Common use of Offer to existing Lenders or New Lenders Clause in Contracts

Offer to existing Lenders or New Lenders. Upon receipt of a request for an Accordion Increase from a Borrower, the Administrative Agent may, in its sole discretion, offer one or more Lenders with Revolving Commitments or new lenders that are Eligible Assignees, the opportunity (but not the obligation), in such amounts as the Administrative Agent shall determine in consultation with Rayonier and subject to Rayonier’s approval (such approval not to be unreasonably withheld or delayed), to participate in the Accordion Increase by increasing such Lender’s Revolving Commitment or, in the case of a new lender, by issuing a Revolving Commitment. The Administrative Agent shall have no obligation to offer any Lender or new lender the opportunity to participate in any such Accordion Increase and nothing herein shall prohibit the Administrative Agent from retaining for its own account, as a Lender, all or substantially all of such Accordion Increase. Each Lender with a Revolving Commitment that fails to respond to such a notice in writing within the period of time provided therein shall be deemed to have elected not to increase its Revolving Commitment.

Offer to existing Lenders or New Lenders. Upon receipt of a request for an Accordion Increase from a Borrower, the Administrative Agent may, in its sole discretion, offer one or more Lenders with Revolving Commitments or new lenders that are Eligible Assignees, the opportunity (but not the obligation), in such amounts as the Administrative Agent shall determine in consultation with Rayonier and subject to Rayonier’s approval (such approval not to be unreasonably withheld or delayed), to participate in the Accordion Increase by increasing such LenderXxxxxx’s Revolving Commitment or, in the case of a new lender, by issuing a Revolving Commitment. The Administrative Agent shall have no obligation to offer any Lender or new lender the opportunity to participate in any such Accordion Increase and nothing herein shall prohibit the Administrative Agent from retaining for its own account, as a Lender, all or substantially all of such Accordion Increase. Each Lender with a Revolving Commitment that fails to respond to such a notice in writing within the period of time provided therein shall be deemed to have elected not to increase its Revolving Commitment.