Common use of New Commitment Clause in Contracts

New Commitment. (i) Borrower hereby acknowledges and agrees that following satisfaction of all conditions precedent to the effectiveness of the Increase as provided in Section 5.08 of the Credit Agreement, the amount of each Bank’s Commitment shall be the amount set forth on Exhibit A attached hereto and the Total Revolving Loan Commitments under the Credit Agreement will include the Increase. (ii) In connection with the Increase, (x) Citibank, N.A. (“New Bank”) shall be issued a Revolving Loan Note in the principal face amount of $30,000,000.00 and New Bank shall, as of the date thereof, become a “Bank” under the Credit Agreement with a Commitment in the amount set forth opposite New Bank’s name on Exhibit A attached hereto (the “New Commitment”) and (y) KeyBank shall be issued a replacement Revolving Loan Note in the principal face amount of $50,000,000.00 and PNC shall be issued a replacement Revolving Loan Note in the principal face amount of $50,000,000.00 and each such Bank shall, as of the date thereof, have a Commitment in the amount set forth opposite such Bank’s name on Exhibit A attached hereto. Each such new or replacement note shall, as of the date of issuance of same, be a “Revolving Loan Note” under the Credit Agreement.

Appears in 1 contract

Sources: Credit Agreement (Forest City Enterprises Inc)

New Commitment. (i) Borrower hereby acknowledges and agrees that following satisfaction of all conditions precedent to the effectiveness of the Increase as provided in Section 5.08 of the Credit Agreement, the amount of each Bank’s Commitment shall be the amount set forth on Exhibit A attached hereto and the Total Revolving Loan Commitments under the Credit Agreement will include the Increase. (ii) In connection with the Increase, (x) Citibank, N.A. Crédit Agricole Corporate & Investment Bank (“New Bank”) shall be issued a Revolving Loan Note in the principal face amount of $30,000,000.00 20,000,000.00 and New Bank shall, as of the date thereof, become a “Bank” under the Credit Agreement with a Commitment in the amount set forth opposite New Bank’s name on Exhibit A attached hereto (the “New Commitment”) and (y) KeyBank shall be issued a replacement Revolving Loan Note in the principal face amount of $50,000,000.00 47,500,000.00 and PNC shall be issued a replacement Revolving Loan Note in the principal face amount of $50,000,000.00 47,500,000.00 and each such Bank shall, as of the date thereof, have a Commitment in the amount set forth opposite such Bank’s name on Exhibit A attached hereto. Each such new or replacement note shall, as of the date of issuance of same, be a “Revolving Loan Note” under the Credit Agreement.

Appears in 1 contract

Sources: Credit Agreement (Forest City Enterprises Inc)