Replacement Event
means, with respect to any Lender, (a) the commencement of or the taking of possession by, a receiver, custodian, conservator, trustee or liquidator of such Lender, or the declaration by the appropriate regulatory authority that such Lender is insolvent or (b) the making of any claim by any Lender under Section 2.8(b), 12.3 or 12.5, unless the changing of the lending office by such Lender would obviate the need of such Lender to make future claims under such Sections.
Replacement Event
means any of the following:
Examples of Replacement Event in a sentence
As such, in case of a Servicer Replacement Event, the Lessees need to be notified provided the underlying Lease Contracts are construed as financial leases.
If a Sub-Servicer Replacement Event occurs with respect to either Sub-Servicer, the Trustee of the First Trust may promptly terminate the delegation of the servicing to such Sub-Servicer in accordance with the Sub-Servicing Agreement and appoint the other Sub-Servicer who is not the party to the terminated Sub-Servicing Agreement or another entity in accordance with the First Trust Agreement.
If a Replacement Rate, an Adjustment Spread, if any, or the Rate Replacement Adjustments cannot be determined, the rate of interest for the relevant interest period will be the rate of interest applicable as at the last preceding interest determination date before the occurrence of the Rate Replacement Event, or, where the Rate Replacement Event occurs before the first interest determination date, the rate of interest will be the initial rate of interest.
A Sub-Servicer Replacement Event includes the filing of a petition for the commencement of Insolvency Proceedings with respect to the Sub-Servicer.
If a Servicer Replacement Event occurs and the Servicing Agreement and the delegation of the Servicing Activities are terminated, the Servicer will, or will cause a third party to, immediately send a notice of the entrustment (the form of which will be attached to the Servicing Agreement) to all the Obligors existing at that time.
More Definitions of Replacement Event
Replacement Event
means, with respect to any Lender, the appointment of, or the taking of possession by, a receiver, custodian, conservator, trustee or liquidator of such Lender, or the declaration by the appropriate regulatory authority that such Lender is insolvent.
Replacement Event
means in respect of any Series of Notes and a Floating Rate:
Replacement Event
means, with respect to any Lender, (a) the commencement of or the taking of possession by, a receiver, custodian, conservator, trustee or liquidator of such Lender, or the declaration by the appropriate regulatory authority that such Lender is insolvent; (b) the making of any claim by any Lender under Section 2.9(b), 11.2, 11.3 or 11.5, unless the changing of the lending office by such Lender would obviate the need of such Lender to make future claims under such Sections; (c) such Lender’s becoming a Defaulting Lender; or (d) such Lender refuses to consent to a proposed amendment, modification, waiver or other action requiring consent of the holders of 100% of the Commitments or 100% of the affected Lenders under Section 10.12 that is consented to by the Required Lenders prior to the replacement of any such Lenders in connection therewith.
Replacement Event
shall have the meaning specified in subsection 11(c) of this Series Supplement.
Replacement Event
has the meaning set forth in the definition of “Term SOFR.”
