Allocation of the U.S. Borrowing Base. For so long as any of the Combined Commitments are in effect and/or any Combined Obligations are outstanding, a portion of the U.S. Borrowing Base may be allocated to support the availability of Revolving Credit Exposure in accordance with this Section 2.07(e). (i) Within ten (10) Business Days of receipt of a New Borrowing Base Notice, the Parent shall specify the amount of U.S. Borrowing Base to be allocated to support the availability of Revolving Credit Exposure by providing a written notice to the Global Administrative Agent and the Administrative Agent of such allocation (each such notice herein a “Borrowing Base Allocation Notice”); provided that at no time shall (x) the Allocated U.S. Borrowing Base be an amount less than US$50,000,000 (such minimum amount in respect of the Allocated U.S. Borrowing Base then in effect, the “Minimum Allocated U.S. Borrowing Base”) or (y) the Allocated Canadian Borrowing Base (after giving effect to such allocation) exceed the Aggregate Maximum Credit Amounts. In the event that the Parent fails to provide the Global Administrative Agent with a Borrowing Base Allocation Notice required to be delivered upon receipt of a New Borrowing Base Notice within such ten (10) Business Day period, the U.S. Borrowing Base will be allocated in the same amount as existed prior to such redetermination. Promptly upon the allocation of the U.S. Borrowing Base, the Global Administrative Agent shall provide a written notice to the Combined Lenders. Any designation of the Allocated U.S. Borrowing Base or the Allocated Canadian Borrowing Base effected pursuant to this Section 2.07(e)(i) in connection with a determination or redetermination of the Global Borrowing Base or U.S. Borrowing Base, shall be effective as of the date of the New Borrowing Base Notice. (ii) So long as no Default or Event of Default shall have occurred and be continuing, from time to time but in no event more than (A) four (4) times per fiscal year and (B) once every thirty (30) days, upon at least five (5) Business Days prior written notice to the Global Administrative Agent (the “Discretionary Borrowing Base Allocation Notice”), the Parent may reallocate the U.S. Borrowing Base between the Allocated U.S. Borrowing Base and the Allocated Canadian Borrowing Base (a “Discretionary Borrowing Base Reallocation”). Promptly upon the allocation of the U.S. Borrowing Base between the Allocated U.S. Borrowing Base and the Allocated Canadian Borrowing Base in accordance with the procedures set forth in this clause (ii), the Global Administrative Agent shall provide a written notice thereof to the Combined Lenders. Any Discretionary Borrowing Base Reallocation shall (1) be effective five (5) Business Days following the date the Global Administrative Agent receives the Discretionary Borrowing Base Allocation Notice or the date indicated for such effectiveness in the Discretionary Borrowing Base Allocation Notice, whichever is later and (2) be subject to (x) the Minimum Allocated U.S. Borrowing Base and (y) the Allocated Canadian Borrowing Base (after giving effect to such allocation) not exceeding the Aggregate Maximum Credit Amounts.
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Samples: Credit Agreement (Quicksilver Resources Inc), Credit Agreement (Quicksilver Resources Inc)
Allocation of the U.S. Borrowing Base. For so long as any of the Combined Commitments are in effect and/or any Combined Obligations are outstanding, a portion of the U.S. Borrowing Base may be allocated to support the availability of Canadian Revolving Credit Exposure in accordance with this Section 2.07(e).
(i) Within ten (10) Business Days of receipt of a New Borrowing Base Notice, the Parent Borrower shall specify the amount of U.S. Borrowing Base to be allocated to support the availability of Canadian Revolving Credit Exposure by providing a written notice to the Global Administrative Agent and the Canadian Administrative Agent of such allocation (each such notice herein a “Borrowing Base Allocation Notice”); provided that at no time shall (x) the Allocated U.S. Borrowing Base be an amount less than US$$50,000,000 (such minimum amount in respect of the Allocated U.S. Borrowing Base then in effect, the “Minimum Allocated U.S. Borrowing BaseBase ”) or (y) the Allocated Canadian Borrowing Base (after giving effect to such allocation) exceed the Canadian Aggregate Maximum Credit AmountsAmount. In the event that the Parent Borrower fails to provide the Global Administrative Agent with a Borrowing Base Allocation Notice required to be delivered upon receipt of a New Borrowing Base Notice within such ten (10) Business Day period, the U.S. Borrowing Base will be allocated in the same amount as existed prior to such redetermination. Promptly upon the allocation of the U.S. Borrowing Base, the Global Administrative Agent shall provide a written notice to the Combined Lenders. Any designation of the Allocated U.S. Borrowing Base or the Allocated Canadian Borrowing Base effected pursuant to this Section 2.07(e)(i) in connection with a determination or redetermination of the Global Borrowing Base or U.S. Borrowing Base, shall be effective as of the date of the New Borrowing Base Notice.
(ii) So long as no Default or Event of Default shall have occurred and be continuing, from time to time but in no event more than (A) four (4) times per fiscal year and (B) once every thirty (30) days, upon at least five (5) Business Days prior written notice to the Global Administrative Agent (the “Discretionary Borrowing Base Allocation Notice”), the Parent Borrower may reallocate the U.S. Borrowing Base between the Allocated U.S. Borrowing Base and the Allocated Canadian Borrowing Base (a “Discretionary Borrowing Base Reallocation”). Promptly upon the allocation of the U.S. Borrowing Base between the Allocated U.S. Borrowing Base and the Allocated Canadian Borrowing Base in accordance with the procedures set forth in this clause (ii), the Global Administrative Agent shall provide a written notice thereof to the Combined Lenders. Any Discretionary Borrowing Base Reallocation shall (1) be effective five (5) Business Days following the date the Global Administrative Agent receives the Discretionary Borrowing Base Allocation Notice or the date indicated for such effectiveness in the Discretionary Borrowing Base Allocation Notice, whichever is later and (2) be subject to (x) the Minimum Allocated U.S. Borrowing Base and (y) the Allocated Canadian Borrowing Base (after giving effect to such allocation) not exceeding the Canadian Aggregate Maximum Credit AmountsAmount.
(iii) In connection with each Borrowing Base Allocation Notice or Discretionary Borrowing Base Allocation Notice, the Global Administrative Agent shall calculate the Applicable Percentage of each Lender and provide notice to each Lender of its Applicable Percentage. On each date on which an allocation of the U.S. Borrowing Base pursuant to a Borrowing Base Allocation Notice or a Discretionary Borrowing Base Allocation Notice which results in a change in the Applicable Percentage of any Lender becomes effective, if any Loans or Letters of Credit are outstanding as of such date, then the outstanding principal balance of the Loans (and participations in Letters of Credit) shall be reallocated in accordance with such new Applicable Percentages and each Lender whose Applicable Percentage has increased shall, by wire transfer of immediately available funds, purchase a pro rata portion of the outstanding Loans (and participation interests in Letters of Credit) of each Lender who Applicable Percentage has decreased (and such Lenders hereby agree to sell and to take all such further action to effectuate such sale) such that each Lender shall hold its new Applicable Percentage of the outstanding Loans (and participation interests) after giving effect to such purchases and sales.
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Allocation of the U.S. Borrowing Base. For so long as any of the Combined Commitments are in effect and/or any Combined Obligations are outstanding, a portion of the U.S. Borrowing Base may be allocated to support the availability of Canadian Revolving Credit Exposure in accordance with this Section 2.07(e).
(i) Within ten (10) Business Days of receipt of a New Borrowing Base Notice, the Parent Borrower shall specify the amount of U.S. Borrowing Base to be allocated to support the availability of Canadian Revolving Credit Exposure by providing a written notice to the Global Administrative Agent and the Canadian Administrative Agent of such allocation (each such notice herein a “Borrowing Base Allocation Notice”); provided that at no time shall (x) the Allocated U.S. Borrowing Base be an amount less than US$$50,000,000 (such minimum amount in respect of the Allocated U.S. Borrowing Base then in effect, the “Minimum Allocated U.S. Borrowing Base”) or (y) the Allocated Canadian Borrowing Base (after giving effect to such allocation) exceed the Canadian Aggregate Maximum Credit AmountsAmount. In the event that the Parent Borrower fails to provide the Global Administrative Agent with a Borrowing Base Allocation Notice required to be delivered upon receipt of a New Borrowing Base Notice within such ten (10) Business Day period, the U.S. Borrowing Base will be allocated in the same amount as existed prior to such redetermination. Promptly upon the allocation of the U.S. Borrowing Base, the Global Administrative Agent shall provide a written notice to the Combined Lenders. Any designation of the Allocated U.S. Borrowing Base or the Allocated Canadian Borrowing Base effected pursuant to this Section 2.07(e)(i) in connection with a determination or redetermination of the Global Borrowing Base or U.S. Borrowing Base, shall be effective as of the date of the New Borrowing Base Notice.
(ii) So long as no Default or Event of Default shall have occurred and be continuing, from time to time but in no event more than (A) four (4) times per fiscal year and (B) once every thirty (30) days, upon at least five (5) Business Days prior written notice to the Global Administrative Agent (the “Discretionary Borrowing Base Allocation Notice”), the Parent Borrower may reallocate the U.S. Borrowing Base between the Allocated U.S. Borrowing Base and the Allocated Canadian Borrowing Base (a “Discretionary Borrowing Base Reallocation”). Promptly upon the allocation of the U.S. Borrowing Base between the Allocated U.S. Borrowing Base and the Allocated Canadian Borrowing Base in accordance with the procedures set forth in this clause (ii), the Global Administrative Agent shall provide a written notice thereof to the Combined Lenders. Any Discretionary Borrowing Base Reallocation shall (1) be effective five (5) Business Days following the date the Global Administrative Agent receives the Discretionary Borrowing Base Allocation Notice or the date indicated for such effectiveness in the Discretionary Borrowing Base Allocation Notice, whichever is later and (2) be subject to (x) the Minimum Allocated U.S. Borrowing Base and (y) the Allocated Canadian Borrowing Base (after giving effect to such allocation) not exceeding the Aggregate Maximum Credit Amounts.to
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