Common use of Reallocation of Loans and Commitments Clause in Contracts

Reallocation of Loans and Commitments. On the Effective Date, each Lender, if any, whose Commitment Percentage is increasing over its Commitment Percentage prior to the Effective Date shall, by assignments from the Lenders which were parties to the Credit Agreement prior to the Effective Date (the ‘‘Credit Agreement Lenders’’) (which assignments shall be deemed to occur hereunder automatically, and without any requirement for additional documentation, on the Effective Date) acquire a portion of the loans and commitments of the Credit Agreement Lenders so designated in such amounts, and the Lenders shall, through the Agent, make such other adjustments among themselves as shall be necessary so that after giving effect to assignments and adjustments, the Lenders shall hold all loans outstanding under this Credit Agreement ratably in accordance with their respective Commitment Percentages as reflected under such Lender’s name on the signature pages of this Fifth Amendment, as modified from time to time pursuant to the terms hereof. On the Effective Date, all Interest Periods under the Credit Agreement in respect of any Eurodollar Rate Loans under the Credit Agreement shall automatically be terminated (and the Borrower shall on the Effective Date make payments to the Credit Agreement Lenders that held such Eurodollar Rate Loans to compensate for such termination as if such termination were a payment or prepayment referred to in Subsections 2.2(e) and (f) of the Credit Agreement), and subject to the other restrictions contained herein, the Borrower shall be permitted to continue such Eurodollar Rate Loans or to convert such Eurodollar Rate Loans into Domestic Rate Loans hereunder.

Appears in 2 contracts

Samples: Revolving Credit and Security Agreement (Union Drilling Inc), Revolving Credit and Security Agreement (Union Drilling Inc)

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Reallocation of Loans and Commitments. On the Effective Date, each Lender, if any, whose relative proportion of its Commitment Percentage hereunder is increasing over its the proportion of the Commitment Percentage held by it prior to the Effective Date shall, by assignments from the Lenders which were parties to the Credit Amended Loan Agreement prior to the Effective Date (the ‘‘Credit "Amended Agreement Lenders’’") (which assignments shall be deemed to occur hereunder automatically, and without any requirement for additional documentation, on the Effective Date) acquire a portion of the loans Loans and commitments Commitments of the Credit Agreement Lenders so designated in such amounts, and the Lenders shall, through the Agent, make such other adjustments among themselves as shall be necessary so that after giving effect to assignments and adjustments, the Lenders shall hold all loans Loans outstanding under this Credit Agreement ratably in accordance with their respective Commitment Percentages Commitments as reflected under such Lender’s name on the signature pages of this Fifth Amendmentunder such Lender's name, as modified from time to time pursuant to the terms hereof. On the Effective Date, all Interest Periods under the Credit Amended Loan Agreement in respect of any Eurodollar Rate Loans Existing Obligations under the Credit Amended Loan Agreement shall automatically be terminated (and the Borrower Borrowers shall on the Effective Date make payments to the Credit Amended Agreement Lenders that held such Eurodollar Rate Loans Existing Obligations to compensate for such termination as if such termination were a payment or prepayment referred to in Subsections 2.2(e) and (f) of the Credit Agreementsaid Section 3.4), and subject to the other restrictions contained herein, the Borrower shall be permitted to continue such Eurodollar Rate Loans Advances or to convert such Eurodollar Advances into Floating Rate Loans into Domestic Advances or Floating Rate Loans Loans, respectively, hereunder.

Appears in 1 contract

Samples: Credit Agreement (Newpark Resources Inc)

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Reallocation of Loans and Commitments. On the Effective Date, National City Bank (and each other Lender, if any, whose relative proportion of its Commitment Percentage hereunder is increasing over its the proportion of the Commitment Percentage held by it prior to the Effective Date Date) shall, by assignments from the Lenders which were parties to the Credit Agreement prior to the Effective Date (the ‘‘Credit Agreement "Existing Lenders’’") (which assignments shall be deemed to occur hereunder automatically, and without any requirement for additional documentation, on the Effective Date) acquire a portion of the loans Loans and commitments Commitments of the Credit Agreement Existing Lenders so designated in such amounts, and the Lenders shall, through the Agent, make such other adjustments among themselves as shall be necessary so that after giving effect to assignments and adjustments, the Lenders shall hold all loans Loans outstanding under this the Credit Agreement ratably in accordance with their respective Commitment Percentages Commitments as reflected under such Lender’s name on the signature pages of this Fifth AmendmentSchedule 2.01(a) and Schedule 2.01(b), attached hereto as modified from time to time pursuant to the terms hereofAnnex A and Annex B, respectively. On the Effective Date, all Interest Periods under the Credit Agreement in respect of any Eurodollar Rate Loans under the Credit Agreement shall automatically be terminated (and the Borrower shall on the Effective Date make payments to the Credit Agreement Existing Lenders that held such Eurodollar Rate Loans under Section 2.09 and Section 2.12 of the Credit Agreement to compensate for such termination as if such termination were a payment or prepayment referred to in Subsections 2.2(e) said Sections 2.09 and (f) of the Credit Agreement2.12), and subject to the other restrictions contained herein, the Borrower shall be permitted to continue such Eurodollar Rate Loans or to convert such Eurodollar Rate Loans into Domestic Rate Alternate Base Loans hereunder.

Appears in 1 contract

Samples: Credit Agreement (Ace Cash Express Inc/Tx)

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