Common use of Extension Notice Clause in Contracts

Extension Notice. Promptly after the expiry of the Election Period, the Agent will notify the Borrower of the decision of the Lenders with respect to its Extension Request (the “Extension Notice”). The Extension Notice will identify the Extending Lenders and Non-Extending Lenders, the term of the Extension, if granted, and a list of the conditions or amendments, if any, respecting the Credit Facility as the Extending Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Agent, notify the Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Lenders respecting the Credit Facility. If the Borrower accepts all such conditions or amendments requested by the Extending Lenders, the Credit Facility Termination Date with respect to the Extending Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and subject to Section 2.2(e), the Credit Facility Termination Date with respect to the Non- Extending Lenders shall not be extended. If the Borrower notifies the Agent that it does not accept such conditions or amendments or fails to notify the Agent within the time provided above for acceptance, the Credit Facility Termination Date will not be extended as herein provided and will continue until the Credit Facility Termination Date with each Lenders' Individual Commitment Amount remaining available for Drawdown until the Credit Facility Termination Date; provided that the Borrower may again make an Extension Request during the Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a).

Appears in 2 contracts

Samples: Credit Agreement (Harvest Operations Corp.), Credit Agreement (Harvest Operations Corp.)

AutoNDA by SimpleDocs

Extension Notice. Promptly after the expiry of the Election Period, the Agent will notify the Borrower of the decision of the Lenders with respect to its Extension Request (the “Extension Notice”). The Extension Notice will identify the Extending Lenders and Non-Extending Lenders, the term of the Extension, if granted, and a list of the conditions or amendments, if any, respecting the Credit Facility as the Extending Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Agent, notify the Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Lenders respecting the Credit Facility. If the Borrower accepts all such conditions or amendments requested by the Extending Lenders, the Credit Facility Termination Date with respect to the Extending Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and subject to Section 2.2(e), the Credit Facility Termination Date with respect to the Non- Non-Extending Lenders shall not be extended. If the Borrower notifies the Agent that it does not accept such conditions or amendments or fails to notify the Agent within the time provided above for acceptance, the Credit Facility Termination Date will not be extended as herein provided and will continue until the Credit Facility Termination Date with each Lenders' Individual Commitment Amount remaining available for Drawdown until the Credit Facility Termination Date; provided that the Borrower may again make an Extension Request during the any subsequent Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a)) .

Appears in 1 contract

Samples: Credit Agreement (Harvest Operations Corp.)

Extension Notice. Promptly after the expiry of the Election Period, the Administrative Agent will notify the Borrower of the decision of the Lenders with respect to its Extension Request (the "Extension Notice"). The Extension Notice will identify the Extending Electing Lenders and Non-Extending Electing Lenders, whether the term of the Extension, if Extension has been granted, and a list of the conditions or amendments, if any, respecting the Credit Facility as the Extending Electing Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Administrative Agent, notify the Administrative Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Electing Lenders respecting the Credit Facility. If the Borrower accepts all such conditions or amendments requested by the Extending Electing Lenders, the Credit Facility Termination Maturity Date with respect to the Extending Electing Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and subject to Section 2.2(e2.1(4)(e), the Credit Facility Termination Maturity Date with respect to the Non- Extending Non-Electing Lenders shall not be extended. If the Borrower notifies the Administrative Agent that it does not accept such conditions or amendments or fails to notify the Administrative Agent within the time provided above for acceptance, the Credit Facility Termination Maturity Date will not be extended as herein provided and will continue until the Credit Facility Termination Maturity Date with each Lenders' Individual Commitment Amount remaining available for Drawdown available, subject to the terms of this Agreement, until the Credit Facility Termination Maturity Date; provided that the Borrower may again make an Extension Request during the Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a2.1(4)(a).

Appears in 1 contract

Samples: Credit Agreement (Kinder Morgan Inc)

Extension Notice. Promptly after the expiry of the Election Period, the Agent will notify the Borrower of the decision of the Lenders with respect to its Extension Request (the "Extension Notice"). The Extension Notice will identify the Extending Electing Lenders and Non-Extending Electing Lenders, the term of the Extension, if granted, and a list of the conditions or amendments, if any, respecting the Credit Facility as the Extending Electing Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Agent, notify the Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Electing Lenders respecting the Credit FacilityFacility (the "Extension Acceptance Date"). If the Borrower accepts all such conditions or amendments requested by the Extending Electing Lenders, the Credit Facility Termination Maturity Date with respect to the Extending Electing Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and and, subject to Section 2.2(e3.3(e), the Credit Facility Termination Maturity Date with respect to the Non- Extending Non-Electing Lenders shall not be extended. If the Borrower notifies the Agent that it does not accept such conditions or amendments or fails to notify the Agent within the time provided above for acceptance, the Credit Facility Termination Maturity Date will not be extended as herein provided and will continue until the Credit Facility Termination Maturity Date with each Lenders' Individual Commitment Amount remaining available for Drawdown until the Credit Facility Termination Maturity Date; provided that the Borrower may again make an Extension Request during the next Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a).Period. ​

Appears in 1 contract

Samples: Credit Agreement (ENERPLUS Corp)

Extension Notice. Promptly after the expiry of the Election Period, the Agent will notify the Borrower of the decision of the Lenders with respect to its Extension Request (the "Extension Notice"). The Extension Notice will identify the Extending Lenders and Non-Extending Lenders, the term of the Extension, if granted, and a list of the conditions or amendments, if any, respecting the Credit Facility as the Extending Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Agent, notify the Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Lenders respecting the Credit Facility. If the Borrower accepts all such conditions or amendments requested by the Extending Lenders, the Credit Facility Termination Date with respect to the Extending Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and subject to Section 2.2(e), the Credit Facility Termination Date with respect to the Non- Non-Extending Lenders shall not be extended. If the Borrower notifies the Agent that it does not accept such conditions or amendments or fails to notify the Agent within the time provided above for acceptance, the Credit Facility Termination Date will not be extended as herein provided and will continue until the Credit Facility Termination Date with each Lenders' Individual Commitment Amount remaining available for Drawdown until the Credit Facility Termination Date; provided that the Borrower may again make an Extension Request during the Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a).

Appears in 1 contract

Samples: Credit Agreement (Harvest Energy Trust)

Extension Notice. Promptly after the expiry of the Election Period, the Agent will notify the Borrower of the decision of the Lenders with respect to its Extension Request (the “Extension Notice”). The Extension Notice will identify the Extending Electing Lenders and Non-Extending Electing Lenders, the term of the Extension, if granted, and a list of the conditions or amendments, if any, respecting the Credit Facility as the Extending Electing Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Agent, notify the Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Electing Lenders respecting the Credit Facility. If the Borrower accepts all such conditions or amendments requested by the Extending Electing Lenders, the Credit Facility Termination Date with respect to the Extending Electing Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and subject to Section 2.2(e3.3(e), the Credit Facility Termination Date with respect to the Non- Extending Non-Electing Lenders shall not be extended. If the Borrower notifies the Agent that it does not accept such conditions or amendments or fails to notify the Agent within the time provided above for acceptance, the Credit Facility Termination Date will not be extended as herein provided and will continue until the Credit Facility Termination Date with each Lenders' Individual Commitment Amount remaining available for Drawdown until the Credit Facility Termination Date; provided that the Borrower may again make an Extension Request during the Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a3.3(a).

Appears in 1 contract

Samples: Credit Agreement (Penn West Energy Trust)

Extension Notice. Promptly after the expiry of the Election Period, the Agent will notify the Borrower of the decision of the Lenders with respect to its Extension Request (the "Extension Notice"). The Extension Notice will identify the Extending Electing Lenders and Non-Extending Electing Lenders, the term of the Extension, if granted, and a list of the conditions or amendments, if any, respecting the Credit Facility as the Extending Electing Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Agent, notify the Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Electing Lenders respecting the Credit Facility. If the Borrower accepts all such conditions or amendments requested by the Extending Electing Lenders, the Credit Facility Termination Date with respect to the Extending Electing Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and and, subject to Section 2.2(e3.4(e), the Credit Facility Termination Date with respect to the Non- Extending Non-Electing Lenders shall not be extended. If the Borrower notifies the Agent that it does not accept such conditions or amendments or fails to notify the Agent within the time provided above for acceptance, the Credit Facility Termination Date will not be extended as herein provided and will continue until the Credit Facility Termination Date with each Lenders' Individual Commitment Amount remaining available for Drawdown until the Credit Facility Termination Date; provided that the Borrower may again make an Extension Request during the next Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a)Period.

Appears in 1 contract

Samples: Credit Agreement (Penn West Energy Trust)

Extension Notice. Promptly after the expiry of the Election Period, the Agent will notify the Borrower of the decision of the Lenders with respect to its Extension Request (the "Extension Notice"). The Extension Notice will identify the Extending Electing Lenders and Non-Extending Electing Lenders, the term of the Extension, if granted, and a list of the conditions or amendments, if any, respecting the Credit Facility as the Extending Electing Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Agent, notify the Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Electing Lenders respecting the Credit FacilityFacility (the "Extension Acceptance Date"). If the Borrower accepts all such conditions or amendments requested by the Extending Electing Lenders, the Credit Facility Termination Maturity Date with respect to the Extending Electing Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and and, subject to Section 2.2(e3.3(e), the Credit Facility Termination Maturity Date with respect to the Non- Extending Non-Electing Lenders shall not be extended. If the Borrower notifies the Agent that it does not accept such conditions or amendments or fails to notify the Agent within the time provided above for acceptance, the Credit Facility Termination Maturity Date will not be extended as herein provided and will continue until the Credit Facility Termination Maturity Date with each Lenders' Individual Commitment Amount remaining available for Drawdown until the Credit Facility Termination Maturity Date; provided that the Borrower may again make an Extension Request during the next Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a)Period.

Appears in 1 contract

Samples: Credit Agreement (ENERPLUS Corp)

AutoNDA by SimpleDocs

Extension Notice. Promptly after the expiry of the Election Period, the Agent will notify the Borrower of the decision of the Tranche 1 Lenders with respect to its Extension Request (the “Extension Notice”). The Extension Notice will identify the Extending Electing Lenders and Non-Extending Electing Lenders, the term of the Extension, if granted, and a list of the conditions or amendments, if any, respecting Tranche 1 and the Credit Facility as the Extending Electing Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Agent, notify the Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Electing Lenders respecting Tranche 1 and the Credit Facility. If the Borrower accepts all such conditions or amendments requested by the Extending Electing Lenders, the Credit Facility Tranche 1 Termination Date with respect to the Extending Electing Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and and, subject to Section 2.2(e3.4(e), the Credit Facility Tranche 1 Termination Date with respect to the Non- Extending Non-Electing Lenders shall not be extended. If the Borrower notifies the Agent that it does not accept such conditions or amendments or fails to notify the Agent within the time provided above for acceptance, the Credit Facility Tranche 1 Termination Date will not be extended as herein provided and will continue until the Credit Facility Tranche 1 Termination Date with each Lenders' Individual Tranche 1 Commitment Amount remaining available for Drawdown until the Credit Facility Tranche 1 Termination Date; provided that the Borrower may again make an Extension Request during the next Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a)Period.

Appears in 1 contract

Samples: Credit Agreement (Penn West Energy Trust)

Extension Notice. Promptly after the expiry of the Election Period, the Agent will notify the Borrower of the decision of the Lenders with respect to its Extension Request (the "Extension Notice"). The Extension Notice will identify the Extending Electing Lenders and Non-Extending Electing Lenders, the term of the Extension, if granted, and a list of the conditions or amendments, if any, respecting the Credit Facility as the Extending Electing Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Agent, notify the Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Electing Lenders respecting the Credit Facility. If the Borrower accepts all such conditions or amendments requested by the Extending Electing Lenders, the Credit Facility Termination Maturity Date with respect to the Extending Electing Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and and, subject to Section 2.2(e3.3(e), the Credit Facility Termination Maturity Date with respect to the Non- Extending Non-Electing Lenders shall not be extended. If the Borrower notifies the Agent that it does not accept such conditions or amendments or fails to notify the Agent within the time provided above for acceptance, the Credit Facility Termination Maturity Date will not be extended as herein provided and will continue until the Credit Facility Termination Date with each Lenders' Individual Commitment Amount remaining available for Drawdown until the Credit Facility Termination Maturity Date; provided that the Borrower may again make an Extension Request during the next Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a)Period.

Appears in 1 contract

Samples: Term Credit Agreement (ENERPLUS Corp)

Extension Notice. Promptly after the expiry of the Election Period, the Agent will notify the Borrower of the decision of the Revolving Lenders with respect to its Extension Request (the "Extension Notice"). The Extension Notice will identify the Extending Lenders and Non-Extending Lenders, the term of the Extension, if granted, and a list of the conditions or amendments, if any, respecting the Credit Revolving Facility as the Extending Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Agent, notify the Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Lenders respecting the Credit Revolving Facility. If the Borrower accepts all such conditions or amendments requested by the Extending Lenders, the Credit Revolving Facility Termination Date with respect to the Extending Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and subject to Section 2.2(e), the Credit Revolving Facility Termination Date with respect to the Non- Non-Extending Lenders shall not be extended. If the Borrower notifies the Agent that it does not accept such conditions or amendments or fails to notify the Agent within the time provided above for acceptance, the Credit Revolving Facility Termination Date will not be extended as herein provided and will continue until the Credit Revolving Facility Termination Date with each Lenders' Individual Commitment Amount under the Revolving Facility remaining available for Drawdown until the Credit Revolving Facility Termination Date; provided that the Borrower may again make an Extension Request during the Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a).

Appears in 1 contract

Samples: Credit Agreement (Harvest Energy Trust)

Extension Notice. Promptly after the expiry of the Election Period, the Agent will notify the Borrower of the decision of the Tranche A Lenders with respect to its Extension Request (the “Extension Notice”). The Extension Notice will identify the Extending Electing Lenders and Non-Extending Electing Lenders, the term of the Extension, if granted, and a list of the conditions or amendments, if any, respecting the Credit Facility or Tranche A as the Extending Electing Lenders have unanimously agreed upon as a condition to the granting of the Extension. The Borrower will, within 20 days of receipt of the Extension Notice from the Agent, notify the Agent as to its acceptance or rejection of the conditions or amendments, if any, stipulated by the Extending Electing Lenders respecting the Credit Facility. Facility or Tranche A. If the Borrower accepts all such conditions or amendments requested by the Extending Electing Lenders, the Credit Facility Termination Date applicable to Tranche A with respect to the Extending Electing Lenders will be deemed to have been extended for that period of time set out in the Extension Notice and and, subject to Section 2.2(e3.4(e), the Credit Facility Termination Date with respect to the Non- Extending Non-Electing Lenders shall not be extended. If the Borrower notifies the Agent that it does not accept such conditions or amendments or fails to notify the Agent within the time provided above for acceptance, the Credit Facility Termination Date applicable to Tranche A will not be extended as herein provided and will continue until the Credit Facility Termination Date with each Tranche A Lenders' Individual Tranche A Commitment Amount remaining available for Drawdown until the Credit Facility then existing Termination Date; provided that the Borrower may again make an Extension Request during the next Request Period applicable to the next Anniversary Date in accordance with Section 2.2(a)Period.

Appears in 1 contract

Samples: Credit Agreement (Penn West Petroleum Ltd.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!