Right of cancellation and repayment in relation to a single Lender Sample Clauses
The 'Right of cancellation and repayment in relation to a single Lender' clause allows a borrower to cancel commitments or repay outstanding amounts specifically with respect to one lender, rather than all lenders under a syndicated loan agreement. In practice, this means that if a particular lender becomes problematic—such as by refusing to consent to amendments or by triggering increased costs—the borrower can choose to repay that lender's portion and remove them from the facility, while the agreement continues with the remaining lenders. This clause provides flexibility and protects the borrower from being unduly affected by the actions or decisions of a single lender, ensuring smoother administration and reducing the risk of disruption to the overall financing arrangement.
Right of cancellation and repayment in relation to a single Lender. (a) If:
(i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax gross-up); or
(ii) any Lender claims indemnification from the Borrower or an Obligor under Clause 14.3 (Tax indemnity) or Clause 15.1 (Increased costs), the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the COFACE Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Utilisations.
(b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero.
(c) On the last day of each Interest Period which ends after the Borrower has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender’s participation in that Utilisation together with all interest and other amounts accrued under the Finance Documents.
Right of cancellation and repayment in relation to a single Lender. (a) If:
(i) any sum payable to any Lender by an Obligor is required to be increased under Clause 16.2 (Tax gross-up);
(ii) any Lender claims indemnification from any Obligor under Clause 16.3 (Tax indemnity) or Clause 17.1 (Increased costs);
(iii) in relation to a Term Rate Loan, any Lender’s costs of funding participations in any Loan is in excess of the applicable Primary Term Rate (taking into account any relevant floor) and it has notified the Agent of its cost of funding under Clause 14.5 (Cost of funds) where only some, but not all of the Lenders under a particular Facility, are invoking such clause; or
(iv) any Lender becomes a Defaulting Lender or a Non-Consenting Lender, the Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, or whilst such Lender remains a Lender which is invoking Clause 14.5 (Cost of funds) or a Defaulting Lender or Non-Consenting Lender,
(A) if the circumstance relates to a Lender, the Company may:
(1) require the transfer or assignment in accordance with this Agreement of all or any part (other than in relation to a Non-Consenting Lender, which must be all) (but at par only) of that L▇▇▇▇▇’s Commitments and participations in the Loans to a person nominated by the Company willing to accept that transfer or assignment; or
(2) give the Agent notice of cancellation of all or any part (other than in relation to a Non-Consenting Lender which must be all) of that L▇▇▇▇▇’s Commitments and the Company’s intention to procure the repayment of all or any part (other than in relation to a Non-Consenting Lender which must be all) of that L▇▇▇▇▇’s participations in the Loans, whereupon the relevant part of the Commitments of that Lender which have been cancelled shall immediately be reduced to zero; and
(B) if the circumstance relates to an Ancillary Lender, the Company may give the Agent notice of cancellation of all or any part of that person’s Ancillary Commitment and the Company’s intention to procure the repayment of all or any part of the utilisations of any Ancillary Facility granted by that person, whereupon the relevant part of that Ancillary Commitment of that person shall immediately be reduced to zero.
(b) On the last day of each Interest Period which ends after the Company has given notice under paragraphs (a)(iv)(A)(2) or (a)(iv)(B) above (or, if earlier, the date specified by the Company in that notice), each Borrower to which a Loan or utilisation of an A...
Right of cancellation and repayment in relation to a single Lender. (a) If:
(i) any sum payable to any Lender by an Obligor is required to be increased under clause 17.2(c) (Tax gross-up); or
(ii) any Lender claims indemnification from an Obligor under clause 17.3 (Tax indemnity) or clause 18.1 (Increased costs), the Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loans.
(b) On receipt of a notice referred to in clause 10.6(a) in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero.
(c) On the last day of each Interest Period which ends after the Company has given notice under clause 10.6(a) in relation to a Lender (or, if earlier, the date specified by the Company in that notice), each Borrower to which a Loan is outstanding shall repay that Lender’s participation in that Loan together with all interest and other amounts accrued under the Finance Documents.
Right of cancellation and repayment in relation to a single Lender. (a) If:
(i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax gross-up); or
(ii) any Lender claims indemnification from the Obligors’ Agent or an Obligor under Clause 14.3 (Tax indemnity) or Clause 15.1 (Increased costs), the Obligors’ Agent may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loans.
(b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero.
(c) On the last day of each Interest Period which ends after the Obligors’ Agent has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Obligors’ Agent in that notice), each Borrower to which a Loan is outstanding shall repay that Lender’s participation in that Loan together with all interest and other amounts accrued under the Finance Documents.
Right of cancellation and repayment in relation to a single Lender. (a) If:
(i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax gross-up); or
(ii) any Lender claims indemnification from the Borrower or an Obligor under Clause 14.3 (Tax indemnity) or Clause 15.1 (Increased costs), the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the COFACE Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender's participation in the Utilisations.
(b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero.
(c) On the last day of each Interest Period which ends after the Borrower has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender's participation in that Utilisation together with all interest and other amounts accrued under the Finance Documents.
Right of cancellation and repayment in relation to a single Lender. 7.4.1 If:
(a) any sum payable to any Lender by an Obligor is required to be increased under clause 14.2.3 (Tax gross-up); or
(b) any Lender claims indemnification from the Borrower or an Obligor under clause 14.3 (Tax indemnity) or clause 15.1 (Increased costs), the Borrower may, whilst the circumstance giving rise to the requirement or indemnification continues, give the Agent notice of cancellation of the Commitments of that Lender and its intention to procure the repayment of that Lender's participation in the Loans.
7.4.2 On receipt of a notice referred to in clause 7.4.1 in relation to a Lender, the Commitments of that Lender shall immediately be reduced to zero.
7.4.3 On the last day of each Interest Period for a Loan which ends after the Borrower has given notice under clause 7.4.1 in relation to a Lender (or, if earlier, the date specified by the Borrower in that
Right of cancellation and repayment in relation to a single Lender request that the Commitments for each Specified Period be increased (and the Commitments for each Specified Period shall be so increased) in an aggregate amount in dollars of up to the amount of the Commitments for that Specified Period so cancelled as follows:
Right of cancellation and repayment in relation to a single Lender applies to a Lender; or
Right of cancellation and repayment in relation to a single Lender shall be applied pro rata to each Lender’s participation in that Loan.
Right of cancellation and repayment in relation to a single Lender or Clause 27.13 (Replacement of Lender), an L/C Bank may not withhold such consent unless, acting reasonably, the reason for so doing relates to the creditworthiness of the proposed New Lender.