Common use of Commitment of New Bank Clause in Contracts

Commitment of New Bank. The Borrowers, the Administrative Agent and the New Bank hereby agree that on and as of the dates set forth below the New Bank shall replace, as specified herein, _% (such percentage being referred to as the New Bank’s “Percentage”) of each utilization of the Cancelled Commitments [set forth in the third recital hereof] [set forth under the caption “Committed Rate Loans”] and that the aggregate Commitment of the New * As appropriate for New or Existing Banks. Bank shall on and as of the date hereof be $_____**. In connection therewith, the Borrowers, the Administrative Agent and the New Bank hereby agree as follows***: (i) for purposes of determining such New Bank’s pro rata share of each Committed Rate Loan borrowing advanced on or after the date hereof such Bank’s Commitment shall be equal to $[same as above]; (ii) the unused and available portion of such New Bank’s Commitment shall be deemed utilized by its Percentage of the Committed Rate Loans made by the Cancelled Banks and listed in the third recital hereof. In furtherance thereof, the unused and available portion of such New Bank’s Commitment shall, on the earlier of (x) the last day of each Interest Period specified for each outstanding Committed Rate Loan in the third recital hereof (and the payment in full to the Cancelled Banks of the principal thereof and accrued interest thereon) and (y) the prepayment of the principal of such Loans together with accrued interest thereon, automatically and without any further action by any party increase by an amount equal to the New Bank’s Percentage of such Loan; and (iii) [(A)] [concurrently with the execution hereof the New Bank shall disburse to each Borrower in immediately available funds such amount as shall be necessary so that the ratio which each Bank’s outstanding ABR Loans bears to all of the outstanding ABR Loans equals the ratio which each Bank’s Commitment (determined, for the New Bank, in accordance with clause (i) above) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);]

Appears in 3 contracts

Samples: Credit Agreement (Deere John Capital Corp), Credit Agreement (Deere John Capital Corp), Credit Agreement (Deere John Capital Corp)

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Commitment of New Bank. The Borrowers, the Administrative Agent and the New Bank hereby agree that on and as of the dates set forth below the New Bank shall replace, as specified herein, _% (such percentage being referred to as the New Bank’s “Percentage”) of each utilization of the Cancelled Commitments [set forth in the third recital hereof] [set forth under the caption “Committed Rate Loans”] and that the aggregate Commitment of the New * As appropriate for New or Existing Banks. Bank shall on and as of the date hereof be $_____$ **. In connection * As appropriate for New or Existing Banks. ** Insert amount equal to sum of New Bank’s existing Commitment, if any, plus New Bank’s Percentage of Cancelled Commitments. therewith, the Borrowers, the Administrative Agent and the New Bank hereby agree as follows***: (i) for purposes of determining such New Bank’s pro rata share of each Committed Rate Loan borrowing advanced on or after the date hereof such Bank’s Commitment shall be equal to $[same as above]; (ii) the unused and available portion of such New Bank’s Commitment shall be deemed utilized by its Percentage of the Committed Rate Loans made by the Cancelled Banks and listed in the third recital hereof. In furtherance thereof, the unused and available portion of such New Bank’s Commitment shall, on the earlier of (x) the last day of each Interest Period specified for each outstanding Committed Rate Loan in the third recital hereof (and the payment in full to the Cancelled Banks of the principal thereof and accrued interest thereon) and (y) the prepayment of the principal of such Loans together with accrued interest thereon, automatically and without any further action by any party increase by an amount equal to the New Bank’s Percentage of such Loan; and (iii) [(A)] [concurrently with the execution hereof the New Bank shall disburse to each Borrower in immediately available funds such amount as shall be necessary so that the ratio which each Bank’s outstanding ABR Loans bears to all of the outstanding ABR Loans equals the ratio which each Bank’s Commitment (determined, for the New Bank, in accordance with clause (i) above) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);] [(B)] [on the last day of each Interest Period for each outstanding Eurodollar Loan, automatically and without any further action by either Borrower, the New Bank shall disburse to each Borrower in immediately available funds such amounts as shall be necessary so that the ratio which each Bank’s outstanding Eurodollar Loans, bears to all of the outstanding Eurodollar Loans, equals the ratio which each Bank’s Commitment (determined, for the New Bank, in accordance with clause (i) hereof) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);]

Appears in 2 contracts

Samples: Credit Agreement (Deere John Capital Corp), Credit Agreement (Deere & Co)

Commitment of New Bank. The Borrowers, the Administrative Agent and the New Bank hereby agree that on and as of the dates set forth below the New Bank shall replace, as specified herein, _% (such percentage being referred to as the New Bank’s “Percentage”) of each utilization of the Cancelled Commitments [set forth in the third recital hereof] [set forth under the caption “Committed Rate Loans”] and that the aggregate Commitment of the New * As appropriate for New or Existing Banks. Bank shall on and as of the date hereof be $_____$ **. In connection therewith, the Borrowers, the Administrative Agent and the New Bank hereby agree as follows***: (i) for purposes of determining such New Bank’s pro rata share of each Committed Rate Loan borrowing advanced on or after the date hereof such Bank’s Commitment shall be equal to $[same as above]; (ii) the unused and available portion of such New Bank’s Commitment shall be deemed utilized by its Percentage of the Committed Rate Loans made by the Cancelled Banks and listed in the third recital hereof. In furtherance thereof, the unused and available portion of such New Bank’s Commitment shall, on the earlier of (x) the last day of each Interest Period specified for each outstanding Committed Rate Loan in the third recital hereof (and the payment in full to the Cancelled Banks of the principal thereof and accrued interest thereon) and (y) the prepayment of the principal of such Loans together with accrued interest thereon, automatically and without any further action by any party increase by an amount equal to the New Bank’s Percentage of such Loan; and (iii) [(A)] [concurrently with the execution hereof the New Bank shall disburse to each Borrower in immediately available funds such amount as shall be necessary so that the ratio which each Bank’s outstanding ABR Loans bears to all of the outstanding ABR Loans equals the ratio which each Bank’s Commitment (determined, for the New Bank, in accordance with clause (i) above) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);]

Appears in 1 contract

Samples: Credit Agreement (Deere & Co)

Commitment of New Bank. The Borrowers, the Administrative Agent and ---------------------- the New Bank hereby agree that on and as of the dates set forth below the New Bank shall replace, as specified herein, _% (such percentage being referred to as the New Bank’s “'s "Percentage") of each utilization of the Cancelled Commitments [set forth in the third recital hereof] [set forth under the caption "Committed Rate Loans"] and that the aggregate Commitment of the New * As appropriate for New or Existing Banks. Bank shall on and as of the date hereof be $_____**. In connection therewith, the Borrowers, the Administrative Agent and the New Bank hereby agree as follows***: (i) for purposes of determining such New Bank’s 's pro rata share of each Committed Rate Loan borrowing advanced on or after the date hereof such Bank’s 's Commitment shall be equal to $[same as above];; ------------- ---------------------------- * As appropriate for New or Existing Banks. (ii) the unused and available portion of such New Bank’s 's Commitment shall be deemed utilized by its Percentage of the Committed Rate Loans made by the Cancelled Banks and listed in the third recital hereof. In furtherance thereof, the unused and available portion of such New Bank’s 's Commitment shall, on the earlier of (x) the last day of each Interest Period specified for each outstanding Committed Rate Loan in the third recital hereof (and the payment in full to the Cancelled Banks of the principal thereof and accrued interest thereon) and (y) the prepayment of the principal of such Loans together with accrued interest thereon, automatically and without any further action by any party increase by an amount equal to the New Bank’s 's Percentage of such Loan; and (iii) [(A)] [concurrently with the execution hereof the New Bank shall disburse to each Borrower in immediately available funds such amount as shall be necessary so that the ratio which each Bank’s 's outstanding ABR Loans bears to all of the outstanding ABR Loans equals the ratio which each Bank’s 's Commitment (determined, for the New Bank, in accordance with clause (i) above) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);] [(B)] [on the last day of each Interest Period for each outstanding Eurodollar Loan, automatically and without any further action by either Borrower, the New Bank shall disburse to each Borrower in immediately available funds such amounts as shall be necessary so that the ratio which each Bank's outstanding Eurodollar Loans, bears to all of the outstanding Eurodollar Loans, equals the ratio which each Bank's Commitment (determined, for the New Bank, in accordance with clause (i) hereof) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);]

Appears in 1 contract

Samples: Credit Agreement (Deere & Co)

Commitment of New Bank. The Borrowers, the Administrative Agent and the New Bank hereby agree that on and as of the dates set forth below the New Bank shall replace, as specified herein, ____% (such percentage being referred to as the New Bank’s “'s "Percentage") of each utilization of the Cancelled Commitments [set forth in the third recital hereof] [set forth under the caption "Committed Rate Loans"] and that the aggregate Commitment of the New * As appropriate for New or Existing Banks. Bank shall on and as of the date hereof be $___________**. In connection therewith, the Borrowers, the Administrative Agent and the New Bank hereby agree as follows***: (i) for purposes of determining such New Bank’s 's pro rata share of each Committed Rate Loan borrowing advanced on or after the date hereof such Bank’s 's Commitment shall be equal to $[same as aboveSAME AS ABOVE];; -------------------- * As appropriate for New or Existing Banks. ** Insert amount equal to sum of New Bank's existing Commitment, if any, plus New Bank's Percentage of Cancelled Commitments. *** The following clauses (ii)-(iii) may be altered to reflect the agreements among the Cancelled Bank, the New Bank and the Borrowers provided such agreements do not adversely affect any Existing Bank or the Administrative Agent. (ii) the unused and available portion of such New Bank’s 's Commitment shall be deemed utilized by its Percentage of the Committed Rate Loans made by the Cancelled Banks and listed in the third recital hereof. In furtherance thereof, the unused and available portion of such New Bank’s 's Commitment shall, on the earlier of (x) the last day of each Interest Period specified for each outstanding Committed Rate Loan in the third recital hereof (and the payment in full to the Cancelled Banks of the principal thereof and accrued interest thereon) and (y) the prepayment of the principal of such Loans together with accrued interest thereon, automatically and without any further action by any party increase by an amount equal to the New Bank’s 's Percentage of such Loan; and (iii) [(A)] [concurrently with the execution hereof the New Bank shall disburse to each Borrower in immediately available funds such amount as shall be necessary so that the ratio which each Bank’s 's outstanding ABR Loans bears to all of the outstanding ABR Loans equals the ratio which each Bank’s 's Commitment (determined, for the New Bank, in accordance with clause (i) above) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);]

Appears in 1 contract

Samples: Credit Agreement (Deere & Co)

Commitment of New Bank. The Borrowers, the Administrative Agent ---------------------- and the New Bank hereby agree that on and as of the dates set forth below the New Bank shall replace, as specified herein, _% (such percentage being referred to as the New Bank’s “Bank"s "Percentage") of each utilization of the Cancelled Commitments [set forth in the third recital hereof] [set forth under the caption "Committed Rate Loans"] and that the aggregate Commitment of the New * As appropriate for New or Existing Banks. Bank shall on and as of the date hereof be $_____**. In connection therewith, the Borrowers, the Administrative Agent and the New Bank hereby agree as follows***: (i) for purposes of determining such New Bank’s Bank"s pro rata share of each Committed Rate Loan borrowing advanced on or after the date hereof such Bank’s Bank"s Commitment shall be equal to $[same as above];; ------------- ___________________ * As appropriate for New or Existing Banks. (ii) the unused and available portion of such New Bank’s Bank"s Commitment shall be deemed utilized by its Percentage of the Committed Rate Loans made by the Cancelled Banks and listed in the third recital hereof. In furtherance thereof, the unused and available portion of such New Bank’s Bank"s Commitment shall, on the earlier of (x) the last day of each Interest Period specified for each outstanding Committed Rate Loan in the third recital hereof (and the payment in full to the Cancelled Banks of the principal thereof and accrued interest thereon) and (y) the prepayment of the principal of such Loans together with accrued interest thereon, automatically and without any further action by any party increase by an amount equal to the New Bank’s Bank"s Percentage of such Loan; and (iii) [(A)] [concurrently with the execution hereof the New Bank shall disburse to each Borrower in immediately available funds such amount as shall be necessary so that the ratio which each Bank’s Bank"s outstanding ABR Loans bears to all of the outstanding ABR Loans equals the ratio which each Bank’s Bank"s Commitment (determined, for the New Bank, in accordance with clause (i) above) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);] [(B)] [on the last day of each Interest Period for each outstanding Eurodollar Loan, automatically and without any further action by either Borrower, the New Bank shall disburse to each Borrower in immediately available funds such amounts as shall be necessary so that the ratio which each Bank"s outstanding Eurodollar Loans, bears to all of the outstanding Eurodollar Loans, equals the ratio which each Bank"s Commitment (determined, for the New Bank, in accordance with clause (i) hereof) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);]

Appears in 1 contract

Samples: Credit Agreement (Deere & Co)

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Commitment of New Bank. The Borrowers, the Administrative Agent and the New Bank hereby agree that on and as of the dates set forth below the New Bank shall replace, as specified herein, _% (such percentage being referred to as the New Bank’s “'s "Percentage") of each utilization of the Cancelled Commitments [set forth in the third recital hereof] [set forth under the caption "Committed Rate Loans"] and that the aggregate Commitment of the New * As appropriate for New or Existing Banks. Bank shall on and as of the date hereof be $_____**. In connection therewith, the Borrowers, the Administrative Agent and the New Bank hereby agree as follows***: (i) for purposes of determining such New Bank’s 's pro rata share of each Committed Rate Loan borrowing advanced on or after the date hereof such Bank’s 's Commitment shall be equal to $[same as above];; *As appropriate for New or Existing Banks. (ii) the unused and available portion of such New Bank’s 's Commitment shall be deemed utilized by its Percentage of the Committed Rate Loans made by the Cancelled Banks and listed in the third recital hereof. In furtherance thereof, the unused and available portion of such New Bank’s 's Commitment shall, on the earlier of (x) the last day of each Interest Period specified for each outstanding Committed Rate Loan in the third recital hereof (and the payment in full to the Cancelled Banks of the principal thereof and accrued interest thereon) and (y) the prepayment of the principal of such Loans together with accrued interest thereon, automatically and without any further action by any party increase by an amount equal to the New Bank’s 's Percentage of such Loan; and (iii) [(A)] [concurrently with the execution hereof the New Bank shall disburse to each Borrower in immediately available funds such amount as shall be necessary so that the ratio which each Bank’s 's outstanding ABR Loans bears to all of the outstanding ABR Loans equals the ratio which each Bank’s 's Commitment (determined, for the New Bank, in accordance with clause (i) above) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);]

Appears in 1 contract

Samples: Credit Agreement (Deere & Co)

Commitment of New Bank. The Borrowers, the Administrative Agent and the New Bank hereby agree that on and as of the dates set forth below the New Bank shall replace, as specified herein, _% (such percentage being referred to as the New Bank’s “Percentage”) of each utilization of the Cancelled Commitments [set forth in the third recital hereof] [set forth under the caption “Committed Rate Loans”] and that the aggregate Commitment of the New * As appropriate for New or Existing Banks. Bank shall on and as of the date hereof be $_____$ **. In connection therewith, the Borrowers, the Administrative Agent and the New Bank hereby agree as follows***: (i) for purposes of determining such New Bank’s pro rata share of each Committed Rate Loan borrowing advanced on or after the date hereof such Bank’s Commitment shall be equal to $[same as above]; (ii) the unused and available portion of such New Bank’s Commitment shall be deemed utilized by its Percentage of the Committed Rate Loans made by the Cancelled Banks and listed in the third recital hereof. In furtherance thereof, the unused and available portion of such New Bank’s Commitment shall, on the earlier of (x) the last day of each Interest Period specified for each outstanding Committed Rate Loan in the third recital hereof (and the payment in full to the Cancelled Banks of the principal thereof and accrued interest thereon) and (y) the prepayment of the principal of such Loans together with accrued interest thereon, automatically and without any further action by any party increase by an amount equal to the New Bank’s Percentage of such Loan; and (iii) [(A)] [concurrently with the execution hereof the New Bank shall disburse to each Borrower in immediately available funds such amount as shall be necessary so that the ratio which each Bank’s outstanding ABR Loans bears to all of the outstanding ABR Loans equals the ratio which each Bank’s Commitment (determined, for the New Bank, in accordance with clause (i) above) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);]

Appears in 1 contract

Samples: Credit Agreement (Deere John Capital Corp)

Commitment of New Bank. The Borrowers, the Administrative Agent and the ---------------------- New Bank hereby agree that on and as of the dates set forth below the New Bank shall replace, as specified herein, _% (such percentage being referred to as the New Bank’s “'s "Percentage") of each utilization of the Cancelled Commitments [set forth in the third recital hereof] [set forth under the caption "Committed Rate Loans"] and that the aggregate Commitment of the New * As appropriate for New or Existing Banks. Bank shall on and as of the date hereof be $_____**. In connection therewith, the Borrowers, the Administrative Agent and the New Bank hereby agree as follows***: (i) for purposes of determining such New Bank’s 's pro rata share of each Committed Rate Loan borrowing advanced on or after the date hereof such Bank’s 's Commitment shall be equal to $[same as above];; ------------- (ii) the unused and available portion of such New Bank’s 's Commitment shall be deemed utilized by its Percentage of the Committed Rate Loans made by the Cancelled Banks and listed in the third recital hereof. In furtherance thereof, the unused and available portion of _______________________ such New Bank’s 's Commitment shall, on the earlier of (x) the last day of each Interest Period specified for each outstanding Committed Rate Loan in the third recital hereof (and the payment in full to the Cancelled Banks of the principal thereof and accrued interest thereon) and (y) the prepayment of the principal of such Loans together with accrued interest thereon, automatically and without any further action by any party increase by an amount equal to the New Bank’s 's Percentage of such Loan; and (iii) [(A)] [concurrently with the execution hereof the New Bank shall disburse to each Borrower in immediately available funds such amount as shall be necessary so that the ratio which each Bank’s 's outstanding ABR Loans bears to all of the outstanding ABR Loans equals the ratio which each Bank’s 's Commitment (determined, for the New Bank, in accordance with clause (i) above) bears to all of the Commitments (determined, for the New Bank, in accordance with the immediately foregoing parenthetical);]

Appears in 1 contract

Samples: Credit Agreement (Deere & Co)

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