Additional/Replacement Revolving Credit Commitments Sample Clauses
The "Additional/Replacement Revolving Credit Commitments" clause allows for the borrower to increase the total amount of revolving credit available or to replace existing revolving credit commitments with new ones, typically from existing or new lenders. In practice, this clause outlines the process for requesting additional commitments, the conditions under which new lenders may join, and any required consents or documentation. Its core function is to provide flexibility for the borrower to access more credit or restructure existing credit lines as business needs evolve, ensuring continued liquidity and adaptability without renegotiating the entire credit agreement.
Additional/Replacement Revolving Credit Commitments. Pursuant to Section 2.14 of the Credit Agreement, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, on and as of the Fifth Amendment Effective Date:
(a) each Incremental Revolving Lender hereby agrees that (A) as contemplated by Section 2.14 of the Credit Agreement, such Incremental Revolving Lender shall have a new Revolving Credit Commitment, and shall severally agree to make Revolving Credit Loans pursuant thereto on and after the Fifth Amendment Effective Date, in each case in an amount equal to the amount set forth opposite such Incremental Revolving Lender’s name under the heading “Incremental Revolving Credit Commitment Amount” on Schedule 1.1(a) to this Agreement, in each case on the terms and conditions that are applicable to the “Revolving Credit Facility” and (B) such Incremental Revolving Lender shall (x) in the case of an Incremental Revolving Lender that is a Revolving Credit Lender under the Credit Agreement, continue to be a “Revolving Credit Lender” and a “Lender” for all purposes of, and subject to all the obligations of a “Revolving Credit Lender” and a “Lender” under the Amended Credit Agreement and the other Credit Documents, (y) in the case of an Incremental Revolving Lender that is a Lender, but is not a Revolving Credit Lender, under the Credit Agreement, continue to be a “Lender”, and be deemed to be, and shall become, a “Revolving Credit Lender”, for all purposes of, and subject to all the obligations of a “Revolving Credit Lender” and a “Lender” under the Amended Credit Agreement and the other Credit Documents, and (z) in the case of an Incremental Revolving Lender that is not an existing Lender under the Credit Agreement, be deemed to be, and shall become, an “Additional Lender”, a “Revolving Credit Lender” and a “Lender” for all purposes of, and subject to all the obligations of an “Additional Lender”, a “Revolving Credit Lender” and a “Lender” under the Amended Credit Agreement and the other Credit Documents. Each Credit Party and the Administrative Agent hereby agree that, from and after the Fifth Amendment Effective Date, each Incremental Revolving Lender shall be deemed to be, and shall become, an “Additional Lender”, a “Revolving Credit Lender” and a “Lender”, as applicable, for all purposes of, and with all the rights and remedies of an “Additional Lender”, a “Revolving Credit Lender” and a “Lender”, as applicable, under, the Amended Credit Agreement and the other Credit Documents;...
Additional/Replacement Revolving Credit Commitments of the Credit Agreement provides that the Borrower, Holdings, each current Lender (for purposes of this definition, as defined in the Credit Agreement) and each Additional Lender (for purposes of this definition, as defined in the Credit Agreement) providing an Additional/Replacement Revolving Credit Commitment (for purposes of this definition, as defined in the Credit Agreement) (collectively, the “Incremental Revolving Lenders”), and the Administrative Agent may enter into an Incremental Agreement (for purposes of this definition, as defined in the Credit Agreement) to provide for the Additional/Replacement Revolving Credit Commitments and Revolving Credit Loans contemplated to be provided pursuant to this Agreement. The Borrower has requested that the Incremental Revolving Lenders collectively provide Additional/Replacement Revolving Credit Commitments hereunder in an aggregate principal amount as set forth on Schedule 1.1(a) hereto (the “Incremental Revolving Credit Commitment”) on the Fifth Amendment Effective Date, and each Incremental Revolving Lender is prepared to provide a portion of such Incremental Revolving Credit Commitment, in the respective amounts set forth opposite such Incremental Revolving Lender’s name on Schedule 1.1(a) hereto, in each case subject to the other terms and conditions set forth herein.
Additional/Replacement Revolving Credit Commitments. Pursuant to Section 2.14 of the Credit Agreement, and subject to the satisfaction of the conditions precedent set forth in Section 5 hereof, on and as of the Second Amendment Effective Date:
(a) each Incremental Revolving Credit Lender hereby agrees that (A) as contemplated by Section 2.14 of the Credit Agreement, such Incremental Revolving Credit Lender shall have a new Revolving Credit Commitment, and shall severally agree to make Revolving Credit Loans pursuant thereto on and after the Second Amendment Effective Date, in each case in an amount equal to the amount set forth opposite such Incremental Revolving Credit