Reallocations Generally. Agent shall promptly inform the Revolver Lenders in each of the Facilities of any request for a Reallocation. Each Revolver Lender electing to participate in the Reallocation by decreasing its Revolver Commitments under one Facility and increasing its Revolver Commitments in the other Facility in an equal amount shall notify Agent within five (5) Business Days after its receipt of such notice of its election and the maximum amount of the respective Revolver Commitment Reallocations to which it would agree (each, a “Reallocation Consent”). Notwithstanding the foregoing, (i) no Revolver Lender shall be obligated to agree to any such Reallocation of its Revolver Commitment (and no consent by any Revolver Lender to any Reallocation on one occasion shall be deemed consent to any future Reallocation by such Revolver Lender), (ii) other than the Revolver Lenders consenting to such Reallocation, no consent of any other Revolver Lender shall be required and (iii) the failure of any Revolver Lender to affirmatively consent to participate in any such Reallocation on or prior to the fifth Business Day after its receipt of notice thereof shall be deemed to constitute an election by such Revolver Lender not to participate in such Reallocation. If, at the end of such five Business Day period, Agent receives Reallocation Consents from Revolver Lenders in an aggregate amount greater than or equal to the required reallocation amounts, each such consenting Revolver Lender’s affected Revolver Commitments for the applicable Facility shall be increased or decreased on a Pro Rata basis based on the affected Revolver Commitments of the participating Revolver Lenders. If the conditions set forth in Section 2.1.6, including, without limitation, the receipt of Reallocation Consents within the time period set forth above, are not satisfied on the applicable Reallocation Date (or, to the extent such conditions relate to an earlier date, such earlier date), Agent shall notify the Administrative Borrower in writing that the requested Reallocation will not be effectuated; provided, that (A) Agent shall in all cases be entitled to rely (without liability) on the certificate delivered by the Administrative Borrower pursuant to Section 2.1.6(a)(ix) in making its determination as to the satisfaction of the conditions set forth in Section 2.1.6(a) (v), (vii) and (viii) and (B) if the proposed Reallocation cannot be effected because sufficient Reallocation Consents were not received, then the Administrative Borrower may elect to consummate such Reallocation in the lesser amount of the Reallocation Consents that were received. On each Reallocation Date, Agent shall notify the Revolver Lenders of the affected Facility and the Administrative Borrower, on or before 3:00 p.m. (Local Time) by facsimile, e-mail or other electronic means, of the occurrence of the Reallocation to be effected on such Reallocation Date, the amount of the Revolver Loans held by each such Revolver Lender as a result thereof and the amount of the affected Revolver Commitments of each such Revolver Lender as a result thereof. To the extent necessary where a Revolver Lender in one Facility and its separate affiliate or branch that is a Revolver Lender in another Facility are participating in a Reallocation, the Reallocation among such Persons shall be deemed to have been consummated pursuant to an Assignment and Acceptance. The respective Pro Rata shares of the Revolver Lenders shall thereafter, to the extent applicable, be determined based on such reallocated amounts (subject to any subsequent changes thereto), and Agent and the affected Revolver Lenders shall make such adjustments as Agent shall deem necessary so that the outstanding Revolver Loans and LC Obligations of each Revolver Lender equals its Pro Rata share thereof after giving effect to the Reallocation.
Appears in 4 contracts
Samples: Abl Credit Agreement (WillScot Mobile Mini Holdings Corp.), Abl Credit Agreement (WillScot Mobile Mini Holdings Corp.), Abl Credit Agreement (WillScot Mobile Mini Holdings Corp.)
Reallocations Generally. Agent shall promptly inform the Revolver Lenders in each of the Facilities affected Borrower Groups of any request for a Reallocation. Each Revolver Lender electing to participate in On the Reallocation by decreasing its Revolver Commitments under one Facility and increasing its Revolver Commitments in the other Facility in an equal amount shall notify Agent within five (5) Business Days after its receipt of such notice of its election and the maximum amount of the respective Revolver Commitment Reallocations to which it would agree (each, a “Reallocation Consent”). Notwithstanding the foregoing, (i) no Revolver Lender shall be obligated to agree to any such Reallocation of its Revolver Commitment (and no consent by any Revolver Lender to any Reallocation on one occasion shall be deemed consent to any future Reallocation by such Revolver Lender), (ii) other than the Revolver Lenders consenting to such Reallocation, no consent of any other Revolver Lender shall be required and (iii) the failure of any Revolver Lender to affirmatively consent to participate in any such Reallocation on or prior to the fifth Business Day after its receipt of notice thereof shall be deemed to constitute an election by such Revolver Lender not to participate in such Reallocation. If, at the end of such five Business Day period, Agent receives Reallocation Consents from Revolver Lenders in an aggregate amount greater than or equal to the required reallocation amountsDate, each such consenting Revolver Lender’s affected Revolver Borrower Group Commitments for the applicable Facility shall be increased or decreased on a Pro Rata pro rata basis based on the affected Revolver Borrower Group Commitments of the participating Revolver Lenders. If the conditions set forth in Section 2.1.6, including, without limitation, the receipt of Reallocation Consents within the time period set forth above, 2.1.7(a) are not satisfied on the applicable Reallocation Date (or, to the extent such conditions relate to an earlier date, on such earlier date), Agent shall notify the Administrative Borrower Agent in writing that the requested Reallocation will not be effectuated; provided, provided that (A) Agent shall in all cases be entitled to rely (without liability) on the certificate delivered by the Administrative Borrower Agent pursuant to Section 2.1.6(a)(ix2.1.7
(a) in making its determination as to the satisfaction of the conditions set forth in Section 2.1.6(a2.1.7
(a) (v), (vii) and (viii) and (B) if the proposed Reallocation cannot be effected because sufficient Reallocation Consents were not received, then the Administrative Borrower may elect to consummate such Reallocation in the lesser amount of the Reallocation Consents that were received. On each Reallocation Date, Agent shall notify the Revolver Lenders of the affected Facility Borrower Groups and the Administrative BorrowerBorrower Agent, on or before 3:00 p.m. (Local TimeEastern time) by facsimile, e-mail or other electronic means, of the occurrence of the Reallocation to be effected on such Reallocation Date, the amount of the Revolver Loans held by each such Revolver Lender as a result thereof and the amount of the affected Revolver Borrower Group Commitments of each such Revolver Lender as a result thereof. To the extent necessary where a Revolver Lender in one Facility Borrower Group and its separate affiliate Affiliate or branch that is a Revolver Lender in another Facility Borrower Group are participating in a Reallocation, the Reallocation among such Persons shall be deemed to have been consummated pursuant to an Assignment and AcceptanceAssignment. The respective Pro Rata shares of the Revolver Lenders shall thereafter, to the extent applicable, thereafter be determined based on such reallocated amounts (subject to any subsequent changes theretothereto in accordance with this Agreement), and Agent and the affected Revolver Lenders shall make such adjustments as Agent shall deem necessary so that the outstanding Revolver Loans and LC Obligations of each Revolver Lender equals its Pro Rata share thereof after giving effect to the Reallocation.
Appears in 2 contracts
Samples: Loan Agreement (Horizon Global Corp), Loan Agreement (Horizon Global Corp)
Reallocations Generally. Agent shall promptly inform the Revolver Lenders in each of the Facilities affected Borrower Groups of any request for a Reallocation. Each Revolver Lender electing to participate in the Reallocation by decreasing its Revolver Borrower Group Commitments under one Facility and increasing its Revolver Borrower Group Commitments in the other Facility in an equal amount shall notify Agent within five (5) ten Business Days after its receipt of such notice of its election and the maximum amount of the respective Revolver Borrower Group Commitment Reallocations reallocations to which it would agree (each, a “Reallocation Consent”). Notwithstanding the foregoing, (i) no Revolver Lender shall be obligated to agree to any such Reallocation of its Revolver Commitment (and no consent by any Revolver Lender to any Reallocation on one occasion shall be deemed consent to any future Reallocation by such Revolver Lender), (ii) other than the Revolver Lenders consenting to such Reallocation, no consent of any other Revolver Lender shall be required and (iii) the failure of any Revolver Lender to affirmatively consent to participate in any such Reallocation on or prior to the fifth tenth Business Day after its receipt of notice thereof shall be deemed to constitute an election by such Revolver Lender not to participate in such Reallocation. If, at the end of such five ten Business Day period, Agent receives Reallocation Consents from Revolver Lenders in an aggregate amount greater than or equal to the required reallocation amounts, each such consenting Revolver Lender’s affected Revolver Borrower Group Commitments for the applicable Facility shall be increased or decreased on a Pro Rata basis based on the affected Revolver Borrower Group Commitments of the participating Revolver Lenders. If the conditions set forth in Section 2.1.62.1.7, including, without limitation, the receipt of Reallocation Consents within the time period set forth above, are not satisfied on the applicable Reallocation Date (or, to the extent such conditions relate to an earlier date, such earlier date), Agent shall notify the Administrative Borrower in writing that the requested Reallocation will not be effectuated; provided, that (A) Agent shall in all cases be entitled to rely (without liability) on the certificate delivered by the Administrative Borrower pursuant to Section 2.1.6(a)(ix2.1.7(a)(ix) in making its determination as to the satisfaction of the conditions set forth in Section 2.1.6(a2.1.7(a)(ii) (v), (vii) and through (viii) and (B) if the proposed Reallocation cannot be effected because sufficient Reallocation Consents were not received, then the Administrative Borrower may elect to consummate such Reallocation in the lesser amount of the Reallocation Consents that were received. On each Reallocation Date, Agent shall notify the Revolver Lenders of the affected Facility Borrower Groups and the Administrative Borrower, on or before 3:00 p.m. (Local Timelocal time) by facsimile, e-mail or other electronic means, of the occurrence of the Reallocation to be effected on such Reallocation Date, the amount of the Revolver Loans held by each such Revolver Lender as a result thereof and the amount of the affected Revolver Borrower Group Commitments of each such Revolver Lender as a result thereof. To the extent necessary where a Revolver Lender in one Facility Borrower Group and its separate affiliate or branch that is a Revolver Lender in another Facility Borrower Group are participating in a Reallocation, the Reallocation among such Persons shall be deemed to have been consummated pursuant to an Assignment and Acceptance. The respective Pro Rata shares of the Revolver Lenders shall thereafter, to the extent applicable, be determined based on such reallocated amounts (subject to any subsequent changes thereto), and Agent and the affected Revolver Lenders shall make such adjustments as Agent shall deem necessary so that the outstanding Revolver Loans and LC Obligations of each Revolver Lender equals its Pro Rata share thereof after giving effect to the Reallocation.
Appears in 1 contract
Samples: Abl Credit Agreement (WillScot Corp)
Reallocations Generally. The Agent shall promptly inform the Revolver Lenders in each of the Facilities affected Borrower Groups of any request for a Reallocation. Each Revolver Lender electing to participate in the Reallocation by decreasing increase or decrease its Revolver Borrower Group Commitments under one Facility and increasing its Revolver Commitments in the other Facility in an equal amount shall notify the Agent within five (5) Business Days after its receipt of such notice of its election and the maximum amount of the respective Revolver Borrower Group Commitment Reallocations reallocations to which it would agree (each, a “Reallocation Consent”). Notwithstanding the foregoing, (i) no Revolver Lender shall be obligated to agree to any such Reallocation of its Revolver Commitment (and no consent by any Revolver Lender to any Reallocation on one occasion shall be deemed consent to any future Reallocation by such Revolver Lender), (ii) other than the Revolver Lenders consenting to such Reallocation, no consent of any other Revolver Lender shall be required required, and (iii) the failure of any Revolver Lender to affirmatively consent to participate in any such Reallocation on or prior to the fifth Business Day after its receipt of notice thereof shall be deemed to constitute an election by such Revolver Lender not to participate in such Reallocation. If, at the end of such five Business Day period, the Agent receives Reallocation Consents from Revolver Lenders in an aggregate amount greater than or equal to the required reallocation amounts, each such consenting Revolver Lender’s affected Revolver Borrower Group Commitments for the applicable Facility shall be increased or decreased on a Pro Rata pro rata basis based on the affected Revolver Borrower Group Commitments of the participating Revolver Lenders. If the conditions set forth in Section 2.1.62.1.6(l) and (m), including, without limitation, the receipt of sufficient Reallocation Consents within the time period set forth above, are not satisfied on the applicable Reallocation Date (or, to the extent such conditions relate to an earlier date, such earlier date), the Agent shall notify the Administrative Borrower North American Loan Party Agent in writing that the requested Reallocation will not be effectuated; provided, that (A) the Agent shall in all cases be entitled to rely (without liability) on the certificate delivered by the Administrative Borrower North American Loan Party Agent pursuant to Section 2.1.6(a)(ix2.1.6(l)(ix) in making its determination as to the satisfaction of the conditions set forth in Section 2.1.6(a2.1.6(l)(ii) (v), (vii) and through (viii) and (B) if the proposed Reallocation cannot be effected because sufficient Reallocation Consents were not received, then the Administrative Borrower North American Loan Party Agent may elect to consummate such Reallocation in the lesser amount of the Reallocation Consents that were received. On each Reallocation Date, the Agent shall notify the Revolver Lenders of the affected Facility Borrower Groups and the Administrative BorrowerNorth American Loan Party Agent, on or before 3:00 p.m. (Local Time) by facsimile, e-mail or other electronic means, of the occurrence of the Reallocation to be effected on such Reallocation Date, the amount of the Revolver Loans held by each such Revolver Lender as a result thereof and the amount of the affected Revolver Borrower Group Commitments of each such Revolver Lender as a result thereof. To the extent necessary where a Revolver Lender in one Facility Borrower Group and its separate affiliate or branch that is a Revolver Lender in another Facility Borrower Group are participating in a Reallocation, the Reallocation among such Persons shall be deemed to have been consummated pursuant to an Assignment and Acceptance. The respective Pro Rata shares of the Revolver Lenders shall thereafter, to the extent applicable, be determined based on such reallocated amounts (subject to any subsequent changes thereto), and Agent and the affected Revolver Lenders shall make such adjustments as Agent shall deem necessary so that the outstanding Revolver Loans and LC Obligations of each Revolver Lender equals its Pro Rata share thereof after giving effect to the Reallocation.
Appears in 1 contract
Samples: Loan, Security and Guarantee Agreement (MRC Global Inc.)
Reallocations Generally. The Agent shall promptly inform the Revolver Lenders in each of the Facilities affected Borrower Groups of any request for a Reallocation. Each Revolver Lender electing to participate in the Reallocation by decreasing increase or decrease its Revolver Borrower Group Commitments under one Facility and increasing its Revolver Commitments in the other Facility in an equal amount shall notify the Agent within five (5) Business Days after its receipt of such notice of its election and the maximum amount of the respective Revolver Borrower Group Commitment Reallocations reallocations to which it would agree (each, a “Reallocation Consent”). Notwithstanding the foregoing, (i) no Revolver Lender shall be obligated to agree to any such Reallocation of its Revolver Commitment (and no consent by any Revolver Lender to any Reallocation on one occasion shall be deemed consent to any future Reallocation by such Revolver Lender), (ii) other than the Revolver Lenders consenting to such Reallocation, no consent of any other Revolver Lender shall be required required, and (iii) the failure of any Revolver Lender to affirmatively consent to participate in any such Reallocation on or prior to the fifth Business Day after its receipt of notice thereof shall be deemed to constitute an election by such Revolver Lender not to participate in such Reallocation. If, at the end of such five Business Day period, the Agent receives Reallocation Consents from Revolver Lenders in an aggregate amount greater than or equal to the required reallocation amounts, each such consenting Revolver Lender’s affected Revolver Borrower Group Commitments for the applicable Facility shall be increased or decreased on a Pro Rata pro rata basis based on the affected Revolver Borrower Group Commitments of the participating Revolver Lenders. If the conditions set forth in Section 2.1.62.1.7(k) and (l), including, without limitation, the receipt of sufficient Reallocation Consents within the time period set forth above, are not satisfied on the applicable Reallocation Date (or, to the extent such conditions relate to an earlier date, such earlier date), the Agent shall notify the Administrative Borrower North American Loan Party Agent in writing that the requested Reallocation will not be effectuated; provided, that (A) the Agent shall in all cases be entitled to rely (without liability) on the certificate delivered by the Administrative Borrower North American Loan Party Agent pursuant to Section 2.1.6(a)(ix2.1.7(k)(ix) in making its determination as to the satisfaction of the conditions set forth in Section 2.1.6(a2.1.7(k)(ii) (v), (vii) and through (viii) and (B) if the proposed Reallocation cannot be effected because sufficient Reallocation Consents were not received, then the Administrative Borrower North American Loan Party Agent may elect to consummate such Reallocation in the lesser amount of the Reallocation Consents that were received. On each Reallocation Date, the Agent shall notify the Revolver Lenders of the affected Facility Borrower Groups and the Administrative BorrowerNorth American Loan Party Agent, on or before 3:00 p.m. (Local Time) by facsimile, e-mail or other electronic means, of the occurrence of the Reallocation to be effected on such Reallocation Date, the amount of the Revolver Loans held by each such Revolver Lender as a result thereof and the amount of the affected Revolver Borrower Group Commitments of each such Revolver Lender as a result thereof. To the extent necessary where a Revolver Lender in one Facility Borrower Group and its separate affiliate or branch that is a Revolver Lender in another Facility Borrower Group are participating in a Reallocation, the Reallocation among such Persons shall be deemed to have been consummated pursuant to an Assignment and Acceptance. The respective Pro Rata shares of the Revolver Lenders shall thereafter, to the extent applicable, be determined based on such reallocated amounts (subject to any subsequent changes thereto), and Agent and the affected Revolver Lenders shall make such adjustments as Agent shall deem necessary so that the outstanding Revolver Loans and LC Obligations of each Revolver Lender equals its Pro Rata share thereof after giving effect to the Reallocation. On the Amendment Date, Bank of America, Bank of America (Australia) and Bank of America (Canada) shall be deemed to have consummated a Reallocation of their U.S. Revolver Commitment, Australian Revolver Commitment and Canadian Revolver Commitment, respectively, in order to effectuate the increases to the Maximum Australian Facility Amount and the Maximum Canadian Facility Amount (and corresponding decrease in the Maximum U.S. Facility Amount) on such date.
Appears in 1 contract
Samples: Loan, Security and Guarantee Agreement (MRC Global Inc.)
Reallocations Generally. The Agent shall promptly inform the Revolver Lenders in each of the Facilities affected Borrower Groups of any request for a Reallocation. Each Revolver Lender electing to participate in the Reallocation by decreasing increase or decrease its Revolver Borrower Group Commitments under one Facility and increasing its Revolver Commitments in the other Facility in an equal amount shall notify the Agent within five (5) Business Days after its receipt of such notice of its election and the maximum amount of the respective Revolver Borrower Group Commitment Reallocations reallocations to which it would agree (each, a “Reallocation Consent”). Notwithstanding the foregoing, (i) no Revolver Lender shall be obligated to agree to any such Reallocation of its Revolver Commitment (and no consent by any Revolver Lender to any Reallocation on one occasion shall be deemed consent to any future Reallocation by such Revolver Lender), (ii) other than the Revolver Lenders consenting to such Reallocation, no consent of any other Revolver Lender shall be required required, and (iii) the failure of any Revolver Lender to affirmatively consent to participate in any such Reallocation on or prior to the fifth tenth Business Day after its receipt of notice thereof shall be deemed to constitute an election by such Revolver Lender not to participate in such Reallocation. If, at the end of such five (5) Business Day period, the Agent receives Reallocation Consents from Revolver Lenders in an aggregate amount greater than or equal to the required reallocation amounts, each such consenting Revolver Lender’s affected Revolver Borrower Group Commitments for the applicable Facility shall be increased or decreased on a Pro Rata pro rata basis based on the affected Revolver Borrower Group Commitments of the participating Revolver Lenders. If the conditions set forth in Section 2.1.62.1.7(g) and (h), including, without limitation, the receipt of sufficient Reallocation Consents within the time period set forth above, are not satisfied on the applicable Reallocation Date (or, to the extent such conditions relate to an earlier date, such earlier date), the Agent shall notify the Administrative Borrower North American Loan Party Agent in writing that the requested Reallocation will not be effectuated; provided, provided that (A) the Agent shall in all cases be entitled to rely (without liability) on the certificate delivered by the Administrative Borrower North American Loan Party Agent pursuant to Section 2.1.6(a)(ix2.1.7(g)(x) in making its determination as to the satisfaction of the certain conditions set forth in Section 2.1.6(a) (v), (vii) and (viii2.1.7(g) and (B) if the proposed Reallocation cannot be effected because sufficient Reallocation Consents were not received, then the Administrative Borrower North American Loan Party Agent may elect to consummate such Reallocation in the lesser amount of the Reallocation Consents that were received. On each Reallocation Date, the Agent shall notify the Revolver Lenders of the affected Facility Borrower Groups and the Administrative BorrowerNorth American Loan Party Agent, on or before 3:00 p.m. (Local Time) by facsimile, e-mail or other electronic means, of the occurrence of the Reallocation to be effected on such Reallocation Date, the amount of the Revolver Loans held by each such Revolver Lender as a result thereof and the amount of the affected Revolver Borrower Group Commitments of each such Revolver Lender as a result thereof. To the extent necessary where a Revolver Lender in one Facility Borrower Group and its separate affiliate or branch that is a Revolver Lender in another Facility Borrower Group are participating in a Reallocation, the Reallocation among such Persons shall be deemed to have been consummated pursuant to an Assignment and Acceptance. The respective Pro Rata shares of the Revolver Lenders shall thereafter, to the extent applicable, be determined based on such reallocated amounts (subject to any subsequent changes thereto), and the Agent and the affected Revolver Lenders shall make such adjustments as the Agent shall deem necessary so that the outstanding Revolver Loans and LC Obligations of each Revolver Lender equals its Pro Rata share thereof after giving effect to the Reallocation.
Appears in 1 contract
Samples: Loan, Security and Guarantee Agreement (Edgen Group Inc.)