Reallocation of Commitments. (a) As of the Effective Date, the Total Canadian Commitment is $15,000,000. Subject to the conditions hereinafter set forth, the Borrower and the Canadian Borrower shall have the right from time to time upon twenty (20) Business Days prior written notice to each of the Agents to (i) increase the Total Canadian Commitment to an aggregate amount not more than the Canadian Dollar Equivalent of $40,000,000 by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment to the Total Canadian Commitment and (ii) increase the Total Domestic Commitment by reducing and reallocating by an equivalent amount all or a portion of the Total Canadian Commitment to the Total Domestic Commitment. (b) Each Reallocation shall also be subject to the following conditions: (i) The Borrower and the Canadian Borrower shall have provided the Administrative Agent and the Banks with twenty (20) days prior written notice of their intent to reallocate a portion of the Total Domestic Commitment or the Total Canadian Commitment. (ii) The increase in the Total Canadian Commitment, if any, shall be offset by a corresponding and equivalent reduction in the Total Domestic Commitment and the increase in the Total Domestic Commitment, if any, shall be offset by a corresponding and equivalent reduction in the Total Canadian Commitment, such that the Total Commitment in effect immediately before a Reallocation shall be equal to the Total Commitment immediately after, and after giving effect to, a Reallocation. (iii) No Reallocation shall increase (A) the Total Domestic Commitment in excess of $230,000,000, (B) the Total Canadian Commitment in excess of the Canadian Dollar Equivalent of $40,000,000 or (C) the Total Commitment in excess of $230,000,000. (iv) No Reallocation shall, without the prior consent of the Bank affected thereby, result in (A) any Domestic Bank having a positive Canadian Commitment if such Domestic Bank, or its affiliate, did not have such positive Canadian Commitment immediately prior to such Reallocation or (B) any increase in the Total Commitment of any Bank and its affiliates. (v) Subject to ss.2.3(b)(iv), each Reallocation shall be made pro rata among the Banks whose Commitments are being reallocated from one type of Commitment to another, but shall not cause the Commitments of any other Banks to change. (vi) In no event shall (A) the Total Domestic Commitment be reduced to an amount less than the sum of (1) the aggregate amount of all Domestic Revolving Credit Loans then outstanding, plus (2) the aggregate amount of Domestic Swing Line Loans then outstanding, plus
Appears in 1 contract
Reallocation of Commitments. (a) As of the Effective Date, the Total Canadian Commitment is $15,000,000. Subject to the conditions hereinafter set forthforth in this §2.4, the Borrower and the Canadian Borrower Borrowers shall have the right at any time and from time to time upon twenty five (205) Business Days prior written notice to each of the Agents to (i) increase the Total Canadian Commitment to an aggregate amount not more than the Canadian Dollar Equivalent of $40,000,000 by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment to the Total Canadian Commitment and (ii) increase the Total Domestic Commitment by reducing and reallocating by an equivalent amount all or a portion of the Total Canadian Commitment and/or the Total U.K. Commitment and/or the Total PR Commitment to the Total Domestic Commitment, (ii) increase the Total Canadian Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total U.K. Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or the Total U.K. Commitment and/or Total PR Commitment to the Total Canadian Commitment, (iii) increase the Total U.K. Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total Canadian Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or all or a portion of the Total Canadian Commitment and/or Total PR Commitment to the Total U.K. Commitment or (iv) increase the Total PR Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total Canadian Commitment or the Total U.K. Commitment) by reducing or reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or Total Canadian Commitment and/or Total U.K. Commitment to the Total PR Commitment.
(b) Each Any Reallocation pursuant to §2.4 shall also be subject to the following conditions:
(i) The Borrower Each Reallocation of Commitment amounts shall be made only between the offices or affiliates of a Bank such that the sum of all the Commitments of each Bank and the Canadian Borrower its affiliates shall have provided the Administrative Agent and the Banks with twenty (20) days prior written notice not be increased or decreased as a result of their intent to reallocate a portion of the Total Domestic Commitment or the Total Canadian Commitmentany Reallocation.
(ii) The Each increase in the Total Domestic Commitment, Total Canadian Commitment, if anyTotal U.K. Commitment or Total PR Commitment, as the case may be, shall be offset by a corresponding and equivalent reduction in the Total Domestic Commitment and the increase in one or more of the Total Domestic Commitment, if any, shall be offset by a corresponding and equivalent reduction in the Total Canadian Commitment, Total U.K. Commitment and Total PR Commitment, such that the Total Commitment in effect immediately before a Reallocation shall be equal to the Total Commitment immediately after, and after giving effect to, a such Reallocation.
(iii) No Reallocation shall increase (A) the Total Domestic Canadian Commitment in excess of $230,000,00090,000,000, (B) the Total Canadian U.K. Commitment in excess of the Canadian Dollar Equivalent of $40,000,000 90,000,000 or (C) the Total PR Commitment in excess of $230,000,00010,000,000.
(iv) No Reallocation shall, without the prior consent of the Bank affected thereby, shall result in (A) any Domestic Bank having a positive Canadian Commitment, U.K. Commitment or PR Commitment if such Domestic Bank, or its affiliate, did not have such positive Canadian Commitment, U.K. Commitment immediately prior to or PR Commitment on the Closing Date or acquire such Reallocation Commitment by assignment after the Closing Date, or (B) any increase in U.K. Bank having a positive Canadian Commitment or PR Commitment if such U.K. Bank, or its affiliate, did not have such positive Canadian Commitment or PR Commitment on the Total Closing Date or acquire such Commitment of by assignment after the Closing Date, or (C) any Canadian Bank and having a positive U.K. Commitment or PR Commitment if such Canadian Bank, or its affiliatesaffiliate, did not have such positive U.K. Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (D) any PR Bank having a positive U.K. Commitment or Canadian Commitment if such PR Bank, or its affiliate, did not have such positive U.K. Commitment or Canadian Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date.
(v) Subject to ss.2.3(b)(iv§2.4(b)(iv), each Reallocation shall be made pro rata among the Banks whose Commitments are being reallocated from one type of Commitment to another, but shall not cause the Commitments of any other Banks to changechange (but will result in a change in Commitment Percentages).
(vi) In Subject to Section 6.16, in no event shall (A) the Total Domestic Commitment be reduced to an amount less than the sum of (1i) the aggregate amount Outstanding Amount of all Domestic Revolving Credit Loans then outstandingLoans, plus (2ii) the aggregate Outstanding Amount of L/C Obligations with respect to Letters of Credit issued for the account of Ryder and its domestic Subsidiaries; (B) the Total Canadian Commitment be reduced to an amount less than the sum of Domestic Swing Line (i) the Outstanding Amount of Canadian Loans then outstandingdenominated in Dollars, plusplus (ii) the Outstanding Amount of Canadian Loans denominated in Canadian Dollars, plus (iii) the Outstanding Amount of Bankers’ Acceptances; (C) the Total U.K. Commitment be reduced to an amount less than the sum of (i) the Outstanding Amount of all U.K. Loans denominated in Dollars, plus (ii) the Outstanding Amount of all U.K. Loans denominated in Sterling, plus (iii) the Outstanding Amount of all U.K. Loans denominated in Euros; or (D) the Total PR Commitment be reduced to an amount less than the sum of the Outstanding Amount of all PR Loans.
(c) The Administrative Agent shall (i) notify each of the Banks promptly after receiving any notice of a Reallocation delivered by the Borrowers pursuant to this §2.4 and (ii) promptly upon the effectiveness of any such Reallocation, distribute to each Bank an updated Schedule 1 hereto, reflecting the changes in the respective Commitments of the Banks, and the Borrowers hereby authorize such amendment to Schedule 1.
Appears in 1 contract
Samples: Global Revolving Credit Agreement (Ryder System Inc)
Reallocation of Commitments. (a) As of the Effective Date, the Total Canadian Commitment is $15,000,000. Subject to the conditions hereinafter set forthforth in this §2.4, the Borrower and the Canadian Borrower Borrowers shall have the right at any time and from time to time upon twenty five (205) Business Days prior written notice to each of the Agents to (i) increase the Total Canadian Commitment to an aggregate amount not more than the Canadian Dollar Equivalent of $40,000,000 by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment to the Total Canadian Commitment and (ii) increase the Total Domestic Commitment by reducing and reallocating by an equivalent amount all or a portion of the Total Canadian Commitment and/or the Total U.K. Commitment and/or the Total PR Commitment to the Total Domestic Commitment, (ii) increase the Total Canadian Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total U.K. Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or the Total U.K. Commitment and/or Total PR Commitment to the Total Canadian Commitment, (iii) increase the Total U.K. Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total Canadian Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or all or a portion of the Total Canadian Commitment and/or Total PR Commitment to the Total U.K. Commitment or (iv) increase the Total PR Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total Canadian Commitment or the Total U.K. Commitment) by reducing or reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or Total Canadian Commitment and/or Total U.K. Commitment to the Total PR Commitment.
(b) Each Any Reallocation pursuant to §2.4 shall also be subject to the following conditions:
(i) The Borrower Each Reallocation of Commitment amounts shall be made only between the offices or affiliates of a Bank such that the sum of all the Commitments of each Bank and the Canadian Borrower its affiliates shall have provided the Administrative Agent and the Banks with twenty (20) days prior written notice not be increased or decreased as a result of their intent to reallocate a portion of the Total Domestic Commitment or the Total Canadian Commitmentany Reallocation.
(ii) The Each increase in the Total Domestic Commitment, Total Canadian Commitment, if anyTotal U.K. Commitment or Total PR Commitment, as the case may be, shall be offset by a corresponding and equivalent reduction in the Total Domestic Commitment and the increase in one or more of the Total Domestic Commitment, if any, shall be offset by a corresponding and equivalent reduction in the Total Canadian Commitment, Total U.K. Commitment and Total PR Commitment, such that the Total Commitment in effect immediately before a Reallocation shall be equal to the Total Commitment immediately after, and after giving effect to, a such Reallocation.
(iii) No Reallocation shall increase (A) the Total Domestic Canadian Commitment in excess of $230,000,000150,000,000, (B) the Total Canadian U.K. Commitment in excess of the Canadian Dollar Equivalent of $40,000,000 100,000,000 or (C) the Total PR Commitment in excess of $230,000,00015,000,000.
(iv) No Reallocation shall, without the prior consent of the Bank affected thereby, shall result in (A) any Domestic Bank having a positive Canadian Commitment, U.K. Commitment or PR Commitment if such Domestic Bank, or its affiliate, did not have such positive Canadian Commitment, U.K. Commitment immediately prior to or PR Commitment on the Second Amendment Effective Date or acquire such Reallocation Commitment by assignment after the Second Amendment Effective Date, or (B) any increase in U.K. Bank having a positive Canadian Commitment or PR Commitment if such U.K. Bank, or its affiliate, did not have such positive Canadian Commitment or PR Commitment on the Total Second Amendment Effective Date or acquire such Commitment of by assignment after the Second Amendment Effective Date, or (C) any Canadian Bank and having a positive U.K. Commitment or PR Commitment if such Canadian Bank, or its affiliatesaffiliate, did not have such positive U.K. Commitment or PR Commitment on the Second Amendment Effective Date or acquire such Commitment by assignment after the Second Amendment Effective Date, or (D) any PR Bank having a positive U.K. Commitment or Canadian Commitment if such PR Bank, or its affiliate, did not have such positive U.K. Commitment or Canadian Commitment on the Second Amendment Effective Date or acquire such Commitment by assignment after the Second Amendment Effective Date.
(v) Subject to ss.2.3(b)(iv§2.4(b)(iv), each Reallocation shall be made pro rata among the Banks whose Commitments are being reallocated from one type of Commitment to another, but shall not cause the Commitments of any other Banks to changechange (but will result in a change in Commitment Percentages).
(vi) In Subject to §6.16, in no event shall (A) the Total Domestic Commitment be reduced to an amount less than the sum of (1) the aggregate amount Outstanding Amount of all Domestic Revolving Credit Loans then outstandingLoans, plus (2) the aggregate Outstanding Amount of L/C Obligations; (B) the Total Canadian Commitment be reduced to an amount less than the sum of Domestic Swing Line (1) the Outstanding Amount of Canadian Loans then outstandingdenominated in Dollars, plusplus (2) the Outstanding Amount of Canadian Loans denominated in Canadian Dollars, plus (3) the Outstanding Amount of Bankers’ Acceptances; (C) the Total U.K. Commitment be reduced to an amount less than the sum of (1) the Outstanding Amount of all U.K. Loans denominated in Dollars, plus (2) the Outstanding Amount of all U.K. Loans denominated in Sterling, plus (3) the Outstanding Amount of all U.K. Loans denominated in Euros; or (D) the Total PR Commitment be reduced to an amount less than the Outstanding Amount of all PR Loans.
(c) The Administrative Agent shall (i) notify each of the Banks promptly after receiving any notice of a Reallocation delivered by the Borrowers pursuant to this §2.4 and (ii) promptly upon the effectiveness of any such Reallocation, distribute to each Bank an updated Schedule 1 hereto, reflecting the changes in the respective Commitments of the Banks, and the Borrowers hereby authorize such amendment to Schedule 1.
Appears in 1 contract
Samples: Global Revolving Credit Agreement (Ryder System Inc)
Reallocation of Commitments. (ai) As of the Effective Date, the Total Canadian Commitment is $15,000,000. Subject to the conditions hereinafter set forthforth in this Section 2.06(e), the Borrower and the Canadian Borrower Borrowers shall have the right at any time and from time to time upon twenty five (205) Business Days prior written notice to each of the Agents to (iA) increase the Total Canadian Commitment to an aggregate amount not more than the Canadian Dollar Equivalent of $40,000,000 by reducing and reallocating by an equivalent amount a portion of the Total Aggregate Domestic Commitment to the Total Canadian Commitment and (ii) increase the Total Domestic Commitment Commitments by reducing and reallocating by an equivalent amount all or a portion of the Total Aggregate Canadian Commitment Commitments and/or the Aggregate U.K. Commitments and/or the Aggregate PR Commitments to the Total Aggregate Domestic CommitmentCommitments, (B) increase the Aggregate Canadian Commitments (to the extent the same has been previously reallocated to the Aggregate Domestic Commitments or the Aggregate U.K. Commitments or the Aggregate PR Commitments) by reducing and reallocating by an equivalent amount a portion of the Aggregate Domestic Commitments and/or the Aggregate U.K. Commitments and/or the Aggregate PR Commitments to the Aggregate Canadian Commitments, (C) increase the Aggregate U.K. Commitments (to the extent the same has been previously reallocated to the Aggregate Domestic Commitments or the Aggregate Canadian Commitments or the Aggregate PR Commitments) by reducing and reallocating by an equivalent amount a portion of the Aggregate Domestic Commitments and/or all or a portion of the Aggregate Canadian Commitments and/or the Aggregate PR Commitments to the Aggregate U.K. Commitments or (D) increase the Aggregate PR Commitments (to the extent the same has been previously reallocated to the Aggregate Domestic Commitments or the Aggregate Canadian Commitments or the Aggregate U.K. Commitments) by reducing or reallocating by an equivalent amount a portion of the Aggregate Domestic Commitments and/or Aggregate Canadian Commitments and/or Aggregate U.K. Commitments to the Aggregate PR Commitments.
(bii) Each Any Reallocation pursuant to this Section 2.06(e) shall also be subject to the following conditions:
(iA) The Borrower Each Reallocation of Commitments shall be made only between the offices or affiliates of a Lender such that the sum of all the Commitments of each Lender and the Canadian Borrower its affiliates shall have provided the Administrative Agent and the Banks with twenty (20) days prior written notice not be increased or decreased as a result of their intent to reallocate a portion of the Total Domestic Commitment or the Total Canadian Commitmentany Reallocation.
(iiB) The Each increase in the Total Aggregate Domestic Commitments, Aggregate Canadian CommitmentCommitments, if anyAggregate U.K. Commitments or Aggregate PR Commitments, as the case may be, shall be offset by a corresponding and equivalent reduction in one or more of the Total Aggregate Domestic Commitment Commitments, Aggregate Canadian Commitments, Aggregate U.K. Commitments and the increase in the Total Domestic Commitment, if any, shall be offset by a corresponding and equivalent reduction in the Total Canadian CommitmentAggregate PR Commitments, such that the Total Commitment Aggregate Commitments in effect immediately before a Reallocation shall be equal to the Total Commitment Aggregate Commitments immediately after, and after giving effect to, a such Reallocation.
(iiiC) No Reallocation shall increase (A1) the Total Domestic Commitment Aggregate Canadian Commitments in excess of $230,000,000150,000,000, (B2) the Total Canadian Commitment in excess of the Canadian Dollar Equivalent of $40,000,000 or (C) the Total Commitment Aggregate U.K. Commitments in excess of $230,000,000100,000,000 or (3) the Aggregate PR Commitments in excess of $15,000,000.
(ivD) No Reallocation shall, without the prior consent of the Bank affected thereby, shall result in (A1) any Domestic Bank Lender having a positive Canadian Commitment, U.K. Commitment or PR Commitment if such Domestic Lender, or its affiliate, did not have such positive Canadian Commitment, U.K. Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (2) any U.K. Lender having a positive Canadian Commitment or PR Commitment if such Domestic BankU.K. Lender, or its affiliate, did not have such positive Canadian Commitment immediately prior to or PR Commitment on the Closing Date or acquire such Reallocation Commitment by assignment after the Closing Date, or (B3) any increase in Canadian Lender having a positive U.K. Commitment or PR Commitment if such Canadian Lender, or its affiliate, did not have such positive U.K. Commitment or PR Commitment on the Total Closing Date or acquire such Commitment of by assignment after the Closing Date, or (4) any Bank and PR Lender having a positive U.K. Commitment or Canadian Commitment if such PR Lender, or its affiliatesaffiliate, did not have such positive U.K. Commitment or Canadian Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date.
(vE) Subject to ss.2.3(b)(ivSection 2.06(e)(ii)(D), each Reallocation shall be made pro rata among the Banks Lenders whose Commitments are being reallocated from one type of Commitment to another, but shall not cause the Commitments of any other Banks Lenders to changechange (but will result in a change in Applicable Percentages).
(viF) In Subject to Section 2.05(d), in no event shall (A1) the Total Domestic Commitment be reduced to an amount less than Outstandings exceed the sum of (1) the aggregate amount of all Aggregate Domestic Revolving Credit Loans then outstanding, plus Commitments; (2) the aggregate amount Total Canadian Outstandings exceed the Aggregate Canadian Commitments; (3) the Total U.K. Outstandings exceed the Aggregate U.K. Commitments; or (4) the Total PR Outstandings exceed the Aggregate PR Commitments.
(iii) The Administrative Agent shall (A) notify each of Domestic Swing Line Loans then outstandingthe Lenders promptly after receiving any notice of a Reallocation delivered by the Borrowers pursuant to this Section 2.06(e) and (B) promptly upon the effectiveness of any such Reallocation, plusdistribute to each Lender an updated Schedule 2.01 hereto, reflecting the changes in the respective Commitments of the Lenders, and the Borrowers hereby authorize such amendment to Schedule 2.01.
Appears in 1 contract
Samples: Global Revolving Credit Agreement (Ryder System Inc)
Reallocation of Commitments. (a) As of the Effective Date, the Total Canadian Commitment is $15,000,000. Subject to the conditions hereinafter set forthforth in this §2.4, the Borrower and the Canadian Borrower Borrowers shall have the right at any time and from time to time upon twenty five (205) Business Days prior written notice to each of the Agents to (i) increase the Total Canadian Commitment to an aggregate amount not more than the Canadian Dollar Equivalent of $40,000,000 by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment to the Total Canadian Commitment and (ii) increase the Total Domestic Commitment by reducing and reallocating by an equivalent amount all or a portion of the Total Canadian Commitment and/or the Total U.K. Commitment and/or the Total PR Commitment to the Total Domestic Commitment, (ii) increase the Total Canadian Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total U.K. Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or the Total U.K. Commitment and/or Total PR Commitment to the Total Canadian Commitment, (iii) increase the Total U.K. Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total Canadian Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or all or a portion of the Total Canadian Commitment and/or Total PR Commitment to the Total U.K. Commitment or (iv) increase the Total PR Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total Canadian Commitment or the Total U.K. Commitment) by reducing or reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or Total Canadian Commitment and/or Total U.K. Commitment to the Total PR Commitment.
(b) Each Any Reallocation pursuant to §2.4 shall also be subject to the following conditions:
(i) The Borrower Each Reallocation of Commitment amounts shall be made only between the offices or affiliates of a Bank such that the sum of all the Commitments of each Bank and the Canadian Borrower its affiliates shall have provided the Administrative Agent and the Banks with twenty (20) days prior written notice not be increased or decreased as a result of their intent to reallocate a portion of the Total Domestic Commitment or the Total Canadian Commitmentany Reallocation.
(ii) The Each increase in the Total Domestic Commitment, Total Canadian Commitment, if anyTotal U.K. Commitment or Total PR Commitment, as the case may be, shall be offset by a corresponding and equivalent reduction in the Total Domestic Commitment and the increase in one or more of the Total Domestic Commitment, if any, shall be offset by a corresponding and equivalent reduction in the Total Canadian Commitment, Total U.K. Commitment and Total PR Commitment, such that the Total Commitment in effect immediately before a Reallocation shall be equal to the Total Commitment immediately after, and after giving effect to, a such Reallocation.
(iii) No Reallocation shall increase (A) the Total Domestic Canadian Commitment in excess of $230,000,000100,000,000, (B) the Total Canadian U.K. Commitment in excess of the Canadian Dollar Equivalent of $40,000,000 100,000,000 or (C) the Total PR Commitment in excess of $230,000,00010,000,000.
(iv) No Reallocation shall, without the prior consent of the Bank affected thereby, shall result in (A) any Domestic Bank having a positive Canadian Commitment, U.K. Commitment or PR Commitment if such Domestic Bank, or its affiliate, did not have such positive Canadian Commitment, U.K. Commitment immediately prior to or PR Commitment on the Closing Date or acquire such Reallocation Commitment by assignment after the Closing Date, or (B) any increase in U.K. Bank having a positive Canadian Commitment or PR Commitment if such U.K. Bank, or its affiliate, did not have such positive Canadian Commitment or PR Commitment on the Total Closing Date or acquire such Commitment of by assignment after the Closing Date, or (C) any Canadian Bank and having a positive U.K. Commitment or PR Commitment if such Canadian Bank, or its affiliatesaffiliate, did not have such positive U.K. Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (D) any PR Bank having a positive U.K. Commitment or Canadian Commitment if such PR Bank, or its affiliate, did not have such positive U.K. Commitment or Canadian Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date.
(v) Subject to ss.2.3(b)(iv§2.4(b)(iv), each Reallocation shall be made pro rata among the Banks whose Commitments are being reallocated from one type of Commitment to another, but shall not cause the Commitments of any other Banks to changechange (but will result in a change in Commitment Percentages).
(vi) In Subject to §6.16, in no event shall (A) the Total Domestic Commitment be reduced to an amount less than the sum of (1i) the aggregate amount Outstanding Amount of all Domestic Revolving Credit Loans then outstandingLoans, plus (2ii) the aggregate Outstanding Amount of L/C Obligations with respect to Letters of Credit issued for the account of Ryder and its domestic Subsidiaries; (B) the Total Canadian Commitment be reduced to an amount less than the sum of Domestic Swing Line (i) the Outstanding Amount of Canadian Loans then outstandingdenominated in Dollars, plusplus (ii) the Outstanding Amount of Canadian Loans denominated in Canadian Dollars, plus (iii) the Outstanding Amount of Bankers’ Acceptances; (C) the Total U.K. Commitment be reduced to an amount less than the sum of (i) the Outstanding Amount of all U.K. Loans denominated in Dollars, plus (ii) the Outstanding Amount of all U.K. Loans denominated in Sterling, plus (iii) the Outstanding Amount of all U.K. Loans denominated in Euros; or (D) the Total PR Commitment be reduced to an amount less than the sum of the Outstanding Amount of all PR Loans.
(c) The Administrative Agent shall (i) notify each of the Banks promptly after receiving any notice of a Reallocation delivered by the Borrowers pursuant to this §2.4 and (ii) promptly upon the effectiveness of any such Reallocation, distribute to each Bank an updated Schedule 1 hereto, reflecting the changes in the respective Commitments of the Banks, and the Borrowers hereby authorize such amendment to Schedule 1.
Appears in 1 contract
Samples: Global Revolving Credit Agreement (Ryder System Inc)
Reallocation of Commitments. (a) As of the Effective Date, the Total Canadian Commitment is $15,000,000. Subject to the conditions hereinafter set forthforth in this §2.4, the Borrower and the Canadian Borrower Borrowers shall have the right at any time and from time to time upon twenty five (205) Business Days prior written notice to each of the Agents to (i) increase the Total Canadian Commitment to an aggregate amount not more than the Canadian Dollar Equivalent of $40,000,000 by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment to the Total Canadian Commitment and (ii) increase the Total Domestic Commitment by reducing and reallocating by an equivalent amount all or a portion of the Total Canadian Commitment and/or the Total U.K. Commitment and/or the Total PR Commitment to the Total Domestic Commitment, (ii) increase the Total Canadian Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total U.K. Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or the Total U.K. Commitment and/or Total PR Commitment to the Total Canadian Commitment, (iii) increase the Total U.K. Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total Canadian Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or all or a portion of the Total Canadian Commitment and/or Total PR Commitment to the Total U.K. Commitment or (iv) increase the Total PR Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total Canadian Commitment or the Total U.K. Commitment) by reducing or reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or Total Canadian Commitment and/or Total U.K. Commitment to the Total PR Commitment.
(b) Each Any Reallocation pursuant to §2.4 shall also be subject to the following conditions:
(i) The Borrower Each Reallocation of Commitment amounts shall be made only between the offices or affiliates of a Bank such that the sum of all the Commitments of each Bank and the Canadian Borrower its affiliates shall have provided the Administrative Agent and the Banks with twenty (20) days prior written notice not be increased or decreased as a result of their intent to reallocate a portion of the Total Domestic Commitment or the Total Canadian Commitmentany Reallocation.
(ii) The Each increase in the Total Domestic Commitment, Total Canadian Commitment, if anyTotal U.K. Commitment or Total PR Commitment, as the case may be, shall be offset by a corresponding and equivalent reduction in the Total Domestic Commitment and the increase in one or more of the Total Domestic Commitment, if any, shall be offset by a corresponding and equivalent reduction in the Total Canadian Commitment, Total U.K. Commitment and Total PR Commitment, such that the Total Commitment in effect immediately before a Reallocation shall be equal to the Total Commitment immediately after, and after giving effect to, a such Reallocation.
(iii) No Reallocation shall increase (A) the Total Domestic Canadian Commitment in excess of $230,000,000150,000,000, (B) the Total Canadian U.K. Commitment in excess of the Canadian Dollar Equivalent of $40,000,000 150,000,000 or (C) the Total PR Commitment in excess of $230,000,00015,000,000.
(iv) No Reallocation shall, without the prior consent of the Bank affected thereby, shall result in (A) any Domestic Bank having a positive Canadian Commitment, U.K. Commitment or PR Commitment if such Domestic Bank, or its affiliate, did not have such positive Canadian Commitment, U.K. Commitment immediately prior to or PR Commitment on the Closing Date or acquire such Reallocation Commitment by assignment after the Closing Date, or (B) any increase in U.K. Bank having a positive Canadian Commitment or PR Commitment if such U.K. Bank, or its affiliate, did not have such positive Canadian Commitment or PR Commitment on the Total Closing Date or acquire such Commitment of by assignment after the Closing Date, or (C) any Canadian Bank and having a positive U.K. Commitment or PR Commitment if such Canadian Bank, or its affiliatesaffiliate, did not have such positive U.K. Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (D) any PR Bank having a positive U.K. Commitment or Canadian Commitment if such PR Bank, or its affiliate, did not have such positive U.K. Commitment or Canadian Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date.
(v) Subject to ss.2.3(b)(iv§2.4(b)(iv), each Reallocation shall be made pro rata among the Banks whose Commitments are being reallocated from one type of Commitment to another, but shall not cause the Commitments of any other Banks to changechange (but will result in a change in Commitment Percentages).
(vi) In Subject to §6.16, in no event shall (A) the Total Domestic Commitment be reduced to an amount less than the sum of (1) the aggregate amount Outstanding Amount of all Domestic Revolving Credit Loans then outstandingLoans, plus (2) the aggregate Outstanding Amount of L/C Obligations; (B) the Total Canadian Commitment be reduced to an amount less than the sum of Domestic Swing Line (1) the Outstanding Amount of Canadian Loans then outstandingdenominated in Dollars, plusplus (2) the Outstanding Amount of Canadian Loans denominated in Canadian Dollars, plus (3) the Outstanding Amount of Bankers’ Acceptances; (C) the Total U.K. Commitment be reduced to an amount less than the sum of (1) the Outstanding Amount of all U.K. Loans denominated in Dollars, plus (2) the Outstanding Amount of all U.K. Loans denominated in Sterling, plus (3) the Outstanding Amount of all U.K. Loans denominated in Euros; or (D) the Total PR Commitment be reduced to an amount less than the Outstanding Amount of all PR Loans.
(c) The Administrative Agent shall (i) notify each of the Banks promptly after receiving any notice of a Reallocation delivered by the Borrowers pursuant to this §2.4 and (ii) promptly upon the effectiveness of any such Reallocation, distribute to each Bank an updated Schedule 1 hereto, reflecting the changes in the respective Commitments of the Banks, and the Borrowers hereby authorize such amendment to Schedule 1.
Appears in 1 contract
Samples: Global Revolving Credit Agreement (Ryder System Inc)
Reallocation of Commitments. (ai) As of the Effective Date, the Total Canadian Commitment is $15,000,000. Subject to the conditions hereinafter set forthforth in this Section 2.06(e), the Borrower and the Canadian Borrower Borrowers shall have the right at any time and from time to time upon twenty five (205) Business Days prior written notice to each of the Agents to (iA) increase the Total Canadian Commitment to an aggregate amount not more than the Canadian Dollar Equivalent of $40,000,000 by reducing and reallocating by an equivalent amount a portion of the Total Aggregate Domestic Commitment to the Total Canadian Commitment and (ii) increase the Total Domestic Commitment Commitments by reducing and reallocating by an equivalent amount all or a portion of the Total Aggregate Canadian Commitment Commitments and/or the Aggregate U.K. Commitments and/or the Aggregate PR Commitments to the Total Aggregate Domestic Commitment.
Commitments, (bB) Each Reallocation shall also be subject increase the Aggregate Canadian Commitments (to the following conditions:
(iextent the same has been previously reallocated to the Aggregate Domestic Commitments or the Aggregate U.K. Commitments or the Aggregate PR Commitments) The Borrower by reducing and the Canadian Borrower shall have provided the Administrative Agent and the Banks with twenty (20) days prior written notice of their intent to reallocate reallocating by an equivalent amount a portion of the Total Aggregate Domestic Commitment or Commitments and/or the Total Canadian Commitment.
(ii) The increase in Aggregate U.K. Commitments and/or the Total Canadian Commitment, if any, shall be offset by a corresponding and equivalent reduction in the Total Domestic Commitment and the increase in the Total Domestic Commitment, if any, shall be offset by a corresponding and equivalent reduction in the Total Canadian Commitment, such that the Total Commitment in effect immediately before a Reallocation shall be equal Aggregate PR Commitments to the Total Commitment immediately afterAggregate Canadian Commitments, and after giving effect to, a Reallocation.
(iii) No Reallocation shall increase (A) the Total Domestic Commitment in excess of $230,000,000, (B) the Total Canadian Commitment in excess of the Canadian Dollar Equivalent of $40,000,000 or (C) increase the Total Commitment in excess of $230,000,000.
Aggregate U.K. Commitments (ivto the extent the same has been previously reallocated to the Aggregate Domestic Commitments or the Aggregate Canadian Commitments or the Aggregate PR Commitments) No Reallocation shall, without the prior consent by reducing and reallocating by an equivalent amount a portion of the Bank affected thereby, result in (A) any Aggregate Domestic Bank having Commitments and/or all or a positive portion of the Aggregate Canadian Commitment if such Domestic BankCommitments and/or the Aggregate PR Commitments to the Aggregate U.K.Canadian Commitments, or its affiliate, did not have such positive (DC) increase the Aggregate PR Commitments (to the extent the same has been previously reallocated to the Aggregate Domestic Commitments or the Aggregate Canadian Commitment immediately prior Commitments or the Aggregate U.K. Commitments) by reducing or reallocating by an equivalent amount a portion of the Aggregate Domestic Commitments and/or Aggregate Canadian Commitments and/or Aggregate U.K. Commitments to such Reallocation or (B) any increase in the Total Commitment of any Bank and its affiliatesAggregate PR Commitments.
(v) Subject to ss.2.3(b)(iv), each Reallocation shall be made pro rata among the Banks whose Commitments are being reallocated from one type of Commitment to another, but shall not cause the Commitments of any other Banks to change.
(vi) In no event shall (A) the Total Domestic Commitment be reduced to an amount less than the sum of (1) the aggregate amount of all Domestic Revolving Credit Loans then outstanding, plus (2) the aggregate amount of Domestic Swing Line Loans then outstanding, plus
Appears in 1 contract
Samples: Global Revolving Credit Agreement (Ryder System Inc)
Reallocation of Commitments. (a) As of the Effective Date, the Total Canadian Commitment is $15,000,000. Subject to the conditions hereinafter set forthforth in this Section 2.4, the Borrower and the Canadian Borrower Borrowers shall have the right at any time and from time to time upon twenty five (205) Business Days prior written notice to each of the Agents to (i) increase the Total Canadian Commitment to an aggregate amount not more than the Canadian Dollar Equivalent of $40,000,000 by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment to the Total Canadian Commitment and (ii) increase the Total Domestic Commitment by reducing and reallocating by an equivalent amount all or a portion of the Total Canadian Commitment and/or the Total U.K. Commitment and/or the Total PR Commitment to the Total Domestic Commitment, (ii) increase the Total Canadian Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total U.K. Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or the Total U.K. Commitment and/or Total PR Commitment to the Total Canadian Commitment, (iii) increase the Total U.K. Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total Canadian Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or all or a portion of the Total Canadian Commitment and/or Total PR Commitment to the Total U.K. Commitment or (iv) increase the Total PR Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total Canadian Commitment or the Total U.K. Commitment) by reducing or reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or Total Canadian Commitment and/or Total U.K. Commitment to the Total PR Commitment.
(b) Each Any Reallocation pursuant to Section 2.4 shall also be subject to the following conditions:
(i) The Borrower Each Reallocation of Commitment amounts shall be made only between the offices or affiliates of a Bank such that the sum of all the Commitments of each Bank and the Canadian Borrower its affiliates shall have provided the Administrative Agent and the Banks with twenty (20) days prior written notice not be increased or decreased as a result of their intent to reallocate a portion of the Total Domestic Commitment or the Total Canadian Commitmentany Reallocation.
(ii) The Each increase in the Total Domestic Commitment, Total Canadian Commitment, if anyTotal U.K. Commitment or Total PR Commitment, as the case may be, shall be offset by a corresponding and equivalent reduction in the Total Domestic Commitment and the increase in one or more of the Total Domestic Commitment, if any, shall be offset by a corresponding and equivalent reduction in the Total Canadian Commitment, Total U.K. Commitment and Total PR Commitment, such that the Total Commitment in effect immediately before a Reallocation shall be equal to the Total Commitment immediately after, and after giving effect to, a such Reallocation.
(iii) No Reallocation shall increase (A) the Total Domestic Canadian Commitment in excess of $230,000,00090,000,000, (B) the Total Canadian U.K. Commitment in excess of the Canadian Dollar Equivalent of $40,000,000 90,000,000 or (C) the Total PR Commitment in excess of $230,000,00010,000,000 (as any of the same may be increased pursuant to Section 21.8).
(iv) No Reallocation shall, without the prior consent of the Bank affected thereby, shall result in (A) any Domestic Bank having a positive Canadian Commitment, U.K. Commitment or PR Commitment if such Domestic Bank, or its affiliate, did not have such positive Canadian Commitment, U.K. Commitment immediately prior to or PR Commitment on the Closing Date or acquire such Reallocation Commitment by assignment after the Closing Date, or (B) any increase in U.K. Bank having a positive Canadian Commitment or PR Commitment if such U.K. Bank, or its affiliate, did not have such positive Canadian Commitment or PR Commitment on the Total Closing Date or acquire such Commitment of by assignment after the Closing Date, or (C) any Canadian Bank and having a positive U.K. Commitment or PR Commitment if such Canadian Bank, or its affiliatesaffiliate, did not have such positive U.K. Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (D) any PR Bank having a positive U.K. Commitment or Canadian Commitment if such PR Bank, or its affiliate, did not have such positive U.K. Commitment or Canadian Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date.
(v) Subject to ss.2.3(b)(ivSection 2.4(b)(iv), each Reallocation shall be made pro rata among the Banks whose Commitments are being reallocated from one type of Commitment to another, but shall not cause the Commitments of any other Banks to changechange (but will result in a change in Commitment Percentages).
(vi) In Subject to Section 6.16, in no event shall (A) the Total Domestic Commitment be reduced to an amount less than the sum of (1i) the aggregate amount of all Domestic Revolving Credit Loans then outstanding, plus (2ii) the outstanding L/C Obligations with respect to Letters of Credit issued for the account of Ryder and its domestic Subsidiaries; (B) the Total Canadian Commitment be reduced to an amount less than the sum of (i) the aggregate outstanding amount of Canadian Loans denominated in Dollars, plus (ii) the Dollar Equivalent of the aggregate outstanding amount of Canadian Loans denominated in Canadian Dollars, plus (iii) the Dollar Equivalent of the aggregate amount of Bankers' Acceptances then outstanding; (C) the Total U.K. Commitment be reduced to an amount less than the sum of (i) the aggregate amount of Domestic Swing Line all U.K. Loans denominated in Dollars then outstanding, plus (ii) the Dollar Equivalent of the aggregate amount of all U.K. Loans denominated in Sterling then outstanding, plus (iii) the Dollar Equivalent of the aggregate amount of all U.K. Loans denominated in Euros then outstanding; or (D) the Total PR Commitment be reduced to an amount less than the sum of the aggregate amount of all PR Loans then outstanding.
(c) The Administrative Agent shall (i) notify each of the Banks promptly after receiving any notice of a Reallocation delivered by the Borrowers pursuant to this Section 2.4 and (ii) promptly upon the effectiveness of any such Reallocation, plusdistribute to each Bank an updated Schedule 1 hereto, reflecting the changes in the respective Commitments of the Banks.
Appears in 1 contract
Samples: Global Revolving Credit Agreement (Ryder System Inc)
