Common use of No U.S Clause in Contracts

No U.S. Revolving Lender shall have any obligation to agree to participate in any Tranche B Exchange Offer. Any U.S. Revolving Lender wishing to participate in the Tranche B Exchange Offer shall notify the Agent on or prior to the date specified in such Tranche B Exchange Offer of the amount of its existing Tranche A U.S. Revolver Commitments which it requests be converted into Tranche B Revolver Commitments. Any U.S. Revolving Lender that does not respond to the Tranche B Exchange Offer on or prior to the date specified therein shall be deemed to have rejected such Tranche B Exchange Offer. In the event that the aggregate principal amount of existing Tranche A U.S. Revolver Commitments of U.S. Revolving Lenders accepting such Tranche B Exchange Offer exceeds the amount of Tranche B Revolver Commitments requested, existing Tranche A U.S. Revolver Commitments shall be converted to Tranche B Revolver Commitments on a pro rata basis based on the aggregate principal amount of Tranche A U.S. Revolving Loans included in each such Tranche B Exchange Offer.

Appears in 1 contract

Sources: Asset Based Revolving Credit Agreement (Cleveland-Cliffs Inc.)

No U.S. Revolving Lender shall have any obligation to agree to participate in any Tranche B A Exchange Offer. Any U.S. Revolving Lender wishing to participate in the Tranche B A Exchange Offer shall notify the Agent on or prior to the date specified in such Tranche B A Exchange Offer of the amount of its existing Tranche A U.S. B Revolver Commitments which it requests be converted into Tranche B A U.S. Revolver Commitments. Any U.S. Revolving Lender that does not respond to the Tranche B A Exchange Offer on or prior to the date specified therein shall be deemed to have rejected such Tranche B A Exchange Offer. In the event that the aggregate principal amount of existing Tranche A U.S. B Revolver Commitments of U.S. Revolving Lenders accepting such Tranche B A Exchange Offer exceeds the amount of Tranche B A U.S. Revolver Commitments requested, existing Tranche A U.S. B Revolver Commitments shall be converted to Tranche B A U.S. Revolver Commitments on a pro rata basis based on the aggregate principal amount of Tranche A BA U.S. Revolving Loans included in each such Tranche B A Exchange Offer.

Appears in 1 contract

Sources: Asset Based Revolving Credit Agreement (Cleveland-Cliffs Inc.)