Common use of Changes In Lenders Clause in Contracts

Changes In Lenders. With effect from and including ARCA Effective Date: (a) Each Person listed in Annex A hereto which is not a party to this Agreement prior to ARCA Effective Date (a “New Lender”) shall become a Lender party to this Agreement. (b) Each Lender listed in Annex A shall have a Revolving Credit Commitment in the applicable amount set forth in Annex A, which shall replace Annex A to the Existing Credit Agreement with respect to the Lenders and their Revolving Credit Commitments. (c) Each New Lender shall make new Revolving Credit Loans to the Borrower in an amount such that, after giving effect thereto, the aggregate amount of such Loans shall bear the same relationship to the Revolving Credit Commitment of such New Lender as the outstanding Revolving Credit Loans of the other Lenders bear to their Revolving Credit Commitments, such new Revolving Credit Loans to be allocated ratably among all outstanding Revolving Credit Borrowings and to be deemed part of such outstanding Revolving Credit Borrowings. (d) The participations of the Lenders in outstanding Letters of Credit, if any, and their obligations with respect to outstanding Swing Line Loans, if any, shall be redetermined on the basis of the Revolving Credit Commitments set forth in Annex A. (e) Any Lender party to this Agreement prior to the ARCA Effective Date and not listed in Annex A (a “Departing Lender”) shall cease to be a Lender party to this Agreement, shall cease to have any commitments hereunder, any participation in outstanding Letters of Credit or any obligation with respect to outstanding Swing Line Loans, and all accrued fees and other amounts payable under this Agreement for the account of such Lender shall be due and payable on such date; provided that the provisions of Sections 2.15, 2.16, 2.17 and 10.05 of this Agreement shall continue to inure to the benefit of each such Lender. (f) Any Lender which is not a New Lender, but whose Revolving Credit Commitment is increased in Annex A above that previously in effect shall be deemed a New Lender for purposes of clauses (c) and (d) to the extent of such increase, and any such Lender whose Revolving Credit Commitment is so decreased shall be deemed a Departing Lender for purposes of clause (e) hereof to the extent of such decrease.

Appears in 2 contracts

Samples: Revolving Credit and Guaranty Agreement (Tower International, Inc.), Revolving Credit and Guaranty Agreement (Tower International, Inc.)

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Changes In Lenders. With effect from and including ARCA Effective Date: (a) Each Person listed in Annex A hereto which is not a party to this Agreement prior to ARCA Effective Date (a “New Lender”) shall become a Lender party to this Agreement. (b) Each Lender listed in Annex A shall have a Revolving Credit Commitment in the applicable amount set forth in Annex A, which shall replace Annex A to the Existing Credit Agreement with respect to the Lenders and their Revolving Credit Commitments. (c) Each New Lender shall make new Revolving Credit Loans to the Borrower in an amount such that, after giving effect thereto, the aggregate amount of such Loans shall bear the same relationship to the Revolving Credit Commitment of such New Lender as the outstanding Revolving Credit Loans of the other Lenders bear to their Revolving Credit Commitments, such new Revolving Credit Loans to be allocated ratably among all outstanding Revolving Credit Borrowings and to be deemed part of such outstanding Revolving Credit Borrowings. (d) The participations of the Lenders in outstanding Letters of Credit, if any, and their obligations with respect to outstanding Swing Line Loans, if any, shall be redetermined on the basis of the Revolving Credit Commitments set forth in Annex A. (e) Any Lender party to this Agreement prior to the ARCA Effective Date and not listed in Annex A (a “Departing Lender”) shall cease to be a Lender party to this Agreement, shall cease to have any commitments hereunder, any participation in outstanding Letters of Credit or any obligation with respect to outstanding Swing Line Loans, and all accrued fees and other amounts payable under this Agreement for the account of such Lender shall be due and payable on such date; provided that the provisions of Sections 2.15‎2.15, 2.16‎2.16, 2.17 ‎2.17 and 10.05 ‎10.05 of this Agreement shall continue to inure to the benefit of each such Lender. (f) Any Lender which is not a New Lender, but whose Revolving Credit Commitment is increased in Annex A above that previously in effect shall be deemed a New Lender for purposes of clauses (c) and (d) to the extent of such increase, and any such Lender whose Revolving Credit Commitment is so decreased shall be deemed a Departing Lender for purposes of clause (e) hereof to the extent of such decrease.

Appears in 2 contracts

Samples: Revolving Credit and Guaranty Agreement (Tower International, Inc.), Revolving Credit and Guaranty Agreement (Tower International, Inc.)

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