Common use of Adjustment of Rateable Portion Clause in Contracts

Adjustment of Rateable Portion. If a Lender elects not to participate in a Drawdown which is to be used to fund a Hostile Acquisition (a “Non-Participating Lender”), the Drawdown will be reduced by the Non-Participating Lenders’ Rateable Portion thereof and the allocation among all Lenders who are not Non-Participating Lenders (each, a “Participating Lender”) of interest and other fees payable by the Borrower hereunder, including standby fees, will be adjusted so as to reflect the non-participation by the Non-Participating Lender in the Drawdown, and thereafter the Rateable Portion of each Participating Lender, for such purposes only, will reflect the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount then funded by each Participating Lender based on the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount of all Participating Lenders after taking into account the non-participation by the Non-Participating Lender in the requested Drawdown. Notwithstanding the adjustment of the Rateable Portion pursuant to this Section 6.3, there will be no reduction in the Individual Commitment Amount of each Non-Participating Lender.

Appears in 2 contracts

Samples: Credit Agreement (Obsidian Energy Ltd.), Credit Agreement (Obsidian Energy Ltd.)

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Adjustment of Rateable Portion. If a Non-Participating Lender elects not to participate in a Drawdown which is to be used to fund under the Syndicated Facility for a Hostile Acquisition (a “Non-Participating Lender”)Acquisition, the Drawdown will be reduced by the Non-Non- Participating Lenders’ Rateable Portion thereof and the allocation among all Lenders who are not Non-Participating Lenders (each, a “Participating Lender”) of interest and other fees payable by the Borrower hereunder, including standby fees, will be adjusted so as to reflect the non-non- participation by the Non-Participating Lender in the Drawdown, and thereafter the Rateable Portion of each Participating Lender, for such purposes only, will reflect the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount under the Syndicated Facility then funded by each Participating Lender based on the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount under the Syndicated Facility of all Participating Lenders after taking into account the non-participation by the Non-Participating Lender in the requested Drawdown. Notwithstanding the adjustment of the Rateable Portion pursuant to this Section 6.3, there will be no reduction in the Individual Syndicated Facility Commitment Amount of each Non-Participating Lender.

Appears in 1 contract

Samples: Credit Agreement

Adjustment of Rateable Portion. If a Lender elects not to participate in a Drawdown which is to be used to fund for a Hostile Acquisition (a “Non-Participating Lender”), the Drawdown will be reduced by the Non-Participating Lenders’ Rateable Portion thereof and the allocation among all Lenders who are not Non-Participating Lenders (each, a “Participating Lender”) of interest and other fees payable by the Borrower hereunder, including standby fees, will be adjusted so as to reflect the non-participation by the Non-Participating Lender reduction in the Drawdown, and thereafter the Rateable Portion of each Participating Lender, for such purposes only, will reflect the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount then funded by each Participating Lender based on the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount of all Participating Lenders after taking into account the non-participation amount of the requested Drawdown not funded by the Non-Participating Lender in the requested DrawdownLender. Notwithstanding the adjustment of the Rateable Portion pursuant to this Section 6.3, there will be no reduction in the Individual Revolving Loan Commitment Amount Amount, or the Individual Term Loan Commitment Amount, as applicable, of each Non-Participating Lender.

Appears in 1 contract

Samples: Credit Agreement (Protective Products of America, Inc.)

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Adjustment of Rateable Portion. If a Revolving Lender elects not to participate in a Drawdown which is to be used to fund for a Hostile Acquisition (a "Non-Participating Lender"), the Drawdown will be reduced by the Non-Participating Lenders' Rateable Portion thereof under the Revolving Facility of such Drawdown and the allocation among all Revolving Lenders who are not Non-Participating Lenders (each, a “Participating Lender”) of interest and other fees payable to the Revolving Lenders by the Borrower hereunder, including standby feesStandby Fees, will be adjusted so as to reflect the non-participation by the Non-Participating Lender reduction in the Drawdown, and thereafter the Rateable Portion of each Participating LenderLender under the Revolving Facility, for such purposes only, will reflect the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount then funded by each Participating Revolving Lender based on the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount of all Participating Revolving Lenders under the Revolving Facility after taking into account the non-participation amount of the requested Drawdown not funded by the Non-Participating Lender in the requested DrawdownLender. Notwithstanding the adjustment of the Rateable Portion under the Revolving Facility pursuant to this Section 6.36.4, there will be no reduction in the Individual Commitment Amount of each Non-Participating LenderRevolving Lender under the Revolving Facility.

Appears in 1 contract

Samples: Credit Agreement (Harvest Energy Trust)

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