Common use of Extension of Revolving Credit Termination Date Clause in Contracts

Extension of Revolving Credit Termination Date. (i) The Borrower may request an extension of the Revolving Credit Termination Date by submitting a request for an extension to the Administrative Agent (an “Extension Request”) no more than 45 days prior to the Revolving Credit Termination Date. The Extension Request must specify the new Revolving Credit Termination Date requested by the Borrower and the date (which must be at least 30 days after the Extension Request is delivered to the Administrative Agent) as of which the Lenders must respond to the Extension Request (the “Response Date”). The new Revolving Credit Termination Date shall be no more than 364 days after the Revolving Credit Termination Date in effect at the time the Extension Request is received, including the Revolving Credit Termination Date as one of the days in the calculation of the days elapsed. Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender of the contents thereof and shall request each Lender to approve the Extension Request. Each Lender approving the Extension Request shall deliver its written consent to the Administrative Agent no later than the Response Date, and shall specify therein any conditions to such consent (which may include, without limitation, the receipt by the Administrative Agent of written consents of Lenders holding in the aggregate a minimum percentage of the Aggregate Commitment). The failure of any Lender to deliver its written consent to the Administrative Agent on or before the Response Date shall constitute a rejection of such Extension Request by such Lender. Subject to the satisfaction of the conditions set forth in Section 2.20(ii), if the written consent of Lenders holding Commitments equal to at least 50% of the Aggregate Commitment is received by the Administrative Agent on or before the Response Date, the Revolving Credit Termination Date specified in the Extension Request shall become effective on the existing Revolving Credit Termination Date and the Administrative Agent shall promptly notify the Borrower and each Lender of the new Revolving Credit Termination Date.

Appears in 2 contracts

Samples: Credit Agreement (Duquesne Light Holdings Inc), Credit Agreement (Duquesne Light Holdings Inc)

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Extension of Revolving Credit Termination Date. (i) The Borrower may request an extension of the Letter of Credit Availability Termination Date and the Revolving Credit Termination Date by submitting a request for an extension to the Administrative Agent (an “Extension Request”) no more on any Business Day that is not less than 45 30 days prior to the then Letter of Credit Availability Termination Date or Revolving Credit Termination Date. The Extension Request must specify the new Letter of Credit Availability Termination Date or new Revolving Credit Termination Date requested by the Borrower and the date as of which date (which must be at least 30 days after the Extension Request is delivered to the Administrative Agent) as of which the Lenders (including the Issuer) must respond to the Extension Request (the “Response Date”). The new Letter of Credit Availability Termination Date or new Revolving Credit Termination Date shall not be no more than 364 days two years after the Letter of Credit Availability Termination Date or Revolving Credit Termination Date Date, as applicable, in effect at the time the Extension Request is received, including the Letter of Credit Availability Termination Date or Revolving Credit Termination Date as one of the days in the calculation of the days elapsed. Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender of the contents thereof and shall request the Issuer and each Lender to approve the Extension Request. Each Lender approving the Extension Request shall deliver its written consent to the Administrative Agent no later than the Response Date, and shall specify therein any conditions to such . If the consent (which may include, without limitation, the receipt by the Administrative Agent of written consents of Lenders holding in the aggregate a minimum percentage all of the Aggregate Commitment). The failure of any Lender to deliver its written consent to the Administrative Agent on or before the Response Date shall constitute a rejection of such Extension Request by such Lender. Subject to the satisfaction of the conditions set forth Lenders in Section 2.20(ii), if the written consent of Lenders holding Commitments equal to at least 50% of the Aggregate Commitment their sole discretion is received by the Administrative Agent on or before the Response DateAgent, the Letter of Credit Availability Termination Date or Revolving Credit Termination Date specified in the Extension Request shall become effective on the existing Letter of Credit Availability Termination Date or Revolving Credit Termination Date and the Administrative Agent shall promptly notify the Borrower and each Lender (including the Issuer) of the new Letter of Credit Availability Termination Date and the new Revolving Credit Termination Date. Otherwise the Letter of Credit Availability Termination Date or Revolving Credit Termination Date shall be unchanged.

Appears in 2 contracts

Samples: Assignment Agreement (Navigators Group Inc), Assignment Agreement (Navigators Group Inc)

Extension of Revolving Credit Termination Date. (ia) The Borrower may may, by written notice to the Administrative Agent in the form of Exhibit E (each such notice being an “Extension Request”) given no earlier than sixty (60) days and no later than forty-five (45) days prior to the then applicable Revolving Credit Termination Date, request an that the then applicable Revolving Credit Termination Date be extended to a date 364 days after the then applicable Revolving Credit Termination Date. Such extension shall be effective with respect to each Lender which, by written notice in the form of Exhibit F (a “Continuation Notice”) to Borrower and the Administrative Agent given no earlier than forty-five (45) days and no later than thirty- five (35) days prior to the then applicable Revolving Credit Termination Date, consents, in its sole discretion, to such extension (each Lender giving a Continuation Notice being referred to sometimes as a “Continuing Lender” and each Lender other than a Continuing Lender being a “Non-Extending Lender”); provided however, that such extension shall be effective only if the aggregate Revolving Loan Commitments of the Continuing Lenders are not less than 51% of the Total Revolving Credit Commitment of the Lenders on the date of the Extension Request. No Lender shall have any obligation to consent to any such extension of the Revolving Credit Termination Date by submitting a Date. If less than all of the Lenders consent to any such request for an extension pursuant to subsection (a) of this subsection 2.22, the Administrative Agent shall promptly so notify the Continuing Lenders, and each Continuing Lender may, in its sole discretion, not later than ten (10) days after receipt of such notice, give written notice to the Administrative Agent (of the amount of the Non- Extending Lenders’ Commitments that it is willing to accept an “Extension Request”) no more than 45 days prior assignment. If the Continuing Lenders notify the Administrative Agent that they are willing to accept assignments of Commitments in an aggregate amount that exceeds the Revolving Credit Termination Date. The Extension Request must specify amount of the new Revolving Credit Termination Date requested by Commitments of the Non-Extending Lenders, such Commitments shall be allocated among the Continuing Lenders willing to accept such assignments in such amounts as are agreed between the Borrower and the date (which must be at least 30 days after the Extension Request is delivered to the Administrative Agent) as of which the Lenders must respond to the Extension Request (the “Response Date”). The new Revolving Credit Termination Date shall be no more than 364 days after the Revolving Credit Termination Date in effect at the time the Extension Request is received, including the Revolving Credit Termination Date as one of the days in the calculation of the days elapsed. Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender of the contents thereof and shall request each Lender to approve the Extension Request. Each Lender approving the receipt of an Extension Request shall deliver its written consent to the within three (3) Business Days after receipt thereof. The Administrative Agent shall notify the Borrower and the Lenders no later than the Response Date, and shall specify therein any conditions to such consent fifteen (which may include, without limitation, the receipt by the Administrative Agent of written consents of Lenders holding in the aggregate a minimum percentage of the Aggregate Commitment). The failure of any Lender to deliver its written consent 15) days prior to the Administrative Agent on or before the Response Date shall constitute a rejection of such Extension Request by such Lender. Subject to the satisfaction of the conditions set forth in Section 2.20(ii), if the written consent of Lenders holding Commitments equal to at least 50% of the Aggregate Commitment is received by the Administrative Agent on or before the Response Date, the applicable Revolving Credit Termination Date specified in the Extension Request shall become effective on the existing Revolving Credit Termination Date and whether the Administrative Agent shall promptly notify the Borrower and each Lender has received Continuation Notices from Lenders holding at least 51% of the new Total Revolving Credit Termination DateCommitment on the date of the Extension Request.

Appears in 1 contract

Samples: Credit Agreement (Tc Pipelines Lp)

Extension of Revolving Credit Termination Date. (ia) The Not more than once in any fiscal year of the Borrower, the Borrower may request an extension of the Revolving Credit Termination Date to the first or second anniversary of the then scheduled Revolving Credit Termination Date (but in no event later than the fourth anniversary of the date of such request) by submitting a request for an extension to the Administrative Agent (an “Extension Request”) no more not less than 45 180 days prior to the then scheduled Revolving Credit Termination Date. The At the time of or prior to the delivery of such request, the Borrower shall propose to the Agent the amount of the fees that the Borrower would agree to pay with respect to such extension if approved by the Revolving Credit Lenders. Promptly upon (but not later than five Business Days after) the Agent’s receipt and approval of the extension request and fee proposal (as so approved, the “Revolving Credit Extension Request”), the Agent shall deliver to each Revolving Credit Lender a copy of, and shall request each Revolving Credit Lender to approve, the Revolving Credit Extension Request. Each Revolving Credit Lender approving the Revolving Credit Extension Request must specify the new shall deliver its written approval no later than 60 days after such Revolving Credit Termination Date requested Lender’s receipt of the Revolving Credit Extension Request. If the written approval of the Revolving Credit Extension Request by the Borrower and Revolving Credit Lenders whose Revolving Credit Pro Rata Shares equal or exceed 66-2/3% in the date (which must be at least 30 days after aggregate is received by the Extension Request is delivered to Agent within such 60-day period, the Administrative Agent) as of which the Lenders must respond to the Extension Request (the “Response Date”). The new Revolving Credit Termination Date shall be no more than 364 days after extended to the first or second anniversary of the then scheduled Revolving Credit Termination Date (as specified in effect at the time Revolving Credit Extension Request) but only with respect to the Revolving Credit Lenders that have given such written approval. Except to the extent that a Revolving Credit Lender that did not give its written approval to such Revolving Credit Extension Request (“Rejecting Revolving Credit Lender”) is receivedreplaced as provided in Section 2.21, including the Revolving Credit Loans and all interest thereon, fees and other Revolving Credit Obligations owed to such Rejecting Revolving Credit Lender shall be paid in full on the Revolving Credit Termination Date as one of the days in the calculation of the days elapsed. Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender of the contents thereof and shall request each Lender determined prior to approve the Extension Request. Each Lender approving the such Revolving Credit Extension Request shall deliver its written consent to (the Administrative Agent no later than the Response Date, and shall specify therein any conditions to such consent (which may include, without limitation, the receipt by the Administrative Agent of written consents of Lenders holding in the aggregate a minimum percentage of the Aggregate Commitment). The failure of any Lender to deliver its written consent to the Administrative Agent on or before the Response Date shall constitute a rejection of such Extension Request by such Lender. Subject to the satisfaction of the conditions set forth in Section 2.20(ii), if the written consent of Lenders holding Commitments equal to at least 50% of the Aggregate Commitment is received by the Administrative Agent on or before the Response Date, the “Rejecting Revolving Credit Termination Date specified in the Extension Request shall become effective on the existing Revolving Credit Termination Date and the Administrative Agent shall promptly notify the Borrower and each Lender of the new Revolving Credit Lender’s Termination Date”).

Appears in 1 contract

Samples: Assignment Agreement (Beazer Homes Usa Inc)

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Extension of Revolving Credit Termination Date. (ia) The Borrower may may, by written notice to the Administrative Agent in the form of Exhibit E (each such notice being an "Extension Request") given no earlier than sixty (60) days and no later than forty-five (45) days prior to the then applicable Revolving Credit Termination Date, request an that the then applicable Revolving Credit Termination Date be extended to a date 364 days after the then applicable Revolving Credit Termination Date. Such extension shall be effective with respect to each Lender which, by written notice in the form of Exhibit F (a "Continuation Notice") to Borrower and the Administrative Agent given no earlier than forty-five (45) days and no later than thirty-five (35) days prior to the then applicable Revolving Credit Termination Date, consents, in its sole discretion, to such extension (each Lender giving a Continuation Notice being referred to sometimes as a "Continuing Lender" and each Lender other than a Continuing Lender being a "Non-Extending Lender"); provided however, that such extension shall be effective only if the aggregate Revolving Loan Commitments of the Continuing Lenders are not less than 51% of the Total Revolving Credit Commitment of the Lenders on the date of the Extension Request. No Lender shall have any obligation to consent to any such extension of the Revolving Credit Termination Date by submitting a Date. If less than all of the Lenders consent to any such request for an extension pursuant to subsection (a) of this Section 2.22, the Administrative Agent shall promptly so notify the Continuing Lenders, and each Continuing Lender may, in its sole discretion, give written notice to the Administrative Agent not later than ten (10) days after receipt of such notice of the amount of the Non-Extending Lenders' Commitments for which it is willing to accept an “Extension Request”) no more than 45 days prior assignment. If the Continuing Lenders notify the Administrative Agent that they are willing to accept assignments of Commitments in an aggregate amount that exceeds the Revolving Credit Termination Date. The Extension Request must specify amount of the new Revolving Credit Termination Date requested by Commitments of the Non-Extending Lenders, such Commitments shall be allocated among the Continuing Lenders willing to accept such assignments in such amounts as are agreed between the Borrower and the date (which must be at least 30 days after the Extension Request is delivered to the Administrative Agent) as of which the Lenders must respond to the Extension Request (the “Response Date”). The new Revolving Credit Termination Date shall be no more than 364 days after the Revolving Credit Termination Date in effect at the time the Extension Request is received, including the Revolving Credit Termination Date as one of the days in the calculation of the days elapsed. Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender of the contents thereof and shall request each Lender to approve the Extension Request. Each Lender approving the receipt of an Extension Request shall deliver its written consent to the within three (3) Business Days after receipt thereof. The Administrative Agent shall notify the Borrower and the Lenders no later than the Response Date, and shall specify therein any conditions to such consent fifteen (which may include, without limitation, the receipt by the Administrative Agent of written consents of Lenders holding in the aggregate a minimum percentage of the Aggregate Commitment). The failure of any Lender to deliver its written consent 15) days prior to the Administrative Agent on or before the Response Date shall constitute a rejection of such Extension Request by such Lender. Subject to the satisfaction of the conditions set forth in Section 2.20(ii), if the written consent of Lenders holding Commitments equal to at least 50% of the Aggregate Commitment is received by the Administrative Agent on or before the Response Date, the applicable Revolving Credit Termination Date specified in the Extension Request shall become effective on the existing Revolving Credit Termination Date and whether the Administrative Agent shall promptly notify the Borrower and each Lender has received Continuation Notices from Lenders holding at least 51% of the new Total Revolving Credit Termination DateCommitment on the date of the Extension Request.

Appears in 1 contract

Samples: Credit Agreement (Iroquois Gas Transmission System Lp)

Extension of Revolving Credit Termination Date. (ia) The Borrower Company may request request, in a notice substantially in the form of Exhibit H (an extension of the Revolving Credit Termination Date by submitting a request for an extension "Extension Request") given as herein provided to the Administrative Agent (an “Extension Request”) no not less than 45 days and not more than 45 60 days prior to the Revolving Credit Termination Date. The , that the Revolving Credit Termination Date be extended, which notice shall specify that the requested extension is to be effective (the "Extension Request must specify Effective Date") on the Revolving Credit Termination Date, and that the new Revolving Credit Termination Date requested by to be in effect following such extension (the Borrower and "Requested Revolving Credit Termination Date") is to be the date (which must be at least 30 364 days after the Extension Effective Date. The Administrative Agent shall forthwith transmit such Extension Request is delivered to the Administrative Agent) as of which the Lenders must respond Lenders. Each Lender shall, not less than 30 days and not more than 45 days prior to the Extension Request (Effective Date, notify the “Response Date”)Company and the Administrative Agent of its election to extend or not to extend the Revolving Credit Termination Date with respect to its Revolving Credit Commitment. The new Company may, not later than 30 days prior to the Extension Effective Date, revoke its request to extend the Revolving Credit Termination Date. Notwithstanding any provision of this Agreement to the contrary, any notice by any Lender of its willingness to extend the Revolving Credit Termination Date with respect to its Revolving Credit Commitment shall be revocable by such Lender in its sole and absolute discretion at any time prior to the date which is 30 days prior to the Extension Effective Date. If on the date 30 days prior to the Extension Effective Date Lenders having at least 75% of the aggregate amount of the Revolving Credit Commitments elect to extend the Revolving Credit Termination Date with respect to their Revolving Credit Commitments and the Company has not revoked its request to extend the Revolving Credit Termination Date, then, subject to the provisions of this subsection 2.19, the Revolving Credit Termination Date shall be no more than extended for 364 days after days. Any Lender which shall not notify the Company and the Administrative Agent of its election to extend the Revolving Credit Termination Date in effect at on or prior to the time date 30 days prior to the Extension Request is received, including Effective Date shall be deemed to have elected not to extend the Revolving Credit Termination Date as one of the days in the calculation of the days elapsed. Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender of the contents thereof and shall request each Lender with respect to approve the Extension Request. Each Lender approving the Extension Request shall deliver its written consent to the Administrative Agent no later than the Response Date, and shall specify therein any conditions to such consent (which may include, without limitation, the receipt by the Administrative Agent of written consents of Lenders holding in the aggregate a minimum percentage of the Aggregate Commitment). The failure of any Lender to deliver its written consent to the Administrative Agent on or before the Response Date shall constitute a rejection of such Extension Request by such Lender. Subject to the satisfaction of the conditions set forth in Section 2.20(ii), if the written consent of Lenders holding Commitments equal to at least 50% of the Aggregate Commitment is received by the Administrative Agent on or before the Response Date, the Revolving Credit Termination Date specified in the Extension Request shall become effective on the existing Revolving Credit Termination Date and the Administrative Agent shall promptly notify the Borrower and each Lender of the new Revolving Credit Termination DateCommitment.

Appears in 1 contract

Samples: Credit Agreement (Panhandle Eastern Corp Et Al)

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