Common use of Affected Lender Clause in Contracts

Affected Lender. (i) To the extent that Agent receives any payments of commitment fees pursuant to Section 2.8(a) hereof for a period when a Lender is a Defaulting Lender, Agent shall hold such Defaulting Lender’s share of such commitment fees pending resolution of any issues surrounding the status of such Lender as a Defaulting Lender, and, if, after a period of thirty (30) days after such Lender becomes a Defaulting Lender, such Lender shall continue to be a Defaulting Lender, then Agent shall return to Borrower such fees being so held by Agent. Thereafter, Borrower need not pay commitment fees on such Defaulting Lender’s portion of the Revolving Credit Commitment until such time as Agent gives notice to Borrower that such Defaulting Lender is no longer a Defaulting Lender or, if earlier, a Replacement Lender has been obtained pursuant to Section 11.12 hereof with respect to the interest of such Defaulting Lender. (ii) To the extent that Agent receives any other payments or other amounts for the account of an Affected Lender, at the option of Agent or Borrower, such Affected Lender shall be deemed to have requested that Agent use such payment or other amount (or any portion thereof, at the discretion of Agent) first, to cash collateralize its unfunded risk participation in Swing Loans and the Letters of Credit pursuant to Sections 2.2(b)(vi), 2.2(c)(iii), and 2.5(b) hereof, and, with respect to any Defaulting Lender, second, to fulfill its obligations to make Loans.

Appears in 2 contracts

Sources: Credit and Security Agreement (Shiloh Industries Inc), Credit and Security Agreement (Shiloh Industries Inc)

Affected Lender. (i) To the extent that Agent receives any payments of commitment fees pursuant to Section 2.8(a) hereof for a period when a Lender is a Defaulting Lender, Agent shall hold such Defaulting Lender’s share of such commitment fees pending resolution of any issues surrounding the status of such Lender as a Defaulting Lender, and, if, after a period of thirty (30) days after such Lender becomes a Defaulting Lender, such Lender shall continue to be a Defaulting Lender, then Agent shall return to Borrower such fees being so held by Agent. Thereafter, Borrower need not pay commitment fees on such Defaulting Lender’s portion of the Revolving Credit Commitment until such time as Agent gives notice to Borrower that such Defaulting Lender is no longer a Defaulting Lender or, if earlier, a Replacement Lender has been obtained pursuant to Section 11.12 11.20 hereof with respect to the interest of such Defaulting Lender. (ii) To the extent that Agent receives any other payments or other amounts for the account of an Affected Lender, at the option of Agent or Borrower, such Affected Lender shall be deemed to have requested that Agent use such payment or other amount (or any portion thereof, at the discretion of Agent) first, to cash collateralize its unfunded risk participation in Swing Loans and the Letters of Credit pursuant to Sections 2.2(b)(vi), 2.2(c)(iii), and 2.5(b) hereof, and, with respect to any Defaulting Lender, second, to fulfill its obligations to make Loans.

Appears in 1 contract

Sources: Fifth Amendment Agreement (Shiloh Industries Inc)

Affected Lender. If Borrower is required pursuant to the Note to make any additional payment to any Lender (any such Lender being called an “Affected Lender”), Borrower may elect, if such amounts continue to be charged or such suspension is still effective, to replace such Affected Lender as a Lender party to this Agreement, provided that: (A) No Event of Default (or no event which, upon the giving of notice or the lapse of time, or both, shall constitute an Event of Default) shall have occurred and be continuing at the time of such replacement; and (B) Concurrently with such replacement -- (i) To Another bank or other entity which is reasonably satisfactory to Borrower and Agent shall agree, as of such date, to (A) purchase for cash the extent that Agent receives any payments of commitment fees Advances and other Obligations due to Affected Lender pursuant to Section 2.8(aan Assignment and Assumption Agreement and the Co-Lending Agreement, (B) hereof for a period when become a Lender is a Defaulting Lenderfor all purposes under this Agreement, Agent shall hold such Defaulting Lender’s share (C) assume all of the obligations of Affected Lender under this Agreement as of such commitment fees pending resolution date, and (D) comply with the requirements of any issues surrounding the status of such Lender as a Defaulting Lenderthis Agreement applicable to assignments, and, if, after a period of thirty (30) days after such Lender becomes a Defaulting Lender, such Lender shall continue to be a Defaulting Lender, then Agent shall return to Borrower such fees being so held by Agent. Thereafter, Borrower need not pay commitment fees on such Defaulting Lender’s portion of the Revolving Credit Commitment until such time as Agent gives notice to Borrower that such Defaulting Lender is no longer a Defaulting Lender or, if earlier, a Replacement Lender has been obtained pursuant to Section 11.12 hereof with respect to the interest of such Defaulting Lender. (ii) To the extent that Agent receives any other payments or other amounts for the account of an Affected Lender, at the option of Agent or Borrower, Borrower shall pay to such Affected Lender shall be deemed in same day funds on the day of such replacement (A) all interest, fees and other amounts then accrued but unpaid to have requested that Agent use such Affected Lender by Borrower hereunder to and including the date of replacement, including payments due to such Affected Lender under the Note (excluding any payment or other amount received by such Affected Lender under subsection (or any portion thereof, at the discretion of AgentB)(i)(A) first, to cash collateralize its unfunded risk participation in Swing Loans and the Letters of Credit pursuant to Sections 2.2(b)(vi), 2.2(c)(iiiabove), and 2.5(b(B) hereofan amount, andif any, with respect equal to the payment which would have been due to such Lender on the day of such replacement under the Note had the Advances of such Affected Lender been prepaid on such date rather than sold to the replacement Lender (excluding any Defaulting Lender, second, to fulfill its obligations to make Loanspayment received by such Affected Lender under subsection (B)(i)(A) above).

Appears in 1 contract

Sources: Borrowing Base Loan Agreement (Wilson Holdings, Inc.)

Affected Lender. If (i) To the extent that Agent receives any payments of commitment fees Lender requests compensation pursuant to Section 2.8(a3.10(c), 3.12 or 3.13(a)(ii)(B) hereof for a period when a Lender is a Defaulting Lender, Agent shall hold such Defaulting Lender’s share of such commitment fees pending resolution of any issues surrounding or (ii) the status of such Lender as a Defaulting Lender, and, if, after a period of thirty (30) days after such Lender becomes a Defaulting Lender, such Lender shall continue to be a Defaulting Lender, then Agent shall return to Borrower such fees being so held by Agent. Thereafter, Borrower need not pay commitment fees on such Defaulting Lender’s portion obligation of the Revolving Credit Commitment until such time as Agent gives notice Lenders to Borrower that such Defaulting Lender is no longer a Defaulting Lender ormake LIBOR Rate Loans or to continue, if earlieror to convert Base Rate Loans into, a Replacement Lender has been obtained LIBOR Rate Loans shall be suspended pursuant to Section 11.12 hereof 3.10(a) or (b) due to an event affecting any Lender, then, so long as there does not then exist any Default or Event of Default, the Borrowers may demand that such Lender (the "Affected Lender"), and upon such demand the Affected Lender shall promptly, assign its Commitment (and Finnish Mark Commitment, if applic▇▇▇▇) to an Eligible Assignee selected by the Borrowers (which Eligible Assignee shall have consented to such assignment), subject to and in accordance with respect Section 13.10(b), for a purchase price equal to the Dollar Amount of the aggregate principal amount of the Loans then owing to the Affected Lender plus any accrued but unpaid interest of such Defaulting Lender. (ii) To the extent that Agent receives thereon, accrued but unpaid fees and any other payments or other amounts for owing to the account Affected Lender hereunder. The Administrative Agent shall cooperate in effectuating the replacement of an Affected LenderLender under this Section 3.14(a), but at no time shall the Administrative Agent be obligated in any way whatsoever to initiate any such replacement. The exercise by the Borrowers of their rights under this Section 3.14(a) shall be at the option Borrowers' sole cost and expense, and at no cost or expense of Agent or Borrowerthe Administrative Agent, such the Affected Lender shall be deemed to have requested that Agent use such payment or other amount (or any portion thereof, at of the discretion of Agent) first, to cash collateralize its unfunded risk participation in Swing Loans and the Letters of Credit pursuant to Sections 2.2(b)(vi), 2.2(c)(iii), and 2.5(b) hereof, and, with respect to any Defaulting Lender, second, to fulfill its obligations to make Loansother Lenders.

Appears in 1 contract

Sources: Credit Agreement (Breed Technologies Inc)

Affected Lender. If (i) To the extent that Agent receives any payments of commitment fees Lender requests compensation pursuant to Section 2.8(a3.10(c), 3.12 or 3.13(a)(ii) hereof for a period when a Lender is a Defaulting Lender, Agent shall hold such Defaulting Lender’s share of such commitment fees pending resolution of any issues surrounding or (ii) the status of such Lender as a Defaulting Lender, and, if, after a period of thirty (30) days after such Lender becomes a Defaulting Lender, such Lender shall continue to be a Defaulting Lender, then Agent shall return to Borrower such fees being so held by Agent. Thereafter, Borrower need not pay commitment fees on such Defaulting Lender’s portion obligation of the Revolving Credit Commitment until such time as Agent gives notice Lenders to Borrower that such Defaulting Lender is no longer a Defaulting Lender ormake LIBOR Rate Loans or to continue, if earlieror to convert Base Rate Loans into, a Replacement Lender has been obtained LIBOR Rate Loans shall be suspended pursuant to Section 11.12 hereof 3.10(a) or (b) due to an event affecting any Lender, then, so long as there does not then exist any Default or Event of Default, the Borrowers may demand that such Lender (the "Affected Lender"), and upon such demand the Affected Lender shall promptly, assign its Commitment (and Finnish Mark Commitment, if applica▇▇▇) to an Eligible Assignee selected by the Borrowers (which Eligible Assignee shall have consented to such assignment), subject to and in accordance with respect Section 13.10(b), for a purchase price equal to the Dollar Amount of the aggregate principal amount of the Loans then owing to the Affected Lender plus any accrued but unpaid interest of such Defaulting Lender. (ii) To the extent that Agent receives thereon, accrued but unpaid fees and any other payments or other amounts for owing to the account Affected Lender hereunder. The Administrative Agent shall cooperate in effectuating the replacement of an Affected LenderLender under this Section 3.14(a), but at no time shall the Administrative Agent be obligated in any way whatsoever to initiate any such replacement. The exercise by the Borrowers of their rights under this Section 3.14(a) shall be at the option Borrowers' sole cost and expense, and at no cost or expense of Agent or Borrowerthe Administrative Agent, such the Affected Lender shall be deemed to have requested that Agent use such payment or other amount (or any portion thereof, at of the discretion of Agent) first, to cash collateralize its unfunded risk participation in Swing Loans and the Letters of Credit pursuant to Sections 2.2(b)(vi), 2.2(c)(iii), and 2.5(b) hereof, and, with respect to any Defaulting Lender, second, to fulfill its obligations to make Loansother Lenders.

Appears in 1 contract

Sources: Credit Agreement (Breed Technologies Inc)