Common use of Right of replacement of a single Lender Clause in Contracts

Right of replacement of a single Lender. If: (a) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 12.2 (Tax gross-up); or (b) any Lender claims indemnification from the Company under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), (c) an Obligor is, or will be, required to pay to a Lender any amount under Schedule 4 (Mandatory Cost Formulae), the Borrower may, whilst the circumstance giving rise to the requirement or indemnification continues (and by not less than 15 Business Days' prior written notice): (i) arrange for the transfer of the whole (but not part only) of that Lender's Commitment and participations in the Loans to a new or existing Lender or financial institution which is not a Restricted Person, a member of the Group or an Affiliate of either of the foregoing willing to accept that transfer and acceptable to the Borrower; or (ii) with the prior consent of the Majority Lenders, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender's participation in the Utilisations granted by that Lender, whereupon the Commitment of that Lender shall immediately be reduced to zero. On the last day of each Interest Period which ends after the Borrower has given notice under this paragraph (ii) (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender's participation in that Utilisation.

Right of replacement of a single Lender. (a) If: (ai) any sum payable to any Lender by an Obligor the Borrower is required to be increased under paragraph (c) of Clause 12.2 13.2 (Tax gross-up); or (bii) any Lender claims indemnification from the Company Borrower under Clause 12.3 13.3 (Tax indemnity) or Clause 13.1 14 (Increased costs), (c) an Obligor is, or will be, required to pay to a Lender any amount under Schedule 4 (Mandatory Cost FormulaeCosts), the Borrower may, whilst the circumstance giving rise to the requirement for such increase or indemnification continues (and by not less than 15 Business Days' prior written notice): (i) arrange for the transfer of the whole (but not part only) of that Lender's Commitment and participations in the Loans to a new or existing Lender or financial institution which is not a Restricted Person, a member of the Group or an Affiliate of either of the foregoing willing to accept that transfer and acceptable to the Borrower; or (ii) with the prior consent of the Majority Lenderscontinues, give the Facility Agent notice of cancellation of the Commitment of that Lender for each Tranche and its intention to procure the repayment prepayment of that Lender's ’s participation in the Utilisations granted Loans (except that the Borrower may not give such notice with respect to any Original Lender (for any Tranche) by that Lenderreason of any circumstances falling within paragraph (a)(i), whereupon if such circumstances are subsisting (or are a continuation of circumstances subsisting) as at the date on which such Original Lender became party to this Agreement). (b) On receipt of a notice referred to in paragraph (a) above, the Commitment of that Lender for each Tranche shall immediately be reduced to zero. . (c) On the last day of each Interest Period relating to a Loan which ends after the Borrower has given notice under this paragraph (iia) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender's ’s participation in that Utilisationthe Loan to which such Interest Period relates.