Commitment Reallocation. (a) Upon giving effect to this Agreement on the Second Amendment Effective Date, any Loans outstanding under the Credit Agreement (as in effect immediately prior to the Second Amendment Effective Date) shall be reallocated among the Lenders in accordance with their respective Credit Exposure, with such reallocations to be effected on the date hereof, including through the funding of replacement Loans by certain Lenders (the “New Lenders”) and/or the paydown of a portion of the principal amount of certain existing Loans to certain Lenders (with this Agreement satisfying any notice required by the terms of the Credit Agreement), in each case, in the amounts set forth on Schedule 1 hereto, such that after giving effect to such reallocation, the aggregate outstanding Loans on and after the Second Amendment Effective Date shall equal the aggregate outstanding Loans prior to the effectiveness of this Agreement, and each Lender’s pro rata share of the Loans shall equal such ▇▇▇▇▇▇’s pro rata share of the Commitments. Each of the Lenders and Loan Parties party hereto hereby (i) authorize and direct the Administrative Agent to effect such reallocation, notwithstanding that such loans may be made, or such loans may be repaid, as applicable, on a non-pro rata basis and (ii) acknowledge and agree that (x) accrued and unpaid interest on the Loans outstanding under the Credit Agreement, which have accrued to but excluding the Second Amendment Effective Date, shall be paid on the Second Amendment Effective Date to the Lenders of such Loans outstanding under the Credit Agreement as in effect immediately prior to the Second Amendment Effective Date and (y) interest amounts which have accrued from and after the Second Amendment Effective Date will be payable to the Lenders of the Loans outstanding under the Amended Credit Agreement (after giving effect to the reallocation contemplated hereby) on the next succeeding Interest Payment Date, which shall be one month from the Second Amendment Effective Date. (b) Upon the effectiveness of this Agreement, any Non-Consenting Lenders shall cease to be a Lender under the Amended Credit Agreement, in accordance with Section 4.12(b)(vi) of the Amended Credit Agreement.
Appears in 1 contract
Sources: Credit Agreement (SiriusPoint LTD)
Commitment Reallocation. (a) Upon giving effect Notwithstanding anything in this Amendment, the Restated Credit Agreement or the Amended Credit Agreement to the contrary, (i) each Lender party to this Agreement Amendment (each, a “Continuing Lender”) acknowledges and agrees that, on and as of the Second Amendment No. 4 Effective Date, such Lender shall be a “Lender” under and as defined in the Amended Credit Agreement and shall have a Revolving Credit Commitment in an amount set forth opposite its name on Exhibit B and (ii) each Loan Party, the Administrative Agent, each L/C Issuer, the Swing Line Lender and each Continuing Lender hereby (x) waives advance notice of any Loans outstanding termination or reduction of commitments and prepayment of loans under the Restated Credit Agreement (that occurs on the Amendment No. 4 Effective Date as in effect immediately prior a result of the transactions contemplated by this Section 6, and all such notices are deemed delivered to the Second Amendment Effective Date) shall be reallocated among the Lenders each such Person in accordance with their respective Credit Exposure, with such reallocations to be effected on the date hereof, including through the funding of replacement Loans by certain Lenders (the “New Lenders”) and/or the paydown of a portion of the principal amount of certain existing Loans to certain Lenders (with this Agreement satisfying any notice required by the terms of the Credit Agreement), in each case, in the amounts set forth on Schedule 1 hereto, such that after giving effect to such reallocation, the aggregate outstanding Loans on and after the Second Amendment Effective Date shall equal the aggregate outstanding Loans prior to the effectiveness of this Agreement, and each Lender’s pro rata share of the Loans shall equal such ▇▇▇▇▇▇’s pro rata share of the Commitments. Each of the Lenders and Loan Parties party hereto hereby (i) authorize and direct the Administrative Agent to effect such reallocation, notwithstanding that such loans may be made, or such loans may be repaid, as applicable, on a non-pro rata basis and (ii) acknowledge and agree that (x) accrued and unpaid interest on the Loans outstanding under the Credit Agreement, which have accrued to but excluding the Second Amendment Effective Date, shall be paid on the Second Amendment Effective Date to the Lenders of such Loans outstanding under the Credit Agreement as in effect immediately prior to the Second Amendment Effective Date Documents and (y) interest amounts which have accrued from and after the Second Amendment Effective Date will be payable consents to the Lenders each of the Loans outstanding transactions contemplated by this Section 6, including, but not limited to, any consents that would be required under Sections 10.01 and 10.07 of the Amended Restated Credit Agreement (after giving effect to the reallocation contemplated hereby) on the next succeeding Interest Payment Date, which shall be one month from the Second Amendment Effective DateAgreement.
(b) Upon Notwithstanding anything in this Amendment, the effectiveness Restated Credit Agreement or the Amended Credit Agreement to the contrary, on and as of this the Amendment No. 4 Effective Date, (i) the “Revolving Credit Commitment” of each “Lender” (in each case, as defined in the Restated Credit Agreement) that is not a Continuing Lender (each, any a “Non- Continuing Lender”) shall terminate, and each Non-Consenting Lenders Continuing Lender shall cease to be a Lender hereunder and under the Restated Credit Agreement and shall not be a Lender under the Amended Credit Agreement for all purposes, (ii) the remaining “Revolving Credit Commitments” (as defined in the Restated Credit Agreement) under the Restated Credit Agreement shall be adjusted as necessary such that, in accordance with Section 4.12(b)(vi) on and as of the Amendment No. 4 Effective Date, the Revolving Credit Commitments hereunder and under the Amended Credit AgreementAgreement shall be as set forth on Exhibit B, and (iii) all Loans, participations in L/C Obligations and Swing Line Loans shall be reallocated pro rata among the Continuing Lenders on the Amendment No. 4 Effective Date after giving effect to the termination of commitments contemplated in clause (i) above.
Appears in 1 contract
Sources: Credit Agreement (Avaya Inc)
Commitment Reallocation. (a) Upon Subject to the terms and conditions of this Section 2.1.10, Borrower Agent may request that Lenders under a Facility change the then current allocation of each such Lender’s (and, if applicable, its Affiliate’s or branch’s) Commitment under such Facility in order to effect an increase or decrease in Commitments under a particular Facility, with any such increase or decrease in a particular Facility to be accompanied by a concurrent and equal dollar-for-dollar decrease or increase, respectively, in another Facility (each, a “Commitment Reallocation”). In addition to the other conditions set forth in this Section 2.1.10, any such Commitment Reallocation shall be subject to the following conditions: (i) Borrower Agent shall have provided to Agent a written request (in reasonable detail) at least five (5) Business Days (or such shorter notice as Agent may agree) prior to the requested effective date therefor (which effective date must be a Business Day) (the “Commitment Reallocation Date”) setting forth the proposed Commitment Reallocation Date and the amounts and each Facility to be subject to the proposed reallocations to be effected, (ii) any such Commitment Reallocation shall increase or decrease the Commitments under the specified Facility in an amount equal to $2,500,000 and in increments of $500,000 in excess thereof, (iii) after giving effect to this Agreement any such Commitment Reallocation, the US Commitments shall be equal to or greater than thirty-five percent (35% of the Maximum Facility Amount, (iv) no more than one (1) Commitment Reallocation may be requested in any Fiscal Quarter of Parent, (v) no Event of Default shall have occurred and be continuing either as of the date of such request or on the Second Amendment Effective Date, any Loans outstanding under the Credit Agreement Commitment Reallocation Date (as in effect both immediately prior to the Second Amendment Effective Date) shall be reallocated among the Lenders in accordance with their respective Credit Exposure, with such reallocations to be effected on the date hereof, including through the funding of replacement Loans by certain Lenders (the “New Lenders”) and/or the paydown of a portion of the principal amount of certain existing Loans to certain Lenders (with this Agreement satisfying any notice required by the terms of the Credit Agreement), in each case, in the amounts set forth on Schedule 1 hereto, such that before and after giving effect to such reallocationCommitment Reallocation), (vi) any increase in Commitments under a Facility shall result in a dollar-for-dollar decrease in Commitments under another Facility as specified in the request (and if no Facility is specified, then such Facility as Agent shall determine), (vii) in no event shall the sum of all the Commitments exceed the aggregate outstanding Loans on and after the Second Amendment Effective Date shall equal the aggregate outstanding Loans prior to the effectiveness of this Agreement, and each Lender’s pro rata share amount of the Loans shall equal such ▇▇▇▇▇▇’s pro rata share of the Commitments. Each of the Lenders and Loan Parties party hereto hereby Commitments then in effect, (iviii) authorize and direct the Administrative Agent to effect such reallocation, notwithstanding that such loans may be made, or such loans may be repaid, as applicable, on a non-pro rata basis and (ii) acknowledge and agree that (x) accrued and unpaid interest on the Loans outstanding under the Credit Agreement, which have accrued to but excluding the Second Amendment Effective Date, shall be paid on the Second Amendment Effective Date to the Lenders of such Loans outstanding under the Credit Agreement as in effect immediately prior to the Second Amendment Effective Date and (y) interest amounts which have accrued from and after the Second Amendment Effective Date will be payable to the Lenders of the Loans outstanding under the Amended Credit Agreement (after giving effect to such Commitment Reallocation, no Overadvance would exist or would result therefrom and (ix) at least three (3) Business Days prior to the reallocation contemplated hereby) on the next succeeding Interest Payment proposed Commitment Reallocation Date, a Senior Officer of Borrower Agent shall have delivered to Agent a certificate certifying as to compliance with preceding clauses (v), (vii) and (viii) and demonstrating (in reasonable detail) the calculations required in connection therewith, which certificate shall be one month from deemed recertified to Agent by a Senior Officer of Borrower Agent on and as of the Second Amendment Effective Commitment Reallocation Date.
(b) Upon Agent shall promptly inform the effectiveness Lenders of the affected Facilities of any request for a Commitment Reallocation. If the conditions set forth in this AgreementSection 2.1.10 are not satisfied on the applicable Commitment Reallocation Date (or, any Nonto the extent such conditions relate to an earlier date, such earlier date), Agent shall notify the Borrower Agent in writing that the requested Commitment Reallocation will not be effectuated; provided, that, (A) Agent shall in all cases be entitled to rely (without liability) on the certificate delivered by Borrower Agent pursuant to Section 2.1.10
(a) (ix) in making its determination as to the satisfaction of certain conditions set forth in Section 2.1.10
(a) Each Commitment Reallocation shall be effectuated in accordance with the respective Pro Rata shares of each Lender under each relevant Facility. On each Commitment Reallocation Date, Agent shall notify the Lenders of the affected Facility, the Borrower Agent and Agent, if applicable, on or before 3:00 p.m., Local Time, by facsimile, e-Consenting Lenders shall cease mail or other electronic means, of the occurrence of the Commitment Reallocation to be effected on such Commitment Reallocation Date, the amount of the Loans held by each such Lender as a result thereof and the amount of the affected Commitments of each such Lender as a result thereof. To the extent necessary where a Lender under one Facility and its separate Affiliate or branch that is a Lender under another Facility are participating in a Commitment Reallocation, the Amended Credit Agreement, in accordance with Section 4.12(b)(vi) Commitment Reallocation among such Persons shall be deemed to have been consummated pursuant to an Assignment and Acceptance. The respective Pro Rata shares of the Amended Credit AgreementLenders shall thereafter, to the extent applicable, be determined based on such reallocated amounts (subject to any subsequent changes thereto), and Agent and the affected Lenders shall make such adjustments as Agent shall deem necessary so that the outstanding Loans and LC Exposure of each Lender equals its Pro Rata share thereof after giving effect to the Commitment Reallocation.
(c) Notwithstanding anything to the contrary, this Section 2.1.10 shall supersede any provisions in Section 14.1 to the contrary.
Appears in 1 contract
Sources: Loan and Security Agreement (Computer Task Group Inc)
Commitment Reallocation. (a) Upon giving effect Parent may, from time to this Agreement on time (but not more than once per fiscal quarter, unless otherwise agreed by the Second Amendment Effective DateAgent), any Loans outstanding under the Credit Agreement request that (as in effect immediately prior i) Lenders with Tranche A U.S. Revolver Commitments convert a portion of such Tranche A U.S. Revolver Commitments to Tranche A Multicurrency Revolver Commitments, or that (ii) Lenders with Tranche A Multicurrency Revolver Commitments convert all or a portion of their Tranche A Multicurrency Revolver Commitments to Tranche A U.S. Revolver Commitments, all pursuant to procedures to be specified by Agent (each such conversion, a “Commitment Reallocation”). Each Commitment Reallocation shall be offered to the Second Amendment Effective Date) applicable Lenders ratably; provided that no Lender shall be reallocated among obligated to agree to any such Commitment Reallocation, in which case such Commitment Reallocation shall not apply to the Revolver Commitments of any such non-consenting Lender. Each of the parties hereto agrees that Agent may, in consultation with Parent, take any and all actions as may be reasonably necessary to ensure that, upon the effectiveness of any Commitment Reallocation, the outstanding Revolving Loans shall be held by the Lenders in accordance with their respective Credit Exposurenew Pro Rata Shares. This may be accomplished at the discretion of Agent, in consultation with such reallocations Parent, by causing the applicable Borrowers to prepay outstanding Revolving Loans with the proceeds of new Revolving Loans to be effected made in accordance with the Lenders’ new Pro Rata Shares or any other method acceptable to Agent and Parent. Any such prepayment shall be subject to Section 2.13 but otherwise without premium or penalty. Parent shall deliver on the effective date hereofof any Commitment Reallocation, including through the funding of replacement Loans by certain Lenders (the “New Lenders”) and/or the paydown of and it shall be a portion of the principal amount of certain existing Loans to certain Lenders (with this Agreement satisfying any notice required by the terms of the Credit Agreement), in each case, in the amounts set forth on Schedule 1 hereto, such that after giving effect to such reallocation, the aggregate outstanding Loans on and after the Second Amendment Effective Date shall equal the aggregate outstanding Loans prior condition precedent to the effectiveness of this Agreementthereof, and each Lender’s pro rata share of the Loans shall equal such ▇▇▇▇▇▇’s pro rata share of the Commitments. Each of the Lenders and Loan Parties party hereto hereby (i) authorize and direct the Administrative Agent to effect such reallocation, notwithstanding that such loans may be made, or such loans may be repaid, as applicable, on a non-pro rata basis and (ii) acknowledge and agree certificate certifying that (x) accrued the representations and unpaid interest warranties made by each Loan Party contained in this Agreement and the other Loan Documents are true and correct in all material respects (and any representation and warranty that is qualified as to materiality or Material Adverse Effect is true and correct in all respects) on the Loans outstanding under the Credit Agreement, which have accrued to but excluding the Second Amendment Effective Date, shall be paid on the Second Amendment Effective Date to the Lenders and as of such Loans outstanding under the Credit Agreement effective date as in effect immediately though made on and as of such effective date, other than any such representation or warranty which relates to a specified prior to the Second Amendment Effective Date date and (y) interest amounts which have accrued as of such effective date, no Default or Event of Default has occurred and is continuing, or would result from and after the Second Amendment Effective Date will be payable to the Lenders of the Loans outstanding under the Amended Credit Agreement (after giving effect to the reallocation contemplated hereby) on the next succeeding Interest Payment Date, which shall be one month from the Second Amendment Effective Datesuch Commitment Reallocation.
(b) Upon the effectiveness of this Agreement, any Non-Consenting Lenders shall cease to be a Lender under the Amended Credit Agreement, in accordance with Section 4.12(b)(vi) of the Amended Credit Agreement.
Appears in 1 contract
Sources: Asset Based Revolving Credit Agreement (Cleveland-Cliffs Inc.)