New Commitment Clause Samples
The New Commitment clause establishes the terms under which a party agrees to undertake additional obligations or provide further resources beyond those originally specified in the agreement. Typically, this clause outlines the process for proposing, approving, and documenting any new commitments, such as increased funding, expanded services, or additional deliverables. Its core practical function is to provide a clear and structured mechanism for modifying the scope of the agreement, thereby ensuring that any changes are mutually agreed upon and properly recorded, which helps prevent misunderstandings or disputes about new obligations.
New Commitment. Pursuant to Section 2.1(e) of the Credit Agreement and subject to the terms and conditions hereof, the undersigned ▇▇▇▇▇▇ hereby agrees to make the New Commitment to the Borrower effective on and as of the Increased Amount Date. The New Commitment shall constitute a “Commitment” for all purposes of the Credit Agreement and the other Transaction Documents, and the terms and provisions of the New Commitment shall be identical to the existing Commitments under the Credit Agreement.
New Commitment. The Acceding Bank undertakes to the Existing Banks, the Agent and the Borrower that it shall assume the New Obligations on and from the Accession Date.
New Commitment. (i) Borrower hereby acknowledges and agrees that following satisfaction of all conditions precedent to the effectiveness of the Increase as provided in Section 5.08 of the Credit Agreement, the amount of each Bank’s Commitment shall be the amount set forth on Exhibit A attached hereto and the Total Revolving Loan Commitments under the Credit Agreement will include the Increase.
(ii) In connection with the Increase, (x) Citibank, N.A. (“New Bank”) shall be issued a Revolving Loan Note in the principal face amount of $30,000,000.00 and New Bank shall, as of the date thereof, become a “Bank” under the Credit Agreement with a Commitment in the amount set forth opposite New Bank’s name on Exhibit A attached hereto (the “New Commitment”) and (y) KeyBank shall be issued a replacement Revolving Loan Note in the principal face amount of $50,000,000.00 and PNC shall be issued a replacement Revolving Loan Note in the principal face amount of $50,000,000.00 and each such Bank shall, as of the date thereof, have a Commitment in the amount set forth opposite such Bank’s name on Exhibit A attached hereto. Each such new or replacement note shall, as of the date of issuance of same, be a “Revolving Loan Note” under the Credit Agreement.
New Commitment. The New Lender shall have a New Ratable Commitment in the amount of $85,000,000. On the Amendment Effective Date, and so long as the conditions set forth in Section 4 are satisfied, (a) the New Lender shall purchase from each of the Banks, at the principal amount thereof, such interests in the Ratable Loans outstanding on such date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Ratable Loans will be held by existing Banks and the New Lender ratably in accordance with their Loan Commitments after giving effect to the addition of such New Ratable Commitment to the Loan Commitments, (b) the New Ratable Commitment of the New Lender shall be deemed for all purposes a Loan Commitment and each Ratable Loan made under such New Ratable Commitment shall be deemed, for all purposes, a Ratable Loan, and (c) the New Lender shall become a Bank with respect to its New Ratable Commitment and all matters relating thereto.
New Commitment. Aggregate Commitments Aggregate Commitments Commitment of of all Lenders Prior to of all Lenders Including Pro Rata Share of New New Lender New Commitment New Commitment Lender Commitment $35,000,000 $330,000,000 $365,000,000 9.59%
New Commitment. Aggregate Commitments Aggregate Commitments Commitment of New of all Lenders Prior to of all Lenders Including Pro Rata Share of New Lender New Commitment New Commitment Lender Commitment
New Commitment. Aggregate Commitments Aggregate Commitments Pro Rata Share of Commitment of Increasing of all Lenders Prior to of all Lenders Including Increasing Lender Lender Increased Commitment Increased Commitment Commitment
New Commitment. (a) Schedule B of the Credit Agreement is deleted and replaced with the new Schedule B attached hereto as Exhibit "A".
(b) The Aggregate Commitment Amount is increased to $1,000,000,000.
(c) Concurrent with the addition of a new Individual Commitment Amount from the New Lender, the New Lender shall purchase from each Existing Lender such portion of the Obligations owing to such Existing Lender as is requested by the Agent (in accordance with its customary practices) to ensure that the Obligations owing to each Lender will be equal to such Lender's Rateable Portion (as determined after giving effect to the revised Individual Commitment Amounts set forth in Exhibit "A" attached hereto); provided that any such purchase of Obligations which is outstanding by way of Bankers' Acceptances or LIBOR Based Loans shall only occur on the Maturity Date(s) thereof.
New Commitment. Subject to the terms and conditions hereof, the New Lender agrees to make revolving credit loans ("NEW LOANS") to the Borrower from time to time during the New Commitment Period in an aggregate principal amount at any one time outstanding which does not exceed the amount of the New Commitment. During the New Commitment Period the Borrower may use the New Commitment by borrowing, prepaying the New Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The New Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.5A and 2.11, PROVIDED that no New Loan shall be made as a Eurodollar Loan after the day that is one month prior to the Revolving Credit Termination Date.
New Commitment. This Amendment constitutes (a) the Borrower's Additional Commitment Request to the Administrative Agent pursuant to Section 2.1(c) of the Credit Agreement, with the Borrower requesting that Fleet National Bank increase its Revolving Commitment from $20,000,000 to $25,000,000 and (b) the Administrative Agent's approval of the terms of such Additional Commitment Request. Contemporaneously with the execution and delivery hereof, the Proposed Lender is delivering to the Administrative Agent an Additional Lender Supplement in accordance with Section 2.1 of the Credit Agreement.