Common use of Bank Elections to Extend Clause in Contracts

Bank Elections to Extend. Each Bank, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date (the “Notice Date”) that is 15 Business Days from the date which such Bank received notice from the Administrative Agent of the Borrowers’ request for an extension of the Existing Termination Date, advise the Administrative Agent whether or not such Bank agrees to such extension. Each Bank that determines not to so extend its Termination Date (a “Non-Extending Bank”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Notice Date), and any Bank that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Bank. The election of any Bank to agree to such extension shall not obligate any other Bank to so agree.

Appears in 3 contracts

Samples: Credit Agreement (Owens & Minor Inc/Va/), Credit Agreement (Owens & Minor Inc/Va/), Credit Agreement (Owens & Minor Inc/Va/)

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Bank Elections to Extend. Each Bank, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date (the “Notice Date”) that is 15 Business Days from the date which such Bank received 20 days after receipt of notice from the Administrative Agent of the Borrowers’ Borrower’s request for an extension of the Existing Termination Date, advise the Administrative Agent whether or not such Bank agrees to such extension. Each extension and each Bank that determines not to so extend its Commitment Termination Date (a “Non-Extending Bank”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Notice Date), ) and any Bank that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Bank. The election of any Bank to agree to such extension shall not obligate any other Bank to so agree.

Appears in 3 contracts

Samples: Five Year Credit Agreement (American Honda Finance Corp), Credit Agreement (American Honda Finance Corp), Five Year Credit Agreement (American Honda Finance Corp)

Bank Elections to Extend. Each Bank, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date (the “Notice Date”) that is 15 10 Business Days from the date which such Bank received after receipt of notice from the Administrative Agent of the Borrowers’ Borrower’s request for an extension of the Existing Termination Date, advise the Administrative Agent whether or not such Bank agrees to such extension. Each extension and each Bank that determines not to so extend its Termination Date (a “Non-Extending Bank”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Notice Date), ) and any Bank that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Bank. The election of any Bank to agree to such extension shall not obligate any other Bank to so agree.

Appears in 2 contracts

Samples: Credit Agreement (Nike Inc), Credit Agreement (Nike Inc)

Bank Elections to Extend. Each Bank, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date (the “Notice Date”) that is 15 ten (10) Business Days from the date which such Bank received after receipt of notice from the Administrative Agent of the Borrowers’ Company’s request for an extension of the Existing Termination Date, advise the Administrative Agent whether or not such Bank agrees to such extension. Each extension and each Bank that determines not to so extend its Termination Date (a “Non-Extending Bank”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Notice Date), ) and any Bank that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Bank. The election of any Bank to agree to such extension shall not obligate any other Bank to so agree.

Appears in 2 contracts

Samples: Credit Agreement (NIKE, Inc.), Credit Agreement (NIKE, Inc.)

Bank Elections to Extend. Each Bank, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date (the “Notice Date”) that is 15 ten (10) Business Days from the date which such Bank received after receipt of notice from the Administrative Agent of the Borrowers’ 170444384_7.docx Company’s request for an extension of the Existing Termination Date, advise the Administrative Agent whether or not such Bank agrees to such extension. Each extension and each Bank that determines not to so extend its Termination Date (a “Non-Extending Bank”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Notice Date), ) and any Bank that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Bank. The election of any Bank to agree to such extension shall not obligate any other Bank to so agree.

Appears in 1 contract

Samples: Credit Agreement (NIKE, Inc.)

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Bank Elections to Extend. Each Bank, acting in its sole and individual discretion, shall, by notice to the Administrative Agent (with a copy of such notice to the Borrower) given not later than the date (the “Notice Date”) that is 15 Business Days from 20 days prior to the date which such Bank received notice from the Administrative Agent of the Borrowers’ request for an extension of the Existing Termination DateFirst Anniversary, advise the Administrative Agent whether or not such Bank agrees to such extension. Each extension (and each Bank that determines not to so extend its Commitment Termination Date (a “Non-Extending Bank”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Notice Date), ) and any Bank that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Bank. The election of any Bank to agree to such extension shall not obligate any other Bank to so agree.

Appears in 1 contract

Samples: Senior Revolving Credit Facility Agreement (Hunt J B Transport Services Inc)

Bank Elections to Extend. Each Bank, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not no later than the date (the “Notice Reply Date”) that is 15 Business Days from 30 days after the date which such Bank received notice from the Administrative Agent of the Borrowers’ request for an extension of the Existing Termination Notice Date, advise the Administrative Agent whether or not such Bank agrees to such extension. Each extension of the Existing Maturity Date (and each Bank that determines not to so extend its Termination the Existing Maturity Date (a “Non-Extending Bank”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Notice Reply Date), ) and any Bank that does not so advise the Administrative Agent on or before the Notice Reply Date shall be deemed to be a Non-Extending Bank. The election of any Bank to agree to such any extension of the Existing Maturity Date shall not obligate any other Bank to so agree.

Appears in 1 contract

Samples: Revolving Loan Agreement (Kb Home)

Bank Elections to Extend. Each Bank, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not earlier than 30 days prior to the Existing Termination Date and not later than the date (the "Notice Date") that is 15 Business Days from the date which such Bank received notice from the Administrative Agent of the Borrowers’ request for an extension of 20 days prior to the Existing Termination Date, advise the Administrative Agent whether or not such Bank agrees to such extension. Each extension (and each Bank that determines not to so extend its Termination Maturity Date (a "Non-Extending Bank") shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Notice Date), ) and any Bank that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Bank. The election of any Bank to agree to such extension shall not obligate any other Bank to so agree.

Appears in 1 contract

Samples: Credit Agreement (Legg Mason Light Street Trust Inc)

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