New Bank Sample Clauses
The "New Bank" clause defines the procedures and requirements for a party to change its banking institution for the purposes of the agreement. Typically, this clause outlines how notice of the new bank details must be provided to the other party, the timeframe for such notification, and the effective date when payments should be redirected to the new account. Its core function is to ensure a smooth transition of payment instructions, preventing misdirected funds and maintaining clarity in financial transactions between the parties.
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New Bank. Upon execution and delivery of this Amendment by the parties hereto, the New Bank shall be a Bank for all purposes of the Credit Agreement.
New Bank. The Bank of Nova Scotia (“Scotia Bank”) shall become and is hereby added as a “Bank” under the Credit Agreement. By executing this Amendment below, Scotia Bank (i) agrees that it is a party to the Credit Agreement, having all the rights and obligations of a Bank thereunder and under the other Credit Documents, including, without limitation, the obligation to make Revolving Credit Loans, and (ii) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as are delegated to the Agent by the terms thereof, together with such powers as are reasonably incidental thereto.
New Bank. With effect from the Effective Date it is agreed by each of the parties to this letter that ▇▇ ▇▇▇▇▇▇ shall accede to the Amended Facility Letter as a New Bank pursuant to paragraph 7 (New Banks) of the Amended Facility Letter and shall benefit from and shall be subject to all the rights and obligations applicable to the Banks as set out in the Amended Facility Letter.
New Bank. Non-Pro-Rata Reduction in Bank Outstanding Principal Amount and Commitment; Banks' Commitments. Subject to the occurrence of the Amendment Effective Date (as defined below) and effective on such date:
2.01. Each of the parties hereto agrees that the New Bank is a "Bank" party to the Credit Agreement with all of the rights and obligations of a "Bank" under the Credit Agreement, and each reference to "Bank" in the Credit Agreement and all other Basic Documents shall for all purposes include the New Bank. The New Bank hereby agrees to be bound by all of the terms and provisions of the Credit Agreement applicable to "Banks".
2.02. Each Bank that has not made a Loan or that has made Loans, the outstanding principal amount of which are ratably ("Ratably") less than the outstanding principal amount of Loans made by other Banks (the "Other Banks"), in each case as determined in accordance with such Bank's Loans outstanding (before giving effect to this Amendment) in proportion to its Commitments (after giving effect to this Amendment), shall fund its portion of the Loans in an amount that will result in the aggregate outstanding principal amount of all Loans being allocated Ratably among the Banks and, accordingly, the Other Bank's Loans shall be reduced Ratably by such fundings.
New Bank. The New Bank agrees with the Borrowers, the Banks and the Agent that (i) it will abide by the terms of the Original Loan Agreement as amended hereby, and (ii) the Loan Agreement shall be binding upon, inure to the benefit of, and be enforceable by and against it.
New Bank. Bank of America, N.A. shall become and is hereby added as a “Bank” under the Credit Agreement.
New Bank. Effective as of the Twelfth Amendment Effective Date, the New Bank hereby joins in, becomes a party to, and agrees to comply with and be bound by the terms and conditions of the Credit Agreement as a Bank thereunder and under each and every other Loan Paper to which any Bank is required to be bound by the Credit Agreement, to the same extent as if the New Bank were an original signatory thereto. The New Bank hereby appoints and authorizes the Administrative Agent to take such action as the Administrative Agent on its behalf and to exercise such powers and discretion under the Credit Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto. The New Bank represents and warrants that (a) it has full power and authority, and has taken all action necessary, to execute and deliver this Twelfth Amendment, to consummate the transactions contemplated hereby and to become a Bank under the Credit Agreement, (b) it has received a copy of the Credit Agreement and copies of the most recent financial statements delivered pursuant to Section 8.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Twelfth Amendment and to become a Bank on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Bank, and (c) from and after the Twelfth Amendment Effective Date, it shall be a party to and be bound by the provisions of the Credit Agreement and the other Loan Papers and have the rights and obligations of a Bank thereunder. The New Bank hereby agrees that upon the effectiveness of this Twelfth Amendment, from and after the Twelfth Amendment Effective Date, it shall have the Maximum Credit Amount, Elected Revolving Commitment and Applicable Revolving Commitment Percentage in the amount shown opposite its name Schedule 1 to the Credit Agreement (as amended hereby).
New Bank. Upon its execution and as of the effectiveness hereof, Bank of Scotland shall be a party to the Credit Agreement and shall have the rights and obligations of a Bank thereunder. In connection therewith, upon the effectiveness hereof, Borrower, Administrative Agent and Banks shall (i) make adjustments to the outstanding principal amount of all Loans (but not any interest accrued thereon prior to the date hereof or any accrued commitment fees under the Credit Agreement prior to the date hereof), including the borrowing of additional Loans and the repayment of Loans plus all applicable accrued interest, fees and expenses as shall be necessary to provide for Loans by each Bank in the amount of its new share of all Loans as of the date hereof and (ii) make adjustments to the Commitments as shall be necessary to provide that the Commitment of each Bank is as set forth on the Commitment Schedule. Any adjustment of any Euro-Dollar Loans shall (i) constitute a payment or prepayment of all or a portion of such Euro-Dollar Loans and (ii) entitle Banks to any reimbursements under Section 2.11 of the Credit Agreement as a result thereof. Each Bank shall be deemed to have made an assignment of its outstanding Loans and Commitment under the Credit Agreement, and assumed outstanding Loans and Commitment of other Banks under the Credit Agreement as may be necessary to effect the foregoing. For purposes of the foregoing, the Banks that are lenders under the Original Agreement hereby waive any requirements for notice of prepayment, minimum amounts of prepayments of Loans, ratable reductions of the commitments of the Banks under the Original Agreement and ratable payments on account of the principal or interest of any Loan under the Original Agreement to the extent such prepayment, reductions or payments are required under the Original Agreement.
New Bank. First National Bank of Kansas shall become and is hereby a “Bank” under the Credit Agreement.
New Bank. W▇▇▇▇ Fargo Bank, N.A., a national banking association, shall become and is hereby added as a “Bank” under the Credit Agreement.