Changes to the Lenders Clause Samples
The "Changes to the Lenders" clause defines the process and conditions under which the parties involved in a loan agreement can alter the composition of the lending group. This may include provisions for transferring or assigning a lender's rights and obligations to another financial institution, subject to certain approvals or notifications. The clause ensures that all parties are aware of and agree to any changes in the lenders, thereby maintaining transparency and stability in the lending relationship.
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Changes to the Lenders. Assignments and transfers by the Lenders
Changes to the Lenders. 67 24. CHANGES TO THE OBLIGORS ............................................................................................................................... 71 25. ROLE OF THE FACILITY AGENT, THE MANDATED LEAD ARRANGER AND THE REFERENCE BANKS .................... 73 26. CONDUCT OF BUSINESS BY THE FINANCE PARTIES ............................................................................................. 83 27. SHARING AMONG THE FINANCE PARTIES ........................................................................................................... 84 28.
Changes to the Lenders. Assignments and transfers by the Lenders Subject to this Clause 24, a Lender (the "Existing Lender") may:
Changes to the Lenders. 24.1 Assignments and transfers by the Lenders Subject to this Clause 24, a Lender (the “Existing Lender”) may:
(a) assign any of its rights;
(b) transfer any of its rights and obligations; or
(c) enter into a sub-participation or similar agreement in relation to this Agreement, to another bank or financial institution (the “New Lender”).
Changes to the Lenders. 22.1 Assignments and novations by the Lenders Subject to this Clause 22, a Lender (the " ") may:
(a) assign any of its rights; or
(b) novate any of its rights and obligations, under the Finance Documents to any entity without the consent of the Company or any other Obligor (the " ").
22.2 Conditions of assignment or novation
(a) Other than an assignment where the Lender remains lender of record, an assignment will only be effective:
(i) if the procedure set out in Clause 22.6 ( for assignment ) is complied with;
(ii) on receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance Parties and the other Secured Parties as it would have been under if it was an Original Lender;
(iii) on performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender; and
(iv) on receipt by the Agent of confirmation from the Collateral Agent that the Collateral Agent has performed all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender (the receipt of which the Agent shall promptly notify to the Existing Lender and the New Lender) and the New Lender has become bound by a relevant Recognition Certificate.
(b) A novation will only be effective:
(i) if the procedure set out in Clause 22.5 ( ) is complied with;
(ii) on performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such novation to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender; and - 110 -
(iii) on receipt by the Agent of confirmation from the Collateral Agent that the Collateral Agent has performed all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such novation to a New Lender (the receipt of which the Agent shall promptly notify to the Existing Lender and the New Lender) and the New Lender has become bound by a relevant Recognition Certificate.
(c) If:
(i) a Lender assigns or novates any of its rights or obligations under the Financ...
Changes to the Lenders. 22.1 Assignments and transfers and changes in Facility Office by the Lenders
(A) (i) assign any of its rights; or
Changes to the Lenders. 25.1. Assignments and transfers by the Lenders
(a) assign any of its rights; or
(b) transfer by novation any of its rights and obligations, under any Finance Document to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "New Lender").
Changes to the Lenders. 26.1 Assignments and Transfers by the Lenders Subject to this Clause 26 (Changes to the Lenders), a Lender (the “Existing Lender”) may:
(a) assign any of its rights; or
(b) transfer by novation any of its rights and obligations, to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the “New Lender”).
Changes to the Lenders. Subject to this Clause 25 and to Clause 26 (Restriction on Debt Purchase Transactions), any Lender (an “Existing Lender”) may:
(a) assign any of its rights; or
(b) transfer (by way of novation) any of its rights and obligations, under any Finance Document to a bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets) (a “New Lender”).
Changes to the Lenders. 25.1 Assignments and transfers by the Lenders
(i) to another Lender or an Affiliate of a Lender;
(ii) to a reputable shipping bank which has a minimum rating of "BBB" at S&P or "Baa" at ▇▇▇▇▇'▇; or
(iii) made at a time when an Event of Default is continuing.