Common use of Loans by New Lenders Clause in Contracts

Loans by New Lenders. (i) Upon the effective date of any increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment pursuant to the provisions hereof, which effective date shall be mutually agreed upon by the Borrower, each New Revolver Lender and the Administrative Agent, each New Revolver Lender shall make a payment to the Administrative Agent in an amount sufficient, upon the application of such payments by all New Revolver Lenders to the reduction of the outstanding Facility A Advances held by the Facility A Lenders and, if applicable, Facility B Revolver Advances held by the Facility B Revolver Lenders, to cause the principal amount outstanding under the Facility A Loans made by each Facility A Lender (including any New Revolver Lender) to be in the amount of its Facility A Pro Rata Share (upon the effective date of such increase) of all outstanding Facility A Loans and, if applicable the principal amount outstanding under the Facility B Revolver Loans made by each Facility B Revolver Lender (including any New Revolver Lender) to be in the amount of its Facility B Revolver Pro Rata Share (upon the effective date of such increase) of all outstanding Facility B Revolver Loans. The Borrower hereby irrevocably authorizes each New Revolver Lender to fund to the Administrative Agent the payment required to be made pursuant to the immediately preceding sentence for application to the reduction of the outstanding Facility A Loans held by the other Facility A Lenders and, if applicable, the Facility B Revolver Loans held by the other Facility B Revolver Lenders hereunder. If, as a result of the repayment of the Facility A Advances or Facility B Revolver Advances provided for in this Section 2.18(b)(i), any payment of a Eurodollar Rate Advance occurs on a day which is not the last day of the applicable Interest Period, the Borrower will pay to the Administrative Agent for the benefit of any of the Facility A Lenders and, if applicable, Facility B Revolver Lenders holding a Eurodollar Rate Loan any loss or cost incurred by such Lender resulting therefrom in accordance with Section 3.04. Upon the effective date of such increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment, all Facility A Loans outstanding hereunder (including any Facility A Loans made by the New Revolver Lenders on such date) and, if applicable, all Facility B Revolver Loans outstanding hereunder (including any Facility B Revolver Loans made by the New Revolver Lenders on such date) shall be Floating Rate Loans, subject to the Borrower’s right to convert the same to Eurodollar Rate Loans on or after such date in accordance with the provisions of Section 2.10.

Appears in 2 contracts

Samples: Credit Agreement (Lennar Corp /New/), Credit Agreement (Lennar Corp /New/)

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Loans by New Lenders. (i) Upon the effective date of any increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment pursuant to the provisions hereof, which effective date shall be mutually agreed upon by the BorrowerCompany, each New Revolver Facility A Lender and the Administrative Agent, each New Revolver Facility A Lender shall make a payment to the Administrative Agent in an amount sufficient, upon the application of such payments by all New Revolver Facility A Lenders to the reduction of the outstanding Facility A Advances held by the Facility A Lenders and, if applicable, Facility B Revolver Advances held by the Facility B Revolver Lenders, to cause the principal amount outstanding under the Facility A Loans made by each Facility A Lender (including any New Revolver Facility A Lender) to be in the amount of its Facility A Pro Rata Share (upon the effective date of such increase) of all outstanding Facility A Loans and, if applicable the principal amount outstanding under the Facility B Revolver Loans made by each Facility B Revolver Lender (including any New Revolver Lender) to be in the amount of its Facility B Revolver Pro Rata Share (upon the effective date of such increase) of all outstanding Facility B Revolver Loans. The Borrower Company hereby irrevocably authorizes each New Revolver Facility A Lender to fund to the Administrative Agent the payment required to be made pursuant to the immediately preceding sentence for application to the reduction of the outstanding Facility A Loans held by the other Facility A Lenders andLenders, if applicable, the and each such payment shall constitute a Facility B Revolver Loans held by the other Facility B Revolver Lenders A Loan hereunder. If, as a result of the repayment of the Facility A Advances or Facility B Revolver Advances provided for in this Section 2.18(b)(i), any payment of a Eurodollar Rate Advance occurs on a day which is not the last day of the applicable Interest Period, the Borrower Company will pay to the Administrative Agent for the benefit of any of the Facility A Lenders and, if applicable, Facility B Revolver Lenders holding a Eurodollar Rate Loan any loss or cost incurred by such Facility A Lender resulting therefrom in accordance with Section 3.04. Upon the effective date of such increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment, all Facility A Loans outstanding hereunder (including any Facility A Loans made by the New Revolver Lenders on such date) and, if applicable, all Facility B Revolver Loans outstanding hereunder (including any Facility B Revolver Loans made by the New Revolver Lenders on such date) shall be Floating Rate Loans, subject to the Borrower’s Company's right to convert the same to Eurodollar Rate Loans on or after such date in accordance with the provisions of Section 2.10.

Appears in 1 contract

Samples: Credit Agreement (Lennar Corp /New/)

Loans by New Lenders. (i) Upon the effective date of any increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment Revolving Committed Amount pursuant to the provisions hereof, which effective date shall be mutually agreed upon by the Borrower, each New Revolver Lender and the Administrative Agent, the Borrower shall repay all outstanding Floating Rate Loans and reborrow a Floating Rate Loan in a like amount from the Lenders (including the New Lenders), but such New Lenders shall not participate in any then outstanding Eurodollar Loan. If the Borrower shall at any time on or after such effective date convert or continue any Eurodollar Loan that was outstanding on such effective date, the Borrower shall be deemed to repay such Eurodollar Loan on the date of the conversion or continuation thereof and then to reborrow as a new Revolving Loan a like amount on such date so that each New Revolver Lender shall make a payment to the Administrative Agent in an amount sufficient, upon the application of advance on such payments by all New Revolver Lenders to the reduction of the outstanding Facility A Advances held by the Facility A Lenders and, if applicable, Facility B Revolver Advances held by the Facility B Revolver Lenders, to cause the principal amount outstanding under the Facility A Loans made by each Facility A Lender (including any New Revolver Lender) to be in date the amount of its Facility A Pro Rata Share (upon of such Revolving Loan. Such New Lender shall make its Pro Rata Share of all Revolving Loans made on or after such effective date and shall otherwise have all of the rights and obligations of a Lender hereunder on and after such effective date. To the extent any Eurodollar Loan is converted or continued after the effective date of an increase in the Revolving Committed Amount and prior to the date on which such increaseNew Lender holds its Pro Rata Share of all Revolving Loans, the amount funded by such New Lender as its Pro Rata Share of such converted or continued Loan shall be paid ratably to the other Lenders such that all Lenders (including the New Lender) hold their Pro Rata Share of such converted or continued Loan. Notwithstanding the foregoing, upon the occurrence of an Event of Default prior to the date on which such New Lender is holding its Pro Rata Share of all outstanding Facility A Loans andRevolving Loans, if applicable the principal amount outstanding under the Facility B Revolver Loans made by each Facility B Revolver such New Lender shall immediately (including any New Revolver Lenderbut not prior to such effective date) to be in the amount of its Facility B Revolver Pro Rata Share (upon the effective date of such increase) of all outstanding Facility B Revolver Loans. The Borrower hereby irrevocably authorizes each New Revolver Lender to fund to the Administrative Agent the payment required to be made pursuant to the immediately preceding sentence for application to the reduction of the outstanding Facility A Loans held by the other Facility A Lenders and, if applicable, the Facility B Revolver Loans held by the other Facility B Revolver Lenders hereunder. If, as a result of the repayment of the Facility A Advances or Facility B Revolver Advances provided for in this Section 2.18(b)(i), any payment of a Eurodollar Rate Advance occurs on a day which is not the last day of the applicable Interest Period, the Borrower will pay to the Administrative Agent (for the benefit of any account of the Facility A Lenders andother Lenders, if applicable, Facility B Revolver Lenders holding to which the Administrative Agent shall pay their ratable shares thereof upon receipt) a sum equal to such New Lender's Pro Rata Share of each outstanding Eurodollar Loan with respect to which such New Lender does not then hold an interest; such payment by such New Lender shall constitute a Floating Rate Loan any loss or cost incurred by such New Lender resulting therefrom in accordance with Section 3.04. Upon the effective date of such increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment, all Facility A Loans outstanding hereunder (including any Facility A Loans made by the New Revolver Lenders on such date) and, if applicable, all Facility B Revolver Loans outstanding hereunder (including any Facility B Revolver Loans made by the New Revolver Lenders on such date) shall be Floating Rate Loans, subject to the Borrower’s right to convert the same to Eurodollar Rate Loans on or after such date in accordance with the provisions of Section 2.10hereunder.

Appears in 1 contract

Samples: Credit Agreement (Pulte Homes Inc/Mi/)

Loans by New Lenders. (i) Upon the effective date of any increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment Increase pursuant to the provisions hereof, which effective date shall be mutually agreed upon by the Borrower, each New Revolver Lender and the Administrative Agent, the Borrower shall repay all outstanding ABR Loans and reborrow an ABR Loan in a like amount from the Lenders (including the New Lenders), but such New Lenders shall not participate in any then outstanding Eurodollar Loan. If the Borrower shall at any time on or after such effective date convert or continue any Eurodollar Loan that was outstanding on such effective date, the Borrower shall be deemed to repay such Eurodollar Loan on the date of the conversion or continuation thereof and then to reborrow as a new Revolving Loan a like amount on such date so that each New Revolver Lender shall make a payment to the Administrative Agent in an amount sufficient, upon the application of advance on such payments by all New Revolver Lenders to the reduction of the outstanding Facility A Advances held by the Facility A Lenders and, if applicable, Facility B Revolver Advances held by the Facility B Revolver Lenders, to cause the principal amount outstanding under the Facility A Loans made by each Facility A Lender (including any New Revolver Lender) to be in date the amount of its Facility A Pro Rata Share (upon of such Revolving Loan. Such New Lender shall make its Pro Rata Share of all Revolving Loans made on or after such effective date and shall otherwise have all of the rights and obligations of a Lender hereunder on and after such effective date. To the extent any Eurodollar Loan is converted or continued after the effective date of an increase in the Aggregate Commitment and prior to the date on which such increaseNew Lender holds its Pro Rata Share of all Revolving Loans, the amount funded by such New Lender as its Pro Rata Share of such converted or continued Loan shall be paid ratably to the other Lenders such that all Lenders (including the New Lender) hold their Pro Rata Share of such converted or continued Loan. Notwithstanding the foregoing, upon the occurrence of an Event of Default prior to the date on which such New Lender is holding its Pro Rata Share of all outstanding Facility A Loans andRevolving Loans, if applicable the principal amount outstanding under the Facility B Revolver Loans made by each Facility B Revolver such New Lender shall immediately (including any New Revolver Lenderbut not prior to such effective date) to be in the amount of its Facility B Revolver Pro Rata Share (upon the effective date of such increase) of all outstanding Facility B Revolver Loans. The Borrower hereby irrevocably authorizes each New Revolver Lender to fund to the Administrative Agent the payment required to be made pursuant to the immediately preceding sentence for application to the reduction of the outstanding Facility A Loans held by the other Facility A Lenders and, if applicable, the Facility B Revolver Loans held by the other Facility B Revolver Lenders hereunder. If, as a result of the repayment of the Facility A Advances or Facility B Revolver Advances provided for in this Section 2.18(b)(i), any payment of a Eurodollar Rate Advance occurs on a day which is not the last day of the applicable Interest Period, the Borrower will pay to the Administrative Agent (for the benefit of any account of the Facility A Lenders andother Lenders, if applicable, Facility B Revolver Lenders holding to which the Administrative Agent shall pay their ratable shares thereof upon receipt) a sum equal to such New Lender’s Pro Rata Share of each outstanding Eurodollar Rate Loan any loss or cost incurred with respect to which such New Lender does not then hold its Pro Rata Share; such payment by such New Lender resulting therefrom in accordance with Section 3.04. Upon the effective date of shall constitute an ABR Loan by such increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment, all Facility A Loans outstanding hereunder (including any Facility A Loans made by the New Revolver Lenders on such date) and, if applicable, all Facility B Revolver Loans outstanding hereunder (including any Facility B Revolver Loans made by the New Revolver Lenders on such date) shall be Floating Rate Loans, subject to the Borrower’s right to convert the same to Eurodollar Rate Loans on or after such date in accordance with the provisions of Section 2.10Lender hereunder.

Appears in 1 contract

Samples: Credit Agreement (Pulte Homes Inc/Mi/)

Loans by New Lenders. (i) Upon the effective date of any increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment pursuant to the provisions hereof, which effective date shall be mutually agreed upon by the Borrower, each New Revolver Lender and the Administrative Agent, each the Borrower shall repay all outstanding ABR Revolving Loans and reborrow an ABR Revolving Borrowing in a like amount from the Lenders (including the New Revolver Lender), but such New Lender shall not participate in any then outstanding Eurodollar Borrowing. If the Borrower shall at any time on or after such effective date convert or continue any Eurodollar Borrowing that was outstanding on such effective date, the Borrower shall be deemed to repay such Eurodollar Borrowing on the date of the conversion or continuation thereof and then to reborrow as a Revolving Borrowing a like amount on such date so that the New Lender shall make a payment to the Administrative Agent in an amount sufficient, upon the application of Loan on such payments by all New Revolver Lenders to the reduction of the outstanding Facility A Advances held by the Facility A Lenders and, if applicable, Facility B Revolver Advances held by the Facility B Revolver Lenders, to cause the principal amount outstanding under the Facility A Loans made by each Facility A Lender (including any New Revolver Lender) to be date in the amount of its Facility A Pro Rata Share (of such Revolving Borrowing. Such New Lender shall make its Pro Rata Share of all Revolving Borrowings made on or after such effective date and shall otherwise have all of the rights and obligations of a Lender hereunder on and after such effective date. Notwithstanding the foregoing, upon the effective occurrence of a Default prior to the date of on which such increase) New Lender is holding its Pro Rata Share of all outstanding Facility A Loans andRevolving Borrowings, if applicable the principal amount outstanding under the Facility B Revolver Loans made by each Facility B Revolver such New Lender (including any New Revolver Lender) to be in the amount of its Facility B Revolver Pro Rata Share (shall, upon the effective date of such increase) of all outstanding Facility B Revolver Loans. The Borrower hereby irrevocably authorizes each New Revolver Lender to fund to notice from the Administrative Agent given on or after the payment required to be made pursuant to date on which the immediately preceding sentence for application to the reduction of the outstanding Facility A Loans held by the other Facility A Lenders andObligations are accelerated or become due following such Default, if applicable, the Facility B Revolver Loans held by the other Facility B Revolver Lenders hereunder. If, as a result of the repayment of the Facility A Advances or Facility B Revolver Advances provided for in this Section 2.18(b)(i), any payment of a Eurodollar Rate Advance occurs on a day which is not the last day of the applicable Interest Period, the Borrower will pay to the Administrative Agent (for the benefit of any account of the Facility A Lenders andother Lenders, if applicable, Facility B Revolver Lenders holding to which the Administrative Agent shall pay their ratable shares thereof upon receipt) a sum equal to such New Lender's Pro Rata Share of each outstanding Eurodollar Rate Loan any loss or cost incurred Borrowing with respect to which such New Lender does not then hold an interest; such payment by such New Lender resulting therefrom in accordance with Section 3.04. Upon the effective date of such increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment, all Facility A Loans outstanding hereunder (including any Facility A Loans made by the New Revolver Lenders on such date) and, if applicable, all Facility B Revolver Loans outstanding hereunder (including any Facility B Revolver Loans made by the New Revolver Lenders on such date) shall be Floating Rate Loans, subject to the Borrower’s right to convert the same to Eurodollar Rate Loans on or after such date in accordance with the provisions of Section 2.10constitute an ABR Loan hereunder.

Appears in 1 contract

Samples: Credit Agreement (NVR Inc)

Loans by New Lenders. (i) Upon the effective date of any increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment Increase pursuant to the provisions hereof, which effective date shall be mutually agreed upon by the Borrower, each New Revolver Lender and the Administrative Agent, the Borrower shall repay all outstanding ABR Loans and reborrow an ABR Loan in a like amount from the Lenders (including the New Lenders), but such New Lenders shall not participate in any then outstanding Eurodollar Loan. If the Borrower shall at any time on or after such effective date convert or continue any Eurodollar Loan that was outstanding on such effective date, the Borrower shall be deemed to repay such Eurodollar Loan on the date of the conversion or continuation thereof and then to reborrow as a new Revolving Loan a like amount on such date so that each New Revolver Lender shall make a payment to the Administrative Agent in an amount sufficient, upon the application of advance on such payments by all New Revolver Lenders to the reduction of the outstanding Facility A Advances held by the Facility A Lenders and, if applicable, Facility B Revolver Advances held by the Facility B Revolver Lenders, to cause the principal amount outstanding under the Facility A Loans made by each Facility A Lender (including any New Revolver Lender) to be in date the amount of its Facility A Pro Rata Share (upon of such Revolving Loan. Such New Lender shall make its Pro Rata Share of all Revolving Loans made on or after such effective date and shall otherwise have all of the rights and obligations of a Lender hereunder on and after such effective date. To the extent any Eurodollar Loan is converted or continued after the effective date of an increase in the Aggregate Commitment and prior to the date on which such increaseNew Lender holds its Pro Rata Share of all Revolving Loans, the amount funded by such New Lender as its Pro Rata Share of such converted or continued Loan shall be paid ratably to the other Lenders such that all Lenders (including the New Lender) hold their Pro Rata Share of such converted or continued Loan. Notwithstanding the foregoing, upon the occurrence of an Event of Default prior to the date on which such New Lender is holding its Pro Rata Share of all outstanding Facility A Loans andRevolving Loans, if applicable the principal amount outstanding under the Facility B Revolver Loans made by each Facility B Revolver such New Lender shall immediately (including any New Revolver Lenderbut not prior to such effective date) to be in the amount of its Facility B Revolver Pro Rata Share (upon the effective date of such increase) of all outstanding Facility B Revolver Loans. The Borrower hereby irrevocably authorizes each New Revolver Lender to fund to the Administrative Agent the payment required to be made pursuant to the immediately preceding sentence for application to the reduction of the outstanding Facility A Loans held by the other Facility A Lenders and, if applicable, the Facility B Revolver Loans held by the other Facility B Revolver Lenders hereunder. If, as a result of the repayment of the Facility A Advances or Facility B Revolver Advances provided for in this Section 2.18(b)(i), any payment of a Eurodollar Rate Advance occurs on a day which is not the last day of the applicable Interest Period, the Borrower will pay to the Administrative Agent (for the benefit of any account of the Facility A Lenders andother Lenders, if applicable, Facility B Revolver Lenders holding to which the Administrative Agent shall pay their ratable shares thereof upon receipt) a sum equal to such New Lender's Pro Rata Share of each outstanding Eurodollar Rate Loan any loss or cost incurred with respect to which such New Lender does not then hold its Pro Rata Share; such payment by such New Lender resulting therefrom in accordance with Section 3.04. Upon the effective date of shall constitute an ABR Loan by such increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment, all Facility A Loans outstanding hereunder (including any Facility A Loans made by the New Revolver Lenders on such date) and, if applicable, all Facility B Revolver Loans outstanding hereunder (including any Facility B Revolver Loans made by the New Revolver Lenders on such date) shall be Floating Rate Loans, subject to the Borrower’s right to convert the same to Eurodollar Rate Loans on or after such date in accordance with the provisions of Section 2.10Lender hereunder.

Appears in 1 contract

Samples: Credit Agreement (Pulte Homes Inc/Mi/)

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Loans by New Lenders. (i) Upon the effective date of any increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment Revolving Committed Amount pursuant to the provisions hereof, which effective date shall be mutually agreed upon by the Borrower, each New Revolver Lender and the Administrative Agent, the Borrower shall repay all outstanding Floating Rate Loans and reborrow a Floating Rate Loan in a like amount from the Lenders (including the New Lenders), but such New Lenders shall not participate in any then outstanding Eurodollar Loan. If the Borrower shall at any time on or after such effective date convert or continue any Eurodollar Loan that was outstanding on such effective date, the Borrower shall be deemed to repay such Eurodollar Loan on the date of the conversion or continuation thereof and then to reborrow as a new Revolving Loan a like amount on such date so that each New Revolver Lender shall make a payment to the Administrative Agent in an amount sufficient, upon the application of advance on such payments by all New Revolver Lenders to the reduction of the outstanding Facility A Advances held by the Facility A Lenders and, if applicable, Facility B Revolver Advances held by the Facility B Revolver Lenders, to cause the principal amount outstanding under the Facility A Loans made by each Facility A Lender (including any New Revolver Lender) to be in date the amount of its Facility A Pro Rata Share (upon of such Revolving Loan. Such New Lender shall make its Pro Rata Share of all Revolving Loans made on or after such effective date and shall otherwise have all of the rights and obligations of a Lender hereunder on and after such effective date. To the extent any Eurodollar Loan is converted or continued after the effective date of an increase in the Revolving Committed Amount and prior to the date on which such increaseNew Lender holds its Pro Rata Share of all Revolving Loans, the amount funded by such New Lender as its Pro Rata Share of such converted or continued Loan shall be paid ratably to the other Lenders such that all Lenders (including the New Lender) hold their Pro Rata Share of such converted or continued Loan. Notwithstanding the foregoing, upon the occurrence of an Event of Default prior to the date on which such New Lender is holding its Pro Rata Share of all outstanding Facility A Loans andRevolving Loans, if applicable the principal amount outstanding under the Facility B Revolver Loans made by each Facility B Revolver such New Lender shall immediately (including any New Revolver Lenderbut not prior to such effective date) to be in the amount of its Facility B Revolver Pro Rata Share (upon the effective date of such increase) of all outstanding Facility B Revolver Loans. The Borrower hereby irrevocably authorizes each New Revolver Lender to fund to the Administrative Agent the payment required to be made pursuant to the immediately preceding sentence for application to the reduction of the outstanding Facility A Loans held by the other Facility A Lenders and, if applicable, the Facility B Revolver Loans held by the other Facility B Revolver Lenders hereunder. If, as a result of the repayment of the Facility A Advances or Facility B Revolver Advances provided for in this Section 2.18(b)(i), any payment of a Eurodollar Rate Advance occurs on a day which is not the last day of the applicable Interest Period, the Borrower will pay to the Administrative Agent (for the benefit of any account of the Facility A Lenders andother Lenders, if applicable, Facility B Revolver Lenders holding to which the Administrative Agent shall pay their ratable shares thereof upon receipt) a sum equal to such New Lender's Pro Rata Share of each outstanding Eurodollar Loan with respect to which such New Lender does not then hold its Pro Rata Share; such payment by such New Lender shall constitute a Floating Rate Loan any loss or cost incurred by such New Lender resulting therefrom in accordance with Section 3.04. Upon the effective date of such increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment, all Facility A Loans outstanding hereunder (including any Facility A Loans made by the New Revolver Lenders on such date) and, if applicable, all Facility B Revolver Loans outstanding hereunder (including any Facility B Revolver Loans made by the New Revolver Lenders on such date) shall be Floating Rate Loans, subject to the Borrower’s right to convert the same to Eurodollar Rate Loans on or after such date in accordance with the provisions of Section 2.10hereunder.

Appears in 1 contract

Samples: Credit Agreement (Pulte Homes Inc/Mi/)

Loans by New Lenders. (i) Upon the effective date of any increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), and/or the Aggregate Facility B Commitment pursuant to the provisions hereof, which effective date shall be mutually agreed upon by the Borrower, each New Revolver Lender and the Administrative Agent, each New Revolver Lender shall make a payment to the Administrative Agent in an amount sufficient, upon the application of such payments by all New Revolver Lenders to the reduction of the outstanding Facility A Advances held by the Facility A Lenders and, if applicable, and/or Facility B Revolver Advances held by the Facility B Revolver Lenders, to cause the principal amount outstanding under the Facility A Loans made by each Facility A Lender (including any New Revolver Lender) to be in the amount of its Facility A Pro Rata Share (upon the effective date of such increase) of all outstanding Facility A Loans and, if applicable and/or the principal amount outstanding under the Facility B Revolver Loans made by each Facility B Revolver Lender (including any New Revolver Lender) to be in the amount of its Facility B Revolver Pro Rata Share (upon the effective date of such increase) of all outstanding Facility B Revolver Loans. The Borrower hereby irrevocably authorizes each New Revolver Lender to fund to the Administrative Agent the payment required to be made pursuant to the immediately preceding Table of Contents sentence for application to the reduction of the outstanding Facility A Loans held by the other Facility A Lenders and, if applicable, and/or the Facility B Revolver Loans held by the other Facility B Revolver Lenders hereunder. If, as a result of the repayment of the Facility A Advances or Facility B Revolver Advances provided for in this Section 2.18(b)(i2.18(b), any payment of a Eurodollar Rate Advance occurs on a day which is not the last day of the applicable Interest Period, the Borrower will pay to the Administrative Agent for the benefit of any of the Facility A Lenders and, if applicable, and/or the Facility B Revolver Lenders holding a Eurodollar Rate Loan any loss or cost incurred by such Lender resulting therefrom in accordance with Section 3.04. Upon the effective date of such increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), and/or the Aggregate Facility B Commitment, all Facility A Loans outstanding hereunder (including any Facility A Loans made by the New Revolver Lenders on such date) and, if applicable, and/or all Facility B Revolver Loans outstanding hereunder (including any Facility B Revolver Loans made by the New Revolver Lenders on such date) shall be Floating Rate Loans, subject to the Borrower’s right to convert the same to Eurodollar Rate Loans on or after such date in accordance with the provisions of Section 2.10.

Appears in 1 contract

Samples: Credit Agreement (Lennar Corp /New/)

Loans by New Lenders. (i) Upon the effective date of any increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment pursuant to the provisions hereof, which effective date shall be mutually agreed upon by the Borrower, each New Revolver Lender and the Administrative Agent, each the Borrower shall repay all outstanding Floating Rate Loans and reborrow a Floating Rate Advance in a like amount from the Lenders (including the New Revolver Lender), but such New Lender shall not participate in any then outstanding Eurodollar Advance. If the Borrower shall at any time on or after such effective date convert or continue any Eurodollar Advance that was outstanding on such effective date, the Borrower shall be deemed to repay such Eurodollar Advance on the date of the conversion or continuation thereof and then to reborrow as an Advance a like amount on such date so that the New Lender shall make a payment to the Administrative Agent in an amount sufficient, upon the application of Advance on such payments by all New Revolver Lenders to the reduction of the outstanding Facility A Advances held by the Facility A Lenders and, if applicable, Facility B Revolver Advances held by the Facility B Revolver Lenders, to cause the principal amount outstanding under the Facility A Loans made by each Facility A Lender (including any New Revolver Lender) to be date in the amount of its Facility A Pro Rata Share (of such Advance. Such New Lender shall make its Pro Rata Share of all Advances made on or after such effective date and shall otherwise have all of the rights and obligations of a Lender hereunder on and after such effective date. Notwithstanding the foregoing, upon the effective occurrence of a Default prior to the date of on which such increase) New Lender is holding its Pro Rata Share of all outstanding Facility A Loans andAdvances, if applicable the principal amount outstanding under the Facility B Revolver Loans made by each Facility B Revolver such New Lender (including any New Revolver Lender) to be in the amount of its Facility B Revolver Pro Rata Share (shall, upon the effective date of such increase) of all outstanding Facility B Revolver Loans. The Borrower hereby irrevocably authorizes each New Revolver Lender to fund to notice from the Administrative Agent given on or after the payment required to be made pursuant to date on which the immediately preceding sentence for application to the reduction of the outstanding Facility A Loans held by the other Facility A Lenders andObligations are accelerated or become due following such Default, if applicable, the Facility B Revolver Loans held by the other Facility B Revolver Lenders hereunder. If, as a result of the repayment of the Facility A Advances or Facility B Revolver Advances provided for in this Section 2.18(b)(i), any payment of a Eurodollar Rate Advance occurs on a day which is not the last day of the applicable Interest Period, the Borrower will pay to the Administrative Agent (for the benefit of any account of the Facility A Lenders andother Lenders, if applicable, Facility B Revolver Lenders holding to which the Administrative Agent shall pay their ratable shares thereof upon receipt) a sum equal to such New Lender’s Pro Rata Share of each outstanding Eurodollar Advance with respect to which such New Lender does not then hold an interest; such payment by such New Lender shall constitute a Floating Rate Loan any loss or cost incurred by such Lender resulting therefrom in accordance with Section 3.04. Upon the effective date of such increase in the Aggregate Facility A Commitment and, if applicable under Section 2.18(e), Aggregate Facility B Commitment, all Facility A Loans outstanding hereunder (including any Facility A Loans made by the New Revolver Lenders on such date) and, if applicable, all Facility B Revolver Loans outstanding hereunder (including any Facility B Revolver Loans made by the New Revolver Lenders on such date) shall be Floating Rate Loans, subject to the Borrower’s right to convert the same to Eurodollar Rate Loans on or after such date in accordance with the provisions of Section 2.10hereunder.

Appears in 1 contract

Samples: Credit Agreement (NVR Inc)

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