if it becomes aware of any person or group of persons acting in concert which acquires control of the Company.
(b) After notification under paragraph (a) above, each Lender may by notice to the Company:
(i) cancel its Commitments; and
(ii) demand that its participation in all outstanding Loans, together with accrued interest and all other amounts accrued under the Finance Documents be immediately due and payable. Any such notice will take effect in accordance with its terms.
(c) In paragraph (a) above:
(i) control has the meaning given to it in sections section 450 and 451 of the Corporation Tax ▇▇▇ ▇▇▇▇; and
(ii) acting in concert has the meaning given to it in the City Code on Takeovers and Mergers.
Appears in 1 contract
Sources: Loan Agreement (Smith & Nephew PLC)