New Revolving Commitment Sample Clauses
The New Revolving Commitment clause establishes the terms under which additional revolving credit commitments can be made available to a borrower under an existing credit agreement. It typically outlines the process for requesting new commitments, the conditions that must be met, and the rights of both the borrower and the lenders regarding participation in the new facility. For example, it may specify notice requirements, lender consent procedures, and any limitations on the amount or timing of new commitments. The core function of this clause is to provide flexibility for the borrower to access additional credit as needed, while ensuring that all parties understand the process and conditions for increasing the revolving credit facility.
New Revolving Commitment. This Agreement shall not constitute a novation of the Credit Agreement or the other Loan Documents.
New Revolving Commitment. 1. The provisions in this Section B shall take effect immediately upon the Effective Time occurring.
2. Each New Revolving Lender commits to provide, severally but not jointly, to the Borrower its proportion of the New Revolving Commitment on the Effective Date in a principal amount not to exceed the amount set forth under the heading “New Revolving Commitment” opposite such New Revolving Lender’s name on Schedule I hereto.
3. The New Revolving Commitment shall take effect as an Incremental Facility and as a separate revolving tranche under the Existing Credit Agreement pursuant to Section 2.25 thereof (it being understood and agreed that the Administrative Agent, Capital One and the Required Lenders party hereto hereby waive compliance by the Loan Parties of all the applicable requirements and conditions to the implementation and effectiveness of such Incremental Facility as set out in Section 2.25 of the Existing Credit Agreement). References to “Revolving Lenders”, “Revolving Loans” and “Revolving Commitment” in the Existing Credit Agreement shall be deemed, where appropriate, to include reference to the New Revolving Lenders, the New Revolving Loans and the New Revolving Commitment respectively; provided that Section 2.7 of the Existing Credit Agreement shall be deemed not to apply to the New Revolving Lenders, the New Revolving Loans and the New Revolving Commitment.
4. The New Revolving Lenders agree to make, on the Effective Date, the New Revolving Loans to the Borrower as requested by the Borrower pursuant to the Notice of Borrowing delivered to the Administrative Agent on or prior the date hereof.
5. The Administrative Agent, Capital One, the Required Lenders party hereto and the New Revolving Lenders hereby waive compliance by the Loan Parties with (a) the minimum notice period requirement set forth in Section 2.5 of the Existing Credit Agreement with respect to the Notice of Borrowing, and (b) the minimum notice period requirements set forth in Sections 2.7 and 2.8, as applicable, of the Existing Credit Agreement with respect to the prepayment and termination of the Loans and Commitments under the Existing Credit Agreement as contemplated in Section C.
New Revolving Commitment. (i) ▇▇▇▇▇▇ agrees to be bound by the provisions of the Amended Credit Agreement and agrees that it shall, as of the date hereof, become a Revolving Lender for all purposes under the Amended Credit Agreement to the same extent as if originally party thereto, with a Revolving Commitment of Ninety-Five Million and No/100 Dollars ($95,000,000.00).
(ii) Mizuho (A) represents and warrants that it is legally authorized to enter into this Agreement; (B) confirms that it has received a copy of the Amended Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.1 thereof, as applicable, and has reviewed such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (C) agrees that it will, independently and without reliance upon Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Amended Credit Agreement or any other instrument or document furnished pursuant hereto or thereto; (D) appoints and authorizes Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Amended Credit Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated to Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (E) agrees that it will be bound by the provisions of the Amended Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the Amended Credit Agreement are required to be performed by it as a Revolving Lender.