Common use of Procedure for Increases and Addition of New Lenders Clause in Contracts

Procedure for Increases and Addition of New Lenders. This Agreement permits certain increases in a Lender's Commitment and the admission of new Lenders providing new Commitments, none of which require any consents or approvals from the other Lenders. Any amendment hereto for such an increase or addition shall be in the form attached hereto as Exhibit "K" and shall only require the written signatures of the Agent, the Borrowers and the Lender(s) being added or increasing their Commitment, subject only to the approval of all Lenders if any such increase would cause the Aggregate Commitment to exceed $200,000,000. In addition, within a reasonable time after the effective date of any increase, the Agent shall, and is hereby authorized and directed to, revise Schedule "2" reflecting such increase and shall distribute such revised Schedule to each of the Lenders and the Borrowers, whereupon such revised Schedule shall replace the old Schedule and become part of this Agreement. On the Business Day following any such increase, all outstanding Fed Funds Advances and Alternate Base Rate Advances shall be reallocated among the Lenders (including any newly added Lenders) in accordance with the Lenders' respective revised Primary Commitment Percentages. Eurodollar Advances shall not be reallocated among the Lenders prior to the expiration of the applicable Interest Period in effect at the time of any such increase."

Appears in 1 contract

Samples: Revolving Credit Agreement (Hovnanian Enterprises Inc)

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Procedure for Increases and Addition of New Lenders. This Agreement permits certain increases in a Lender's Commitment and the admission of new Lenders providing new Commitments, none of which require any consents or approvals from the other Lenders. Any amendment hereto for such an increase or addition shall be in the form attached hereto as Exhibit "K" and shall only require the written signatures of the Agent, the Borrowers and the Lender(s) being added or increasing their Commitment, subject only to the approval of all Lenders if any such increase would cause the Aggregate Commitment to exceed $200,000,000142,000,000. In addition, within a reasonable time after the effective date of any increase, the Agent shall, and is hereby authorized and directed to, revise Schedule "2" reflecting such increase and shall distribute such revised Schedule to each of the Lenders and the Borrowers, whereupon such revised Schedule shall replace the old Schedule and become part of this Agreement. On the Business Day following any such increase, all outstanding Fed Funds Advances and Alternate Base Rate Advances shall be reallocated among the Lenders (including any newly added Lenders) in accordance with the Lenders' respective revised Primary Commitment Percentages. Eurodollar Advances shall not be reallocated among the Lenders prior to the expiration of the applicable Interest Period in effect at the time of any such increase."

Appears in 1 contract

Samples: Revolving Credit Agreement (Hovnanian Enterprises Inc)

Procedure for Increases and Addition of New Lenders. This Agreement permits certain increases in a Lender's Commitment and the admission of new Lenders providing new Commitments, none of which require any consents or approvals from the other Lenders. Any amendment hereto for such an increase or addition shall be in the form attached hereto as Exhibit "K" and shall only require the written signatures of the Agent, the Borrowers Borrower and the Lender(s) being added or increasing their Commitment, subject only to the approval of all Lenders if any such increase would cause the Aggregate Commitment to exceed $200,000,000150,000,000. In addition, within a reasonable time after the effective date of any increase, the Agent shall, and is hereby authorized and directed to, revise Schedule "2" reflecting such increase and shall distribute such revised Schedule to each of the Lenders and the BorrowersBorrower, whereupon such revised Schedule shall replace the old Schedule and become part of this Agreement. On the Business Day following any such increase, all outstanding Fed Funds Advances and Alternate Base Rate Advances shall be reallocated among the Lenders (including any newly added Lenders) in accordance with the Lenders' respective revised Primary Commitment Percentages. Eurodollar Advances shall not be reallocated among the Lenders prior to the expiration of the applicable Interest Period in effect at the time of any such increase."

Appears in 1 contract

Samples: Revolving Credit Agreement (Hovnanian Enterprises Inc)

Procedure for Increases and Addition of New Lenders. This Agreement permits certain (i) increases in a Lender's Commitment existing Lenders' Commitments and (ii) the admission of new Lenders providing new Commitments, none subject to the consent of which require any consents the Agent and Unit, provided that neither the Aggregate Commitment nor the Maximum Credit Amount may be increased as a result of (i) or approvals from (ii) above without the other consent of all Lenders. Any amendment hereto for such an increase in a Lender's Commitment or addition shall of a new Lender will be in the form attached hereto as Exhibit "K" and shall only require the written signatures of the Agent, the Borrowers and the Lender(s) being added or increasing their Commitment, subject only to the approval of all Lenders if any such increase would cause the Aggregate Commitment to exceed $200,000,000. In addition, within D. Within a reasonable time after the effective date of any increaseeither (i) or (ii) above, the Administrative Agent shallwill, and is hereby authorized and directed to, revise the Lenders Schedule "2" reflecting such increase and shall will distribute such revised Lenders Schedule to each of the Lenders and Unit, and the Borrowers, whereupon such revised Lenders Schedule shall will replace the old Lenders Schedule and become part of this Agreement. On the Business Day following any such increase, all outstanding Fed Funds Advances and Alternate Base Rate Advances shall will be reallocated among the Lenders (including any newly added Lenders) in accordance with the Lenders' respective revised Primary Commitment PercentagesPro Rata Shares. Eurodollar Advances shall will not be reallocated among the Lenders prior to the expiration of the applicable Interest Period in effect at the time of any such increase."

Appears in 1 contract

Samples: Senior Credit Agreement (Unit Corp)

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Procedure for Increases and Addition of New Lenders. This Agreement permits certain increases in a Lender's Commitment and the admission addition of Eligible Assignees as new Lenders providing new Commitmentscommitments, none of which require any consents or approvals from the other Lenders. Any Notwithstanding Section 11.02(b), any amendment hereto for such an increase or addition shall be in the form attached hereto as Exhibit "K" F and shall only require execution by the written signatures of the Administrative Agent, the Borrowers Borrower and each Lender that is increasing its Commitment and each Eligible Assignee that becomes a Lender, as the Lender(s) being added or increasing their Commitment, subject only to the approval of all Lenders if any such increase would cause the Aggregate Commitment to exceed $200,000,000case may be. In addition, within a reasonable time after the effective date of any increaseIncrease, the Administrative Agent shall, and is hereby authorized and directed to, revise Schedule "2" reflecting 2.01 to reflect such increase Increase and shall distribute such revised Schedule 2.01 to each of the Lenders Lender and the Borrowerseach Borrower, whereupon such revised Schedule 2.01 shall supersede and replace the old prior Schedule 2.01 and become part of this Agreement. On the Business Day following any such increaseIncrease, all outstanding Fed Funds Advances and Alternate Base Rate Advances Revolving Loans shall be reallocated among the Lenders (including any newly added Eligible Assignees that have become Lenders) in accordance with the Lenders' respective revised Primary Commitment Applicable Percentages. The Borrower shall pay any funding indemnification amounts required by Section 2.17 in the event the payment of any principal of any Eurodollar Advances shall not be reallocated among Loan or the Lenders prior to conversion of any Eurodollar Loan other than on the expiration last day of the applicable an Interest Period applicable thereto is required in effect at the time of connection with any such increasereallocation contemplated by this Section 11.15."

Appears in 1 contract

Samples: Credit Agreement (EXCO Partners, LP)

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