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

Extension of Revolving Loan Termination Date. The Commitments to lend hereunder shall expire on the earlier of the Conversion Date and the Commitment Termination Date. Within the period beginning 59 days and ending 30 days before the then effective Revolving Loan Termination Date, the Borrower may request in writing 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. Within 20 days after such request (such 20th day being the "CONSENT DATE"), 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 such agreement to the Borrower and the Administrative Agent (and the failure to provide such notice shall be deemed to be a decision not to extend). The Commitment of each Lender that declines to extend the then effective Revolving Loan Termination Date may, at the option of the Borrower, be replaced in accordance with Section 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 2.2.1 shall be paid in full 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 Borrower must agree to any extension with respect to the Revolving Loan Termination Date for any such extension to become effective.

Appears in 2 contracts

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

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Extension of Revolving Loan Termination Date. The Commitments to lend hereunder shall expire Company, on the earlier behalf of all of the Conversion 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 the Commitment Termination Date. Within the period beginning 59 no less than forty-five (45) days and ending 30 days before prior to the then effective Revolving Loan Termination Date, which Extension Request shall specify (i) the Borrower may request in writing that the new Revolving Loan Termination Date requested by the Borrowers, which new Revolving Loan Termination Date shall be extended for an additional period of a date not later than 364 days, including 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 Date) as one of which the days in Lenders must respond to the calculation of days elapsed. Within 20 days after such request Extension Request (such 20th day being the "CONSENT RESPONSE DATE"). Promptly upon receipt of an Extension Request, 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 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 notice 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 then effective Revolving Loan Termination Date Aggregate Commitment may, at the option of the BorrowerCompany, be replaced in accordance with Section 12.3.1 13.3 (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 2.2.1 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 Borrower 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: Credit Agreement (L&c Spinco Inc), Assignment Agreement (Acuity Brands Inc)

Extension of Revolving Loan Termination Date. The Commitments to lend hereunder shall expire Company, on the earlier behalf of all of the Conversion 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 the Commitment Termination Date. Within the period beginning 59 no less than forty-five (45) days and ending 30 days before prior to the then effective Revolving Loan Termination Date, which Extension Request shall specify (i) the Borrower may request in writing that the new Revolving Loan Termination Date requested by the Borrowers, which new Revolving Loan Termination Date shall be extended for an additional period of a date not later than 364 days, including 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 Date) as one of which the days in the calculation of days elapsed. Within 20 days after such request (such 20th day being the "CONSENT DATE"), 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 such agreement Lenders must respond to the Borrower and 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 notice 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 then effective Revolving Loan Termination Date Aggregate Commitment may, at the option of the BorrowerCompany, be replaced in accordance with Section 12.3.1 13.3 (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 2.2.1 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 Borrower 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: Day Revolving Credit Agreement (Acuity Brands Inc)

Extension of Revolving Loan Termination Date. (a) The Commitments to lend hereunder shall expire on the earlier -------------------------------------------- Borrower may request two extensions of the Conversion Revolving Loan Termination Date and by submitting a request for an extension to the Commitment Termination Date. Within the period beginning 59 Agent (an "EXTENSION REQUEST") not more than 180 days and ending 30 not less than 60 days before prior to the then effective Revolving Loan Termination Date, . The Extension Request must specify the Borrower may request in writing 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. Within 20 days after such request (such 20th day being the "CONSENT DATE"), 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 requested by giving written notice of such agreement to the Borrower and the Administrative Agent (and the failure to provide such notice Borrower, which shall be deemed to be a decision not to extend)the day that is one year after the then Effective Revolving Loan Termination Date. The Commitment of each Lender that declines to extend the then effective new Revolving Loan Termination Date may, at the option of the Borrower, be replaced in accordance with Section 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 2.2.1 shall be paid in full to the Administrative Agent for the account effective as of each such Lender on the then effective Revolving Loan Termination Date (without giving effect to any such requested extension theretothe "EXTENSION DATE"). The Required Lenders and the Borrower must agree to any extension with respect to the Revolving Loan Termination Date for any may not be extended more than two times hereunder. Promptly upon receipt of an Extension Request, the 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 Extension Date. If and only if the 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 extension date specified in the Extension Request as the new Revolving Loan Termination Date shall become effective on the Extension Date, but only with respect to become effective.each Lender that has approved the Extension Request. The Agent shall promptly notify the Borrower and each Lender of the new Revolving

Appears in 1 contract

Samples: Credit Agreement (Gardner Denver Inc)

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Extension of Revolving Loan Termination Date. The Commitments to lend hereunder shall expire on the earlier of the Conversion Date and the Commitment Termination Date. Within the period beginning 59 days and ending 30 days 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 request shall expressly state the new Revolving Loan Termination Date and shall constitute a representation and warranty by the Borrower that the conditions contained in SECTION 4.2 have been satisfied as of the date of such request and as of the then effective Revolving Loan Termination Date. Within 20 days after such request (such 20th day being the "CONSENT DATE"), 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 such agreement to the Borrower and Borrower, the Administrative Agent and the Syndication Agents (and the failure to provide such notice shall be deemed to be a decision not to extend). The Commitment of each Lender that declines to extend the then effective Revolving Loan Termination Date may, at the option of the Borrower, be replaced in accordance with Section 12.3.1 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 2.2.1 SECTION 2.1.2 shall be paid in full 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 Borrower must agree to any extension with respect to the Revolving Loan Termination Date for any such extension to become effective.

Appears in 1 contract

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

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