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

Extension of Revolving Loan Termination Date. The Company, on behalf of all of the Borrowers, may request extensions of the Revolving Loan Termination Date by submitting a request for an extension to the Administrative Agent (each, an "EXTENSION REQUEST") no more than sixty (60) and no less than forty-five (45) days prior to the then effective Revolving Loan Termination Date, which Extension Request shall specify (i) the new Revolving Loan Termination Date requested by the Borrowers, which new Revolving Loan Termination Date shall be a date not later than 364 days after the then current Revolving Loan Termination Date and (ii) the date (which must be not more than thirty (30) days nor less than fifteen (15) days prior to the then effective Revolving Loan Termination Date) as of which the Lenders must respond to the Extension Request (the "RESPONSE DATE"). Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender thereof and shall request each Lender to approve the Extension Request. Each Lender approving the Extension Request shall deliver its written consent no later than the Response Date (and the failure to provide such written consent by such date shall be deemed to be a decision not to extend). The Commitment of each Lender that declines to extend with respect to the Aggregate Commitment may, at the option of the Company, be replaced in accordance with Section 13.3 (but only to the extent a replacement Lender is then available) or the Aggregate Commitment reduced. All Obligations due to each Lender that declines to extend its Commitment under this Section 2.23 shall be paid in full by the Borrowers to the Administrative Agent for the account of each such Lender on the then effective Revolving Loan Termination Date (without giving effect to any such requested extension thereto). The Required Lenders and the Borrowers must agree to any extension with respect to the Revolving Loan Termination Date for any such extension to become effective, and the Administrative Agent shall promptly notify the Borrowers and each Lender of any new Revolving Loan Termination Date.

Appears in 2 contracts

Samples: 364 Day Revolving Credit Agreement (L&c Spinco Inc), 364 Day Revolving Credit Agreement (Acuity Brands Inc)

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Extension of Revolving Loan Termination Date. The Company, Commitments to lend hereunder shall expire on behalf of all the earlier of the Borrowers, may request extensions of Conversion Date and the Revolving Loan Commitment Termination Date by submitting a request for an extension to Date. Within the Administrative Agent (each, an "EXTENSION REQUEST") no more than sixty (60) period beginning 59 days and no less than forty-five (45) ending 30 days prior to before the then effective Revolving Loan Termination Date, which Extension Request shall specify (i) the new Borrower may request in writing that the Revolving Loan Termination Date requested by the Borrowersbe extended for an additional period of 364 days, which new Revolving Loan Termination Date shall be a date not later than 364 days after the then current Revolving Loan Termination Date and (ii) the date (which must be not more than thirty (30) days nor less than fifteen (15) days prior to including the then effective Revolving Loan Termination Date) Date as one of which the Lenders must respond to days in the Extension Request calculation of days elapsed. Within 20 days after such request (such 20th day being the "RESPONSE CONSENT DATE"). Promptly upon receipt , each Lender may, in its sole discretion, agree to such extension to a new Revolving Loan Termination Date not more than 364 days following such Consent Date by giving written notice of an Extension Request, such agreement to the Borrower and the Administrative Agent shall notify each Lender thereof and shall request each Lender to approve the Extension Request. Each Lender approving the Extension Request shall deliver its written consent no later than the Response Date (and the failure to provide such written consent by such date notice shall be deemed to be a decision not to extend). The Commitment of each Lender that declines to extend with respect to the Aggregate Commitment then effective Revolving Loan Termination Date may, at the option of the CompanyBorrower, be replaced in accordance with Section 13.3 12.3.1 (but only to the extent a replacement Lender is then available) ), or the Aggregate Commitment shall be reduced. All Obligations due to each Lender that declines to extend its Commitment under this Section 2.23 2.2.1 shall be paid in full by the Borrowers to the Administrative Agent for the account of each such Lender on the then effective Revolving Loan Termination Date (without giving effect to any such requested extension thereto). The Required Lenders and the Borrowers Borrower must agree to any extension with respect to the Revolving Loan Termination Date for any such extension to become effective, and the Administrative Agent shall promptly notify the Borrowers and each Lender of any new Revolving Loan Termination Date.

Appears in 2 contracts

Samples: 364 Day Credit Agreement (Arvinmeritor Inc), 364 Day Credit Agreement (Arvinmeritor Inc)

Extension of Revolving Loan Termination Date. The CompanyEach Bank, on behalf at its sole option and in its sole discretion, upon the written request of all of the Borrowers, may request extensions of Borrower given to Administrative Agent and each Bank not more than 90 days nor less than 60 days prior to the Revolving Loan Termination Date at any time in effect, may elect to extend such Revolving Loan Termination Date by submitting a request for an extension period of one year. Within 30 days following receipt of such request, each Bank shall give notice to the Borrower and Administrative Agent (eachof its decision to extend or not to extend such Revolving Loan Termination Date. If, an "EXTENSION REQUEST") no more than sixty (60) and no less than forty-five (45) days prior in accordance with the immediately preceding sentence, all Banks shall have elected to the then effective extend such Revolving Loan Termination Date, which Extension Request shall specify (i) the new Revolving Loan Termination Date requested by the Borrowers, which new Revolving Loan Termination Date shall be extended by a date period of one year. In the event that any Bank notifies Borrower and Administrative Agent that it will not later than 364 days after extend the then current Revolving Loan Termination Date then in effect, or if any Bank fails to notify Borrower and (ii) the date (which must be Administrative Agent of its decision to extend or not more than thirty (30) days nor less than fifteen (15) days prior to the then effective extend such Revolving Loan Termination Date) as of which , in either case within the Lenders must respond applicable 30 day period referred to the Extension Request (the "RESPONSE DATE"). Promptly upon receipt of an Extension Requestabove, the Administrative Agent shall notify each Lender thereof and shall request each Lender to approve the Extension Request. Each Lender approving the Extension Request shall deliver its written consent no later than the Response Date (and the failure to provide such written consent by such date shall be deemed to be a decision not to extend). The Commitment of each Lender that declines to extend with respect to the Aggregate Commitment may, at the option of the Company, be replaced in accordance with Section 13.3 (but only to the extent a replacement Lender is then available) or the Aggregate Commitment reduced. All Obligations due to each Lender that declines to extend its Commitment under this Section 2.23 shall be paid in full by the Borrowers to the Administrative Agent for the account of each such Lender on the then effective Revolving Loan Termination Date (without giving effect to any such requested extension thereto). The Required Lenders shall not be extended and the Borrowers must agree to any extension with respect to Revolving Loan Termination Date then in effect shall be the Revolving Loan Termination Date for all purposes of this Agreement. (a) Each Loan shall bear interest on the outstanding principal amount thereof from the applicable Borrowing Date at a rate per annum equal to the Eurodollar Rate (other than with respect to Swingline Loans) or the Base Rate, as the case may be (and subject to the Borrower's right to convert to other Types of Loans under Section 2.04), plus the Applicable Margin. (b) Interest on each Loan shall be paid in arrears on each applicable Interest Payment Date. Interest in all cases shall also be paid on the date of any such extension to become effectiveprepayment of Loans under subsection 2.07(d) and interest on Eurodollar Rate Loans shall also be paid on the date of prepayment of Loans in all other circumstances under Section 2.06 or 2.07, in each case for the portion of the Loans so prepaid and upon payment (including prepayment) in full thereof and, during the existence of any Event of Default, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Majority Banks. (c) Notwithstanding subsection (a) of this Section, while any Event of Default exists or after acceleration, the Borrower shall promptly notify pay interest (after as well as before entry of judgment thereon to the Borrowers extent permitted by law) on the principal amount of all outstanding Obligations, at a rate per annum which is determined by adding 2% per annum to the Applicable Margin then in effect for such Loans and, in the case of Obligations not subject to an Applicable Margin, including, without limitation, all letter of credit and each Lender commitment fees provided herein, at a rate per annum equal to the Base Rate plus the Applicable Margin plus 2%; provided, however, that, on and after the expiration of any new Revolving Interest Period applicable to any Eurodollar Rate Loan Termination Dateoutstanding on the date of occurrence of such Event of Default or acceleration, the principal amount of such Loan shall, during the continuation of such Event of Default or after acceleration, bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin plus 2%.

Appears in 1 contract

Samples: Credit Agreement (Ferrellgas Partners Finance Corp)

Extension of Revolving Loan Termination Date. The Company, on behalf of all of the Borrowers, may request extensions of the Revolving Loan Termination Date by submitting a request for an extension to the Administrative Agent (each, an "EXTENSION REQUEST"“Extension Request”) no more than sixty (60) and no less than forty-five (45) days prior to the then effective Revolving Loan Termination Date, which Extension Request shall specify (i) the new Revolving Loan Termination Date requested by the Borrowers, which new Revolving Loan Termination Date shall be a date not later than 364 days after the then current Revolving Loan Termination Date and (ii) the date (which must be not more than thirty (30) days nor less than fifteen (15) days prior to the then effective Revolving Loan Termination Date) as of which the Lenders must respond to the Extension Request (the "RESPONSE DATE"“Response Date”). Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender thereof and shall request each Lender to approve the Extension Request. Each Lender approving the Extension Request shall deliver its written consent no later than the Response Date (and the failure to provide such written consent by such date shall be deemed to be a decision not to extend). The Commitment of each Lender that declines to extend with respect to the Aggregate Commitment may, at the option of the Company, be replaced in accordance with Section 13.3 (but only to the extent a replacement Lender is then available) or the Aggregate Commitment reduced. All Obligations due to each Lender that declines to extend its Commitment under this Section 2.23 shall be paid in full by the Borrowers to the Administrative Agent for the account of each such Lender on the then effective Revolving Loan Termination Date (without giving effect to any such requested extension thereto). The Required Lenders and the Borrowers must agree to any extension with respect to the Revolving Loan Termination Date for any such extension to become effective, and the Administrative Agent shall promptly notify the Borrowers and each Lender of any new Revolving Loan Termination Date.

Appears in 1 contract

Samples: 364 Day Revolving Credit Agreement (Acuity Brands Inc)

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Extension of Revolving Loan Termination Date. (a) The Company, on behalf of all of the Borrowers, -------------------------------------------- Borrower may request two extensions of the Revolving Loan Termination Date by submitting a request for an extension to the Administrative Agent (each, an "EXTENSION REQUEST") no not more than sixty (60) 180 days and no not less than forty-five (45) 60 days prior to the then effective Revolving Loan Termination Date, which . The Extension Request shall must specify (i) the new Revolving Loan Termination Date requested by the BorrowersBorrower, which shall be the day that is one year after the then Effective Revolving Loan Termination Date. The new Revolving Loan Termination Date shall be a date not later than 364 days after the then current Revolving Loan Termination Date and (ii) the date (which must be not more than thirty (30) days nor less than fifteen (15) days prior to effective as of the then effective Revolving Loan Termination Date) as of which the Lenders must respond to the Extension Request Date (the "RESPONSE EXTENSION DATE"). The Revolving Loan Termination Date may not be extended more than two times hereunder. 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 no later than the Response Date (Extension Date. If and only if the failure to provide such written consent of Lenders having, in the aggregate, Revolving Loan Percentages of greater than 75% is received by the Agent, and no Default or Unmatured Default has occurred and is continuing on the Extension Date, such date specified in the Extension Request as the new Revolving Loan Termination Date shall be deemed to be a decision not to extend). The Commitment of each Lender that declines to extend become effective on the Extension Date, but only with respect to the Aggregate Commitment may, at the option of the Company, be replaced in accordance with Section 13.3 (but only to the extent a replacement Lender is then available) or the Aggregate Commitment reduced. All Obligations due to each Lender that declines to extend its Commitment under this Section 2.23 shall be paid in full by has approved the Borrowers to the Administrative Agent for the account of each such Lender on the then effective Revolving Loan Termination Date (without giving effect to any such requested extension thereto)Extension Request. The Required Lenders and the Borrowers must agree to any extension with respect to the Revolving Loan Termination Date for any such extension to become effective, and the Administrative Agent shall promptly notify the Borrowers Borrower and each Lender of any the new Revolving Loan Termination Date.Revolving

Appears in 1 contract

Samples: Credit Agreement (Gardner Denver Inc)

Extension of Revolving Loan Termination Date. The Company, Commitments shall expire on behalf of all the earlier of the Borrowers, may request extensions of Conversion Date and the Revolving Loan Commitment Termination Date by submitting a request for an extension to Date. Within the Administrative Agent (each, an "EXTENSION REQUEST") no more than sixty (60) period beginning 59 days and no less than forty-five (45) ending 30 days prior to before the then effective Revolving Loan Termination Date, the Borrower may request in writing to the Administrative Agent and the Syndication Agents that the Revolving Loan Termination Date be extended for an additional period of 364 days, including the then effective Revolving Loan Termination Date as one of the days in the calculation of days elapsed, which Extension Request request shall specify (i) expressly state the new Revolving Loan Termination Date requested and shall constitute a representation and warranty by the Borrowers, which new Revolving Loan Termination Date shall be a date not later than 364 days after Borrower that the then current Revolving Loan Termination Date and (ii) conditions contained in SECTION 4.2 have been satisfied as of the date (which must be not more than thirty (30) days nor less than fifteen (15) days prior to of such request and as of the then effective Revolving Loan Termination Date) as of which the Lenders must respond to the Extension Request . Within 20 days after such request (such 20th day being the "RESPONSE CONSENT DATE"). Promptly upon receipt , each Lender may, in its sole discretion, agree to such extension to a new Revolving Loan Termination Date not more than 364 days following such Consent Date by giving written notice of an Extension Requestsuch agreement to the Borrower, the Administrative Agent shall notify each Lender thereof and shall request each Lender to approve the Extension Request. Each Lender approving the Extension Request shall deliver its written consent no later than the Response Date Syndication Agents (and the failure to provide such written consent by such date notice shall be deemed to be a decision not to extend). The Commitment of each Lender that declines to extend with respect to the Aggregate Commitment then effective Revolving Loan Termination Date may, at the option of the CompanyBorrower, be replaced in accordance with Section 13.3 SECTION 12.3 (but only to the extent a replacement Lender is then available) ), or the Aggregate Commitment shall be reduced. All Obligations due to each Lender that declines to extend its Commitment under this Section 2.23 SECTION 2.1.2 shall be paid in full by the Borrowers to the Administrative Agent for the account of each such Lender on the then effective Revolving Loan Termination Date (without giving effect to any such requested extension thereto). The Required Lenders and the Borrowers Borrower must agree to any extension with respect to the Revolving Loan Termination Date for any such extension to become effective, and the Administrative Agent shall promptly notify the Borrowers and each Lender of any new Revolving Loan Termination Date.

Appears in 1 contract

Samples: 364 Day Revolving Credit Agreement (TJX Companies Inc /De/)

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