Incoming Lender definition
Examples of Incoming Lender in a sentence
A Novation Agreement will automatically be entered into upon a Loan Unit being transferred from the Outgoing Lender to the Incoming Lender or the Security Trustee in accordance with the Lender Terms and Conditions, which will have the same effect as if a hard copy of the Novation Agreement was signed by both the Outgoing Lender and Incoming Lender or the Security Trustee as the case may be.
On the Closing Date and after giving effect to such reallocation and assignment, the Commitment of the Departing Lender shall terminate, the Departing Lender shall cease to be a party to the Existing Credit Agreement and the Commitment of each Continuing Lender and Incoming Lender shall be as set forth on Schedule 2.01 attached to this Agreement.
The Outgoing Lender transfers all its rights and obligations under the Loan Agreement to the Incoming Lender in respect of the Novated Loan Units on the date of this Novation Agreement in accordance with clause 17 of the Loan Agreement.
In connection with any increase in the aggregate principal amount of Revolving Commitments pursuant to this Section 2.16., each Additional Incoming Lender becoming a party hereto shall execute such documents and agreements as the Administrative Agent may reasonably request.
Each Continuing Lender and Incoming Lender hereby consents to the Commitments set forth on Schedule 2.01 attached to this Amendment.
Incoming Lender agrees to the terms and conditions set forth on Addendum 1 and Addendum 3 of the Loan Agreement.
This Novation Agreement will automatically be entered into upon a Loan Unit being transferred from the Outgoing Lender to the Incoming Lender in accordance with the Lender Terms and Conditions, which will have the same effect as if a hard copy of this Novation Agreement was signed by both the Outgoing Lender and Incoming Lender.