Common use of Replacement Lender Clause in Contracts

Replacement Lender. If (i) any Lender is unable or unwilling ------------------ to make, maintain or fund any LIBOR Advance pursuant to Section 9.1 or 9.2 or ----------- --- (ii) the Borrower becomes obligated to pay additional amounts to any Lender described in Section 9.3 or 9.5, the Borrower may designate a financial ----------- --- institution reasonably acceptable to the Administrative Lender to replace such Lender by purchasing for cash and receiving an assignment of such Lender's pro rata share of such Lender's Commitment and the Rights of such Lender under the Loan Documents without recourse to or warranty by, or expense to, such Lender, for a purchase price equal to the outstanding amounts owing to such Lender (including such additional amounts owing to such Lender pursuant to Section 9.2, ------------ 9.3 or 9.5). Upon execution of an Assignment Agreement, such other financial --- --- institution shall be deemed to be a "Lender" for all purposes of this Agreement as set forth in Section 11.6 hereof. ------------

Appears in 3 contracts

Samples: Credit Agreement (Compucom Systems Inc), Credit Agreement (Compucom Systems Inc), Credit Agreement (Safeguard Scientifics Inc Et Al)

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Replacement Lender. If (i) any Lender is unable or unwilling to ------------------ to make, maintain or fund any LIBOR Advance pursuant to Section 9.1 or 9.2 or ----------- --- (ii) ----------- --- the Borrower becomes obligated to pay additional amounts to any Lender described in Section ------- 9.3 or 9.5, the Borrower may designate a financial ----------- --- institution reasonably --- --- acceptable to the Administrative Lender to replace such Lender by purchasing for cash and receiving an assignment of such Lender's pro rata share of such Lender's Commitment and the Rights of such Lender under the Loan Documents without recourse to or warranty by, or expense to, such Lender, for a purchase price equal to the outstanding amounts owing to such Lender (including such additional amounts owing to such Lender pursuant to Section 9.2, ------------ 9.3 or 9.5). ---------------- --- Upon execution of an Assignment Agreement, such other financial --- --- institution shall be deemed to be a "Lender" for all purposes of this Agreement as set forth in Section 11.6 hereof. ------------

Appears in 1 contract

Samples: Credit Agreement (Signature Resorts Inc)

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Replacement Lender. If (i) any Lender is unable or ------------------ unwilling ------------------ to make, maintain or fund any LIBOR Advance pursuant to Section 9.1 or ----------- 9.2 or ----------- --- (ii) the Borrower becomes obligated to pay additional amounts to any --- Lender described in Section 9.3 or 9.5, the Borrower may designate a financial ----------- --- institution reasonably acceptable to the Administrative Lender Agent to replace such Lender by purchasing for cash and receiving an assignment of such Lender's pro rata share of such Lender's Commitment and the Rights of such Lender under the Loan Documents without recourse to or warranty by, or expense to, such Lender, for a purchase price equal to the outstanding amounts owing to such Lender (including such additional amounts owing to such Lender pursuant to Section 9.2, ------------ 9.3 or 9.5). Upon execution of an Assignment Agreement, ----------- --- --- such other financial --- --- institution shall be deemed to be a "Lender" for all purposes of this Agreement as set forth in Section 11.6 hereof. ------------

Appears in 1 contract

Samples: Credit Agreement (Sunterra Corp)

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