Common use of New Lender, Assignments and Reallocation of Commitments and Loans Clause in Contracts

New Lender, Assignments and Reallocation of Commitments and Loans. Each Lender party to the Credit Agreement immediately prior to the Third Amendment Effective Date (used herein as defined below) has, in consultation with the Borrower, agreed to reallocate its respective Maximum Credit Amount and Commitment and to, among other things, allow CIT Finance LLC to become a party to the Credit Agreement as a Lender, (the “New Lender”) by acquiring an interest in the Aggregate Maximum Credit Amounts and Commitments. The Administrative Agent and the Borrower hereby consent to such reallocation and the New Lender’s acquisition of an interest in the Maximum Credit Amounts and Commitments. On the Third Amendment Effective Date and after giving effect to such reallocations, the Maximum Credit Amounts and Commitment of each Lender (including the New Lender) shall be as set forth on Annex I to this Third Amendment, which Annex I supersedes and replaces Annex I to the Credit Agreement, and the New Lender shall become a party to the Credit Agreement, as amended by this Third Amendment, as a “Lender” and have all of the rights and obligations of a Lender under the Credit Agreement, as amended by this Third Amendment, and the other Loan Documents. With respect to such reallocation, the New Lender shall be deemed to have acquired the Maximum Credit Amount and Commitment assigned to it from the existing Lenders pursuant to the terms of the Assignment and Assumption attached as Exhibit F to the Credit Agreement as if the New Lender and such existing Lenders executed an Assignment and Assumption with respect to such allocation pursuant to which the term “Effective Date” shall be the “Third Amendment Effective Date” as defined herein and item 6 therein shall be deemed to be deleted. Notwithstanding Section 12.04(b)(ii)(C), the Lenders deemed to be parties to the Assignment Agreement shall not be required to pay a processing and recordation fee of $3,500 to the Administrative Agent. On the Third Amendment Effective Date, the Administrative Agent shall take the actions specified in Section 12.04(b)(v), including recording the assignment described herein in the Register, and such assignment shall be effective for purposes of the Credit Agreement. If, on the Third Amendment Effective Date, any Eurodollar Loans have been funded, then the Borrower shall be obligated to pay any breakage fees or costs that are payable pursuant to Section 5.02, in connection with the reallocation of such outstanding Eurodollar Loans to effectuate the provisions of this paragraph.

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement (New Source Energy Partners L.P.)

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New Lender, Assignments and Reallocation of Commitments and Loans. Each Lender party to the Credit Agreement immediately prior to the Third Eighth Amendment Effective Date (used herein as defined below) (the “Existing Lenders”) has, in consultation with the Borrower, agreed to reallocate its respective Maximum Credit Amount and Commitment and to, among other things, allow CIT Finance LLC each of U.S. Bank National Association, The Bank of Nova Scotia and Compass Bank to become a party to the Credit Agreement as a LenderLender (each, (the a “New Lender”) by acquiring an interest in the Aggregate total Maximum Credit Amounts and Commitments. The Administrative Agent and the Borrower hereby consent to such reallocation and the each New Lender’s acquisition of an interest in the Maximum Credit Amounts and CommitmentsCommitments and the Existing Lenders’ assignment of its Commitments to the extent effected by the reallocation contemplated hereby. On the Third Eighth Amendment Effective Date Date, and after giving effect to such reallocations, (a) the Maximum Credit Amounts Amount and Commitment of each Lender (including the each New Lender) shall be as set forth on Annex I to of this Third Eighth Amendment, which Annex I supersedes and replaces Annex I to the Credit Agreement, Agreement and the (b) each New Lender shall become a party to the Credit Agreement, as amended by this Third Eighth Amendment, as a “Lender” and shall have all of the rights and obligations of a Lender under the Credit Agreement, as amended by this Third Eighth Amendment, and the other Loan Documents. With respect to such reallocation, the each Lender (including each New Lender Lender) shall be deemed to have acquired the Maximum Credit Amount and Commitment assigned allocated to it from each of the existing other Lenders pursuant to the terms of the an Assignment and Assumption attached as Exhibit F to the Credit Agreement as if the New Lender and such existing Lenders had executed an Assignment and Assumption with respect to such allocation pursuant to which the term “Effective Date” shall be the “Third Amendment Effective Date” as defined herein and item 6 therein shall be deemed to be deleted. Notwithstanding Section 12.04(b)(ii)(C), the Lenders deemed to be parties to the Assignment Agreement shall not be required to pay a processing and recordation fee of $3,500 to the Administrative Agentallocation. On the Third Eighth Amendment Effective Date, the Administrative Agent shall take the actions specified in Section 12.04(b)(v), including recording the assignment assignments described herein in the Register, and such assignment assignments shall be effective for purposes of the Credit Agreement. IfNotwithstanding Section 12.04(b)(ii)(C), no Person shall be required to pay a processing and recordation fee of $3,500 to the Administrative Agent in connection with such assignments. If on the Third Eighth Amendment Effective Date, any Eurodollar Loans have been funded, then the Borrower shall be obligated to pay any breakage fees or costs that are payable pursuant to Section 5.02, 5.02 in connection with the reallocation of such outstanding Eurodollar Loans to effectuate the provisions of this paragraph.

Appears in 1 contract

Samples: Credit Agreement (Parsley Energy, Inc.)

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New Lender, Assignments and Reallocation of Commitments and Loans. Each Lender party to the Credit Agreement immediately prior to the Third Amendment Effective Date (used herein as defined below) (the “Existing Lenders”) has, in consultation with the Borrower, agreed to reallocate its respective Maximum Credit Amount and Commitment and to, among other things, allow CIT Finance LLC Royal Bank of Canada to become a party to the Credit Agreement as a Lender, Lender (the “New Lender”) by acquiring an interest in the Aggregate total Maximum Credit Amounts and Commitments. The Administrative Agent and the Borrower hereby consent to such reallocation and the New Lender’s acquisition of an interest in the Maximum Credit Amounts and CommitmentsCommitments and the Existing Lenders’ assignment of its Commitments to the extent effected by the reallocation contemplated hereby. On the Third Amendment Effective Date Date, and after giving effect to such reallocations, (a) the Maximum Credit Amounts Amount and Commitment of each Lender (including the New Lender) shall be as set forth on Annex I to of this Third Amendment, which Annex I supersedes and replaces Annex I to the Credit Agreement, Agreement and (b) the New Lender shall become a party to the Credit Agreement, as amended by this Third Amendment, as a “Lender” and shall have all of the rights and obligations of a Lender under the Credit Agreement, as amended by this Third Amendment, and the other Loan Documents. With respect to such reallocation, each Lender (including the New Lender Lender) shall be deemed to have acquired the Maximum Credit Amount and Commitment assigned allocated to it from each of the existing other Lenders pursuant to the terms of the Assignment and Assumption attached as Exhibit F G to the Credit Agreement as if the New Lender and such existing Lenders had executed an Assignment and Assumption with respect to such allocation pursuant to which the term “Effective Date” shall be the “Third Amendment Effective Date” as defined herein and item 6 therein shall be deemed to be deleted. Notwithstanding Section 12.04(b)(ii)(C), the Lenders deemed to be parties to the Assignment Agreement shall not be required to pay a processing and recordation fee of $3,500 to the Administrative Agentallocation. On the Third Amendment Effective Date, the Administrative Agent shall take the actions specified in Section 12.04(b)(v), including recording the assignment assignments described herein in the Register, and such assignment assignments shall be effective for purposes of the Credit Agreement. If, If on the Third Amendment Effective Date, any Eurodollar Loans have been funded, then the Borrower shall be obligated to pay any breakage fees or costs that are payable pursuant to Section 5.02, in connection with the reallocation of such outstanding Eurodollar Loans to effectuate the provisions of this paragraph.

Appears in 1 contract

Samples: Credit Agreement (Parsley Energy, Inc.)

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