Common use of Right to Replace Clause in Contracts

Right to Replace. The Borrower shall, at the Borrower’s own expense, have the right to replace each Lender affected by a condition under Section 2.02(c)(vi), 2.09, 2.11, or 2.12 for more than 60 days (each such affected Lender, an “Affected Lender”) in accordance with the procedures in this Section 2.15 and provided that no reduction of the total Commitments occurs as a result thereof.

Appears in 2 contracts

Samples: Senior Secured Credit Agreement (Interstate Hotels & Resorts Inc), Senior Secured Credit Agreement (Interstate Hotels & Resorts Inc)

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Right to Replace. The Borrower shall, at the Borrower’s own expense, shall have the right to replace each Lender affected by a condition under Section 2.02(c)(vi), 2.09, 2.11, or 2.12 for more than 60 days (each such affected Lender, an “Affected Lender”) in accordance with the procedures in this Section 2.15 and provided that no reduction of the total Commitments occurs as a result thereof.

Appears in 1 contract

Samples: Secured Credit Agreement (Interstate Hotels & Resorts Inc)

Right to Replace. The Borrower shall, at the Borrower’s own expense, shall have the right to replace each Lender affected by a condition under Section 2.02(c)(vi2.2(c)(v), 2.092.9, 2.11, 2.11 or 2.12 for more than 60 30 days (each such affected Lender, an “Affected Lender”) in accordance with the procedures in this Section 2.15 2.16 and provided that no reduction of the total Revolving Commitments occurs as a result thereof.

Appears in 1 contract

Samples: Credit Agreement (National Oilwell Varco Inc)

Right to Replace. The Borrower shall, at the Borrower’s own expense, shall have the right to replace each Lender affected by a condition under Section 2.02(c)(viSections 2.2(c)(v), 2.092.2(c)(viii), 2.112.9, 2.11 or 2.12 for more than 60 days 30 days, each Lender that is a Non-Consenting Lender under Section 2.19 and each Lender that is due interest based on the Mandatory Cost Rate (each such affected Lender, an “Affected Lender”) in accordance with the procedures in this Section 2.15 2.16 and provided that no reduction of the total Revolving Commitments occurs as a result thereof.

Appears in 1 contract

Samples: Year Credit Agreement (National Oilwell Varco Inc)

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Right to Replace. The Borrower shall, at the Borrower’s own expense, shall have the right to replace each Lender affected by a condition under Section 2.02(c)(vi2.2(c)(v), 2.092.2(c)(viii), 2.112.9, 2.11 or 2.12 for more than 60 days 30 days, each Lender that is a Non-Consenting Lender under Section 2.19, and each Lender that is due interest based on the Mandatory Cost Rate (each such affected Lender, an “Affected Lender”) in accordance with the procedures in this Section 2.15 2.16 and provided that no reduction of the total Revolving Commitments occurs as a result thereof.

Appears in 1 contract

Samples: 364 Day Credit Agreement (National Oilwell Varco Inc)

Right to Replace. The Borrower shall, at the Borrower’s own expense, shall have the right to replace each ---------------- Lender affected by a condition under Section 2.02(c)(vi2.02(c)(v), 2.09, 2.11, or 2.12 for more than 60 90 days (each such -43- affected Lender, an "Affected Lender") in accordance with the procedures in this --------------- Section 2.15 and provided that no reduction of the total Commitments occurs as a result thereof.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Meristar Hotels & Resorts Inc)

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