New Term Commitment Clause Samples

New Term Commitment. (a) Subject to the satisfaction (or waiver by the First Amendment Term Lenders and the Administrative Agent) of the conditions in Section 3 hereof and on the terms set forth herein and in the Amended Credit Agreement, each First Amendment Term Lender agrees to make First Amendment Term Loans denominated in Dollars to Borrower in an amount equal to such First Amendment Term Lender’s First Amendment Term Commitment set forth on Schedule A hereto, which First Amendment Term Loans shall be incurred pursuant to a single drawing on the First Amendment Effective Date. (b) From and after the First Amendment Effective Date, each party hereto agrees that, for all purposes of the Credit Agreement and the other Loan Documents, each First Amendment Term Lender shall be deemed to be an “Initial Term Lender”, a “Term Lender” and a “Lender” if not already an Initial Term Lender, a Term Lender and a Lender under the Credit Agreement, and each First Amendment Term Lender shall be a party to the Credit Agreement and shall have the rights, remedies and obligations of an Initial Term Lender, a Term Lender and a Lender under the Credit Agreement if not already an Initial Term Lender, a Term Lender and a Lender thereunder. (c) From and after the First Amendment Effective Date, the First Amendment Term Loans made on the First Amendment Effective Date shall constitute “Initial Term Loans”, “Loans” and “Term Loans” for all purposes of the Credit Agreement and the Loan Documents and shall have terms and provisions identical to those applicable to the Initial Term Loans. For the avoidance of doubt, (i) at all times the First Amendment Term Loans shall be secured by Liens on the Collateral securing the Initial Term Loans, which Liens shall rank pari passu, and shall be guaranteed by the same Persons that guarantee the Initial Term Loans and (ii) the First Amendment Term Loans shall constitute the same class or Tranche as the Initial Term Loans and are intended to be fungible for tax or trading purposes with the Initial Term Loans.
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New Term Commitment. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein each Lender severally agrees to make available to the Borrower on the First Amendment Effective Date such Lender's New Term Loan Percentage of a term loan in Dollars (the "New Term Loan"; each component thereof may be referred to herein as a "New Term Loan") in the aggregate principal amount of ONE HUNDRED SIXTY MILLION DOLLARS ($160,000,000.00) (the "New Term Loan Committed Amount"). The New Term Loan may consist of Base Rate Loans or Eurodollar Loans, or a combination thereof, as the Borrower may request; provided, however, that no more than 6 Eurodollar Loans which are Loans under the New Term Loan shall be outstanding hereunder at any time (it being understood that, for purposes hereof, Eurodollar Loans with different Interest Periods shall be considered as separate Eurodollar Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurodollar Loan with a single Interest Period). Amounts repaid on the New Term Loan may not be reborrowed.
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New Term 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 Term Lender for all purposes under the Amended Credit Agreement to the same extent as if originally party thereto, with a Term Commitment under Term Facility Tranche A of Thirty-Five Million and No/100 Dollars ($35,000,000.00). (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 in its capacity as a Term Lender 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 Term Lender.
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Related to New Term Commitment

  • Term Commitments Subject to the terms and conditions hereof, each Term Lender severally agrees to make a term loan (a “Term Loan”) to the Borrower on the Closing Date in an amount not to exceed the amount of the Term Commitment of such Lender. The Term Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.12.

  • L/C Commitment (a) Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Lenders set forth in Section 3.4(a), agrees to issue Letters of Credit upon the request and for the account of the Borrower (and for the benefit of the Borrower or any Subsidiary of the Borrower) on any Business Day during the Revolving Commitment Period in such form as may be approved from time to time by such Issuing Lender; provided that no Issuing Lender shall issue any Letter of Credit if, (i) after giving effect to such issuance, (A) the L/C Exposure would exceed the L/C Commitment or (B) the aggregate amount of the Available Revolving Commitments would be less than zero or (C) unless otherwise agreed to by such Issuing Lender, the L/C Exposure with respect to all Letters of Credit issued by such Issuing Lender would exceed such Issuing Lender’s Specified L/C Commitment or (ii) such Issuing Lender shall have received written notice from the Administrative Agent or the Borrower, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Section 5.2 shall not have been satisfied. On the Restatement Effective Date, each Existing Letter of Credit shall be deemed to be a Letter of Credit issued hereunder for the account of the Borrower. Each Letter of Credit shall (i) be denominated in Dollars and (ii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior to the Revolving Termination Date (as it may be extended, so long as the Available Revolving Commitments of all Continuing Lenders would equal or exceed zero following such extension); provided, however, that any Letter of Credit, whether newly requested or an existing Letter of Credit that is extended or automatically renewed, may have an expiration date after the Revolving Termination Date (so long as such expiration date remains in compliance with clause (x) above) so long as the Borrower cash collateralizes such Letter of Credit at 101% of the available face amount of such Letter of Credit on or prior to the date which is five Business Days prior to the Revolving Termination Date and the Administrative Agent and the relevant Issuing Lender providing such Letter of Credit agree to such expiration date at the time such Letter of Credit or extension is requested or at the time such existing Letter of Credit is to be automatically renewed, as applicable; provided further that any Letter of Credit (other than a Letter of Credit to which Section 2.18(c)(ii) applies) with a one-year term may provide for the renewal thereof for additional one-year periods (which shall only extend beyond the date referred to in clause (y) above if the condition described in the first proviso of this sentence is satisfied). (b) No Issuing Lender shall at any time be obligated to issue any Letter of Credit if (i) any order, judgment or decree of any Governmental Authority or arbitrator having jurisdiction over the Issuing Lender shall by its terms (x) purport to enjoin such Issuing Lender from issuing such Letter of Credit, or any Requirement of Law applicable to such Issuing Lender shall prohibit such Issuing Lender from the issuance of letters of credit, generally, or such Letter of Credit, in particular or (y) impose upon such Issuing Lender with respect to any such Letter of Credit any reserve, capital or liquidity requirement (for which such Issuing Lender is not compensated hereunder or otherwise by agreement of the Borrower) not in effect on the Restatement Effective Date or impose on such Issuing Lender any loss, cost or expense (for which such Issuing Lender is not compensated hereunder or otherwise by agreement of the Borrower) which such Issuing Lender in good ▇▇▇▇▇ ▇▇▇▇▇ material to it or (ii) the issuance of such Letter of Credit would violate the legal, regulatory or compliance policies of such Issuing Lender applicable to letters of credit generally, in each case, to the extent such policies and prohibitions are implemented to comply with applicable law or regulation binding upon such Issuing Lender and are being applied with respect to the Borrower consistently with such application thereof to all similarly situated Borrowers under similar circumstances.