Common use of Substitution of Buyer Clause in Contracts

Substitution of Buyer. In the event the Sellers are required pursuant to this Section 13.15 to pay any additional amount to any Buyer, such Buyer shall, if no Event of Default has occurred and is continuing, upon the request of the Sellers to such Buyer and the Agent, assign, pursuant to and in accordance with the provisions of Section 13.4, all of its rights and obligations under this Agreement and with respect to the Buyers' Contracts to another Buyer or an assignee selected by the Sellers and reasonably satisfactory to the Agent, in consideration for (i) the payment by such assignee to the assigning Buyer of the Buyer's Percentage of the assigning Buyer of the principal outstanding under, and interest accrued at the Buyers' Rate on, the Buyers' Contracts, (ii) the payment by the Sellers to the assigning Buyer of any and all other amounts owing to such Buyer under any provision of this Agreement accrued and unpaid to the date of such assignment and (iii) the Sellers' release of the assigning Buyer from any further obligation or liability under this Agreement. Notwithstanding anything to the contrary in this Section 13.15(c), in no event shall the replacement of any Buyer result in a decrease in the aggregate Contract Purchase Commitments without the written consent of the Majority Buyers.

Substitution of Buyer. In the event the Sellers are Seller is required pursuant to this Section 13.15 13.16 to pay any additional amount to any Buyer, such Buyer shall, if no Termination Event of Default has occurred and is continuing, upon the request of the Sellers Seller to such Buyer and the Agent, assign, pursuant to and in accordance with the provisions of Section 13.4, all of its rights and obligations under this Agreement and with respect to the Buyers' Contracts Buyer Interests to another Buyer or an assignee selected by the Sellers Seller and reasonably satisfactory to the Agent, in consideration for (i) the payment by such assignee to the assigning Buyer of the Buyer's ’s Percentage of the assigning Buyer of the principal outstanding under, and interest accrued at the Buyers' ’ Rate on, the Buyers' ContractsBuyer Interests, (ii) the payment by the Sellers Seller to the assigning Buyer of any and all other amounts owing to such Buyer under any provision of this Agreement accrued and unpaid to the date of such assignment and (iii) the Sellers' Seller’s release of the assigning Buyer from any further obligation or liability under this Agreement. Notwithstanding anything to the contrary in this Section 13.15(c13.16(c), in no event shall the replacement of any Buyer result in a decrease in the aggregate Contract Purchase Commitments without the written consent of the Majority Buyers.