Additional Commitment Banks Clause Samples
The 'Additional Commitment Banks' clause defines the process and conditions under which new banks or financial institutions may join an existing lending arrangement as additional lenders. Typically, this clause outlines the requirements for admitting new banks, such as obtaining consent from existing lenders or the borrower, and specifies the terms under which these new participants will assume commitments, such as minimum participation amounts or adherence to existing agreement terms. Its core practical function is to provide flexibility for the borrower to increase available credit or replace existing lenders, while ensuring that all parties are aware of and agree to the terms under which new banks may be added to the lending group.
Additional Commitment Banks. The Company shall have the right on or before the Existing Termination Date to replace each Non-Extending Bank with, and add as “Banks” under this Agreement in place thereof, one or more Eligible Assignees (each, an “Additional Commitment Bank”) as provided in Section 3.7, each of which Additional Commitment Banks shall have entered into an Assignment and Assumption pursuant to which such Additional Commitment Bank shall, effective as of the Existing Termination Date, undertake a Commitment (and, if any such Additional Commitment Bank is already a Bank, its Commitment shall be in addition to such Bank’s Commitment hereunder on such date).
Additional Commitment Banks. The Borrower shall have the right on or before the related Anniversary Date to replace each Non-Extending Bank with, and add as “Banks” under this Agreement in place thereof, one or more Assignees (each, an “Additional Commitment Bank”) as provided in Section 9.06, provided that each of such Additional Commitment Banks shall enter into an Assignment and Assumption Agreement pursuant to which such Additional Commitment Bank shall undertake a Commitment (and, if any such Additional Commitment Bank is already a Bank, its Commitment shall be in addition to such Bank’s Commitment hereunder on such date).
Additional Commitment Banks. The Company shall have the right to replace each Non-Extending Bank with another bank or other banks (which may be, but need not be, one or more of the existing Banks, but which shall be an Eligible Assignee) which at the time agree to (i) in the case of any such Bank that is an existing Bank, increase its Pro Rata Share of the Commitment and (ii) in the case of any other such Bank, become a party to this Agreement (each, an “Additional Commitment Bank”) as provided in Section 13.9; provided that each of such Additional Commitment Banks shall enter into an Assignment Agreement pursuant to which such Additional Commitment Bank shall, effective as of the applicable Extension Date, undertake a Pro Rata Share of the Commitment (and, if any such Additional Commitment Bank is already a Bank, its Pro Rata Share of the Commitment shall be in addition to such Bank’s Pro Rata Share of the Commitment hereunder on such date).
Additional Commitment Banks. The Borrower shall have the right on or before the Extension Date (effective as of the Extension Date) to replace the Commitments of any Non-Extending Banks with, and at its option add as “Banks” under this Credit Agreement, one or more Eligible Assignees (each, an “Additional Commitment Bank”) as provided in Section 11.18, each of which Additional Commitment Banks shall have entered into an Assignment and Assumption pursuant to which such Additional Commitment Bank shall, effective as of the applicable Extension Date, undertake a Commitment (and, if any such Additional Commitment Bank is already a Bank, its Commitment shall be in addition to such Bank’s Commitment hereunder on such date).
Additional Commitment Banks. The Borrower Representative shall have the right on or before the Extension Date (effective as of the Extension Date) to replace the Revolving Commitments of any Non-Extending Banks with, and at its option add as “Revolving Banks” under this Credit Agreement, one or more Eligible Assignees (each, an “Additional Commitment Bank”) as provided in Section 11.18, each of which Additional Commitment Banks shall have entered into an Assignment and Assumption pursuant to which such Additional Commitment Bank shall, effective as of the applicable Extension Date, undertake a Revolving Commitment (and, if any such Additional Commitment Bank is already a Revolving Bank, such newly undertaken Revolving Commitment shall be in addition to such Revolving Bank’s existing Revolving Commitment hereunder on such date).
Additional Commitment Banks. The Company shall have the right to replace each Non Extending Bank with, another bank or other banks (which may be, but need not be, one or more of the existing Banks, but which shall be an Eligible Assignee), which at the time agree to (i) in the case of any such Bank that is an existing Bank, increase its Commitment and (ii) in the case of any other such Bank, become a party to this Agreement (each, an “Additional Commitment Bank”) as provided in Section 13.9; provided that each of such Additional Commitment Banks shall enter into an Assignment Agreement pursuant to which such Additional Commitment Bank shall, effective as of the applicable Extension Date, undertake a Commitment (and, if any such Additional Commitment Bank is already a Bank, its Commitment shall be in addition to such Bank’s Commitment hereunder on such date).
Additional Commitment Banks. The Borrower shall have the right on or before the Extension Date to replace each Non-Extending Bank with, and add as “Banks” under this Agreement in place thereof, one or more Eligible Assignees (each, an “Additional Commitment Bank”) as provided in Section 3.9, each of which Additional Commitment Banks shall have entered into an Assignment and Assumption pursuant to which such Additional Commitment Bank shall, effective as of the Extension Date, undertake a Revolving Credit Loan Commitment or increase its existing Revolving Credit Loan Commitment, as applicable.
Additional Commitment Banks. The Borrowers shall have the right on or before the Existing Expiration Date or Existing Term Loan Maturity Date to replace each Non- Extending Bank with, and add as “Banks” under this Agreement in place thereof, one or more eligible Assignees as determined under Section 11.8 (each, an "Additional Commitment Bank") with the approval of the Administrative Agent (and, with respect to prospective Additional Commitment Banks under the Revolving Credit Facility, the Swing Loan Bank and the Issuing Bank), each of which approvals shall not be unreasonably withheld. Each Additional Commitment Bank shall have entered into an agreement in form and substance satisfactory to the Borrowers and the Administrative Agent pursuant to which such Additional Commitment Bank shall, effective as of the Extension Effective Date, undertake either (i) a Revolving Credit Commitment (and, if any such Additional Commitment Bank is already a Bank under the Revolving Credit Facility, its Revolving Credit Commitment shall be in addition to such Bank’s Revolving Credit Commitment hereunder on such date) or (ii)
Additional Commitment Banks. The Company shall have the right to replace each Non-Extending Bank with, and add as “Banks” under this Agreement in place thereof, one or more eligible assignees (each, an “Additional Commitment Bank”) in accordance with §2.18.