Common use of Addition of New Lender Clause in Contracts

Addition of New Lender. The Company may at any time propose that a financial institution become an additional Lender hereunder other than by assignment of the Maximum Commitment of an existing Lender; provided, however, that such additional party shall be a financial institution with capital of at least $250,000,000 and shall be subject to the consent of the Administrative Agent, which consent shall not be unreasonably withheld. Upon the addition of any such party as an additional Lender hereunder, (i) this Agreement will be amended by the parties hereto and by the party becoming an additional Lender hereunder to reflect the addition of such party as a Lender hereunder, (ii) the Company will deliver an updated Commitment Schedule to the Administrative Agent and the Lenders reflecting the addition of such party as a Lender, (iii) the outstanding Loans will be reallocated among the Lenders (including the additional Lender) in accordance with such updated Commitment Schedule, and (iv) the Company will deliver a Note to such party.

Appears in 2 contracts

Samples: Mortgage Loan Warehousing Agreement (Emergent Group Inc), Mortgage Loan Warehousing Agreement (Emergent Group Inc)

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Addition of New Lender. The Company may at any time propose that ---------------------- a financial institution become an additional Lender hereunder other than by assignment of the Maximum Commitment of an existing Lender; provided, however, that such additional party shall be a financial institution with capital of at least $250,000,000 100,000,000 and shall be subject to the consent of the Administrative Agent, which consent shall not be unreasonably withheld. Upon the addition of any such party as an additional Lender hereunder, (i) this Agreement will be amended by the parties hereto and by the party becoming an additional Lender hereunder to reflect the addition of such party as a Lender hereunder, (ii) the Company Administrative Agent will deliver an updated Commitment Schedule to the Administrative Agent Companies and the Lenders reflecting the addition of such party as a Lender, (iii) the outstanding Loans will be reallocated among the Lenders (including the additional Lender) in accordance with such updated Commitment Schedule, and (iv) the Company Companies will deliver a Note to such party.

Appears in 2 contracts

Samples: Credit Agreement (CWM Mortgage Holdings Inc), Credit Agreement (CWM Mortgage Holdings Inc)

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