Common use of Additional Procedures to Extend the Rejected Amount Clause in Contracts

Additional Procedures to Extend the Rejected Amount. If the Facility A Extension Request is consented to by Facility A Lenders holding not less than 66-2/3% of the Facility A Commitment, but fewer than all Facility A Lenders (any Facility A Lender not consenting to the Facility A Extension Request being referred to in this SECTION 2.5(a) as a "REJECTING LENDER"), then Administrative Agent shall promptly notify the Accepting Lenders and Borrower of the aggregate Facility A Committed Sums held by the Rejecting Lenders (as used in this SECTION 2.5(a), the "REJECTED AMOUNT"). Each Accepting Lender shall have the Right, but not the obligation, to elect to increase its respective Facility A Committed Sum by an amount not to exceed the Rejected Amount, which election shall be made by notice from each Accepting Lender to the Administrative Agent given not later than ten days after the date notified by Administrative Agent, specifying the amount of such proposed increase in such Accepting Lender's Facility A Committed Sum. If the aggregate amount of the proposed increases in the Facility A Committed Sums of all Accepting Lenders making such an election does not equal or exceed the Rejected Amount, then Borrower shall have the Right to add one or more financial institutions (which are not Rejecting Lenders and which are Eligible Assignees) as Facility A Lenders (as used in this SECTION 2.5(a), a "PURCHASING LENDER") to replace such Rejecting Lenders, which Purchasing Lenders shall have aggregate Facility A Committed Sums not greater than those of the Rejecting Lenders (less any increases in

Appears in 1 contract

Samples: Credit Agreement (Worldcom Inc /Ga/)

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Additional Procedures to Extend the Rejected Amount. If the Facility A Extension Request is consented to by Facility A Lenders holding not less than 66-2/3% of the Facility A CommitmentDetermining Lenders, but fewer than all Facility A Lenders (any Facility A Lender not consenting to the Facility A Extension Request being referred to in this SECTION 2.5(a2.4(A) as a "REJECTING LENDER"), then Administrative Agent shall promptly shall, within 48 hours of making such determination, notify the Accepting Lenders and Borrower of the aggregate Facility A Committed Sums held by the Rejecting Lenders (as used in this SECTION 2.5(a2.4(A), the "REJECTED AMOUNT"). Each Accepting Lender shall have the Right, but not the obligation, to elect to increase its respective Facility A Committed Sum by an amount not to exceed the Rejected Amount, which election shall be made by notice from each Accepting Lender to the Administrative Agent given not later than ten days after the date notified by Administrative Agent, specifying the amount of such proposed increase in such Accepting Lender's Facility A Committed Sum. If the aggregate amount of the proposed increases in the Facility A Committed Sums of all Accepting Lenders making such an election does not equal or exceed the Rejected Amount, then Borrower shall have the Right to add one or more financial institutions (which are not Rejecting Lenders and which are Eligible Assignees) as Facility A Lenders (as used in this SECTION 2.5(a2.4(A), a "PURCHASING LENDER") to replace such Rejecting Lenders, which Purchasing Lenders shall have aggregate Facility A Committed Sums not greater than those of the Rejecting Lenders (less any increases inin the Committed Sums of Accepting Lenders, as described in the following CLAUSE (III)). The transfer of Committed Sums and outstanding Borrowings from Rejecting Lenders to Purchasing Lenders or Accepting Lenders shall take place on the effective date of, and pursuant to the execution, delivery, and acceptance of, Assignment and Acceptance Agreements in accordance with the procedures set forth in SECTION 11.13(B).

Appears in 1 contract

Samples: Credit Agreement (Mci Worldcom Inc)

Additional Procedures to Extend the Rejected Amount. If the Facility A Extension Request is consented to by Facility A Lenders holding not less than 66-66 2/3% of the Facility A Commitment, but fewer than all Facility A Lenders (any Facility A Lender not consenting to the Facility A Extension Request being referred to in this SECTION 2.5(a2.3(a) as a "REJECTING LENDER"), then Administrative Agent shall promptly shall, within 48 hours of making such determination, notify the Accepting Lenders and Borrower of the aggregate Facility A Committed Sums held by the Rejecting Lenders (as used in this SECTION 2.5(a2.3(a), the "REJECTED AMOUNT"). Each Accepting Lender shall have the Right, but not the obligation, to elect to increase its respective Facility A Committed Sum by an amount not to exceed the Rejected Amount, which election shall be made by notice from each Accepting Lender to the Administrative Agent given not later than ten five days after the date notified by Administrative Agent, specifying the amount of such proposed increase in such Accepting Lender's Facility A Committed Sum. If the aggregate amount of the proposed increases in the Facility A Committed Sums of all Accepting Lenders making such an election does not equal or exceed the Rejected Amount, then Borrower shall have the Right right to add one or more financial institutions (which are not Rejecting Lenders and which are Eligible Assignees) as Facility A Lenders (as used in this SECTION 2.5(a2.3(a), a "PURCHASING LENDER") to replace such Rejecting Lenders, which Purchasing Lenders shall have aggregate Facility A Committed Sums not greater than those of the Rejecting Lenders (less any increases inin the Committed Sums of Accepting Lenders, as described in the following CLAUSE (iii)). The transfer of Committed Sums and outstanding Borrowings from Rejecting Lenders to Purchasing Lenders or Accepting Lenders shall take place on the effective date of, and pursuant to the execution, delivery, and acceptance of, Assignment and Acceptance Agreements in accordance with the procedures set forth in SECTION 13.13.

Appears in 1 contract

Samples: 364 Day Revolving Credit and Term Loan Agreement (Dobson Communications Corp)

Additional Procedures to Extend the Rejected Amount. If the Facility A Extension Request is consented to by Facility A Lenders holding not less than 66-2/3% of the Facility A CommitmentRequisite Lenders, but fewer than all Facility A Lenders (any Facility A Lender not consenting to the Facility A Extension Request being referred to in this SECTION 2.5(a2.14(a) as a "REJECTING LENDER"), then Administrative Agent shall promptly shall, within 48 hours of making such determination, notify the Accepting Lenders and Borrower of the aggregate Facility A Committed Sums Commitments held by the Rejecting Lenders (as used in this SECTION 2.5(a2.14(a), the "REJECTED AMOUNT"). Each Accepting Lender shall have the Rightright, but not the obligation, to elect to increase its respective Facility A Committed Sum Commitment by an amount not to exceed the Rejected Amount, which election shall be made by notice from each Accepting Lender to the Administrative Agent given not later than ten days after the date notified by Administrative Agent, specifying the amount of such proposed increase in such Accepting Lender's Facility A Committed SumCommitment. If the aggregate amount of the proposed increases in the Facility A Committed Sums Commitment of all Accepting Lenders making such an election does not equal or exceed the Rejected Amount, then Borrower shall have the Right right to add one or more financial institutions (which are not Rejecting Lenders and which are Eligible Assignees) as Facility A Lenders (as used in this SECTION 2.5(a2.14(a), a "PURCHASING LENDER") to replace such Rejecting Lenders, which Purchasing Lenders shall have aggregate Facility A Committed Sums Commitments not greater than those of the Rejecting Lenders (less any increases inin the Commitment of Accepting Lenders, as described in the following CLAUSE (iii)). The transfer of Commitments and outstanding Loans from Rejecting Lenders to Purchasing Lenders or Accepting Lenders shall take place on the effective date of, and pursuant to the execution, delivery, and acceptance of, an Assignment and Acceptance Agreement in accordance with the procedures set forth in SECTION 12.4.

Appears in 1 contract

Samples: Credit Agreement (Allied Capital Corp)

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Additional Procedures to Extend the Rejected Amount. If the Facility A Extension Request is consented to by Facility A Lenders holding not less than 66-2/3% of the Facility A CommitmentDetermining Lenders, but fewer than all Facility A Lenders (any Facility A Lender not consenting to the Facility A Extension Request being referred to in this SECTION 2.5(a2.3(a) as a "REJECTING LENDER"), then Administrative Agent shall promptly shall, within 48 hours of making such determination, notify the Accepting Lenders and Borrower of the aggregate Facility A Committed Sums held by the Rejecting Lenders (as used in this SECTION 2.5(a2.3(a), the "REJECTED AMOUNT"). Each Accepting Lender shall have the Right, but not the obligation, to elect to increase its respective Facility A Committed Sum by an amount not to exceed the Rejected Amount, which election shall be made by notice from each Accepting Lender to the Administrative Agent given not later than ten days after the date notified by Administrative Agent, specifying the amount of such proposed increase in such Accepting Lender's Facility A Committed Sum. If the aggregate amount of the proposed increases in the Facility A Committed Sums of all Accepting Lenders making such an election does not equal or exceed the Rejected Amount, then Borrower shall have the Right to add one or more financial institutions (which are not Rejecting Lenders and which are Eligible Assignees) as Facility A Lenders (as used in this SECTION 2.5(a2.3(a), a "PURCHASING LENDER") to replace such Rejecting Lenders, which Purchasing Lenders shall have aggregate Facility A Committed Sums not greater than those of the Rejecting Lenders (less any increases inin the Committed Sums of Accepting Lenders, as described in the following CLAUSE (iii)). The transfer of Committed Sums and outstanding Borrowings from Rejecting Lenders to Purchasing Lenders or Accepting Lenders shall take place on the effective date of, and pursuant to the 364-DAY REVOLVING CREDIT AGREEMENT execution, delivery, and acceptance of, Assignment and Acceptance Agreements in accordance with the procedures set forth in SECTION 11.13(b).

Appears in 1 contract

Samples: Day Revolving Credit Agreement (Worldcom Inc/ga//)

Additional Procedures to Extend the Rejected Amount. If the Facility A Extension Request is consented to by Facility A Lenders holding not less than 66-2/3% of the Facility A CommitmentRequisite Lenders, but fewer than all Facility A Lenders (any Facility A Lender not consenting to the Facility A Extension Request being referred to in this SECTION 2.5(a2.13(a) as a "REJECTING LENDER"), then Administrative Agent shall promptly shall, within 48 hours of making such determination, notify the Accepting Lenders and Borrower of the aggregate Facility A Committed Sums Commitments held by the Rejecting Lenders (as used in this SECTION 2.5(a2.13(a), the "REJECTED AMOUNT"). Each Accepting Lender shall have the Rightright, but not the obligation, to elect to increase its respective Facility A Committed Sum Commitment by an amount not to exceed the Rejected Amount, which election shall be made by notice from each Accepting Lender to the Administrative Agent given not later than ten CREDIT AGREEMENT days after the date notified by Administrative Agent, specifying the amount of such proposed increase in such Accepting Lender's Facility A Committed SumCommitment. If the aggregate amount of the proposed increases in the Facility A Committed Sums Commitment of all Accepting Lenders making such an election does not equal or exceed the Rejected Amount, then Borrower shall have the Right right to add one or more financial institutions (which are not Rejecting Lenders and which are Eligible Assignees) as Facility A Lenders (as used in this SECTION 2.5(a2.13(a), a "PURCHASING LENDER") to replace such Rejecting Lenders, which Purchasing Lenders shall have aggregate Facility A Committed Sums Commitments not greater than those of the Rejecting Lenders (less any increases inin the Commitment of Accepting Lenders, as described in the following CLAUSE (iii)). The transfer of Commitments and outstanding Loans from Rejecting Lenders to Purchasing Lenders or Accepting Lenders shall take place on the effective date of, and pursuant to the execution, delivery, and acceptance of, an Assignment and Acceptance Agreement in accordance with the procedures set forth in SECTION 12.4.

Appears in 1 contract

Samples: Credit Agreement (Allied Capital Corp)

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