Common use of Replacement of Defaulting Lender Clause in Contracts

Replacement of Defaulting Lender. (i) If any Lender fails to perform its obligation to make any Advance hereunder (a "Defaulting Lender"), and as a result of such failure to perform (A) Borrower does not receive the total amount of an Advance requested by Borrower, or (B) Borrower is required to repay Agent for amounts received by Borrower and not paid by such Defaulting Lender, then Borrower may, upon at least 5 Business Days' prior irrevocable notice to each of such Lender, Agent, and S&A Agent, permanently replace such Defaulting Lender with one or more Eligible Transferees (collectively, the "Replacement Lenders"). The notice from Borrower to replace a Lender shall specify an effective date for such replacement, which date shall not be later than the tenth Business Day after the date such notice is given. Prior to such effective date, such Defaulting Lender and each Replacement Lender shall execute an Assignment and Acceptance Agreement. The replacement of such Lender shall 33 be made in accordance with the terms of Section 15.1.

Appears in 4 contracts

Samples: Loan and Security Agreement (Network Plus Corp), Loan and Security Agreement (Network Plus Corp), Loan and Security Agreement (Network Plus Corp)

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