Extension of Termination Date. At least 30 days but not more than 60 days prior to the Termination Date, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year extension of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”), be extended for an additional one year period, provided that (i) the Administrative Agent shall have received not later than 30 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described in Section 2.08(d) and (iii) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (a) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date), and (b) no Default or Event of Default has occurred and is continuing or would result from such extension. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.
Appears in 2 contracts
Samples: Security Agreement (Campus Crest Communities, Inc.), Credit Agreement (Campus Crest Communities, Inc.)
Extension of Termination Date. At least 30 days but The Borrowers shall have the option (the “Extension Option”) to extend the original Termination Date for a period of one (1) year. Subject to the conditions set forth below, Borrowers may exercise the Extension Option by delivering a written notice to Agent (who shall provide such notice, promptly upon receipt, to each of the Lenders) not more than 60 ninety (90) days and not less than thirty (30) days prior to the Termination Date, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year extension of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in effect at such time shall, effective as at the original Termination Date (the a “Extension DateNotice to Extend”), stating that the Borrowers have elected to extend the original Termination Date for one (1) year. The Borrowers’ delivery of the Notice to Extend shall be extended for an additional one year period, provided that irrevocable and the Borrowers’ right to exercise the Extension Option shall be subject to the following terms and conditions: (i) there shall exist no Default of Event of Default on both the Administrative date the Borrowers deliver the Notice to Extend to Agent shall have received not later than 30 days prior to and on the 55 original Termination Date a new Appraisal of each Borrowing Base AssetDate, (ii) the Borrower Borrowers shall have paid the Extension Fees as described in Section 2.08(d) and (iii) on the Extension Date the following statements shall be true and the Administrative to Agent shall have received for the account of each Lender Party (other than a certificate signed by Defaulting Lender), not less than five days before the Original Termination Date, an extension fee equal to 0.25% of such Lender’s Commitment Amount, and (iii) without limiting the conditions set forth in the foregoing clause (i), the Borrowers shall have delivered to the Agent a Responsible Officer Compliance Certificate, dated as of the Borrowerdate of the Notice to Extend, dated which includes detailed calculations establishing that EPR and its Subsidiaries were in compliance with the Extension Date, stating that: (a) the representations and warranties financial covenants contained in Section 4.01 are true and correct in all material respects on and 9.1 as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date), and (b) no Default or Event of Default has occurred and is continuing or would result from such extension. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As date of the Extension Date, any and all references in this Agreement, most recently ended calendar quarter for which the Notes, if any, or any of the other Loan Documents Borrowers are required to the “Termination Date” shall refer to the Termination Date as so extendedreport financial results.
Appears in 2 contracts
Samples: Credit Agreement (Epr Properties), Credit Agreement (Entertainment Properties Trust)
Extension of Termination Date. At least 30 days but not more than 60 days prior to the Termination Date, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year extension of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”), be extended for an additional one year period, provided that (i) the Administrative Agent shall have received not later than 30 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described in Section 2.08(d2.08(e) and (iii) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (a) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date), and (b) no Default or Event of Default has occurred and is continuing or would result from such extension. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.
Appears in 2 contracts
Samples: Credit Agreement (Campus Crest Communities, Inc.), Credit Agreement (Campus Crest Communities, Inc.)
Extension of Termination Date. At least 30 ninety (90) days but not more than 60 one hundred twenty (120) days prior to the Termination DateDate of the Term Loan Facility, the BorrowerBorrowers, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, request a single one-year consecutive twelve (12)-month extension of the Termination DateDate with respect to both the Term Loan Facility and the Delayed Draw Term Facility. The Administrative Agent shall promptly notify each Appropriate Lender of such request and the Termination Date for each such Facility in effect at such time shall, effective as at the each such Termination Date (the “Extension Date”), be extended for an additional one year twelve (12)-month period, provided that (i) the Administrative Agent shall have received not later than 30 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower Borrowers shall have paid the Extension Fees as described in Section 2.08(d) 2.08(c), and (iii) on the applicable Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the BorrowerBorrowers, dated the Extension Date, stating that: (ai) the representations and warranties of each Loan Party contained in Section 4.01 Article IV or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the Extension Date Date, both before and after giving effect to such extension (except to the extent that any representation or warranty that is qualified by materiality shall be true and correct in all respects) on and as of such Extension Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are shall be true and correct in all material respects (or, if qualified by materiality, in all respects) as of such earlier date, and except that for purposes of this Section 2.16, the representations and warranties contained in Section 4.01(g) shall be deemed to refer to the most recent statements furnished pursuant to Sections 5.03(b) and (c), respectively, and (bii) no Default or Event of Default has occurred and is continuing continuing, or would result from such extension; and (c) the Loan Parties are in compliance with the covenants contained in Sections 5.04 and 5.05, and that the Minimum Value Condition continues to be satisfied, immediately before and, on a pro forma basis, immediately after such extension, in each case together with supporting information demonstrating such compliance in reasonable detail. In the event that an extension of the Term Loan Facility and the Delayed Draw Term Facility is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.016.02), the aggregate principal amount of all Term Loan Advances and all Delayed Draw Term Advances shall be repaid in full ratably to the Lenders on the Termination Date with respect to such Facilities as so extended. As of the Extension Date, any and all references in this Agreement, the Term Notes, if any, the Delayed Draw Term Notes, if any, or any of the other Loan Documents to the “Termination Date” with respect to the Term Loan Facility or the Delayed Draw Term Facility shall refer to the Termination Date in respect of the Term Loan Facility or the Delayed Draw Term Facility (as applicable), as so extended.
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Extension of Termination Date. (a) At least 30 days but not more than 60 days prior to the Termination next Anniversary Date, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year request an extension of the Termination DateDate in effect at such time by one calendar year from its then scheduled expiration. The Administrative Agent shall promptly notify each Lender of such request request, and the Termination Date each Lender shall in effect at such time shallturn, effective as at the Termination Date (the “Extension Date”)in its sole discretion, be extended for an additional one year period, provided that (i) the Administrative Agent shall have received not later than 30 20 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base Assetsuch Anniversary Date, (ii) notify the Borrower shall have paid the Extension Fees as described in Section 2.08(d) and (iii) on the Extension Date the following statements shall be true and the Administrative Agent in writing as to whether such Lender will consent to such extension. The delivery of such notice shall have received for constitute a representation and warranty that on the account date of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: such notice (ax) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date date of such notice (except to provided that, for the extent that purposes of such representation, (A) all references in the representations and warranties specifically contained in Section 4.01(e) to consolidated balance sheets, consolidated statements of income, cash flow and retained earnings for the Borrower and its Consolidated Subsidiaries shall be deemed to refer to an earlier datethe corresponding versions of those documents most recently delivered to the Administrative Agent pursuant to Section 5.01(e)(ii) prior to the date of the notice contemplated in this Section 2.15(a), (B) all references in which case they are true the representations and correct as warranties contained in Section 4.01(e) and 4.01(f) to “SEC Reports” shall be deemed to refer to the Borrower’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current Reports on Form 8-K filed with the Securities and Exchange Commission prior to the date of such earlier datenotice and (C) the final sentence of Section 4.01(e) shall be deemed revised to read “Except as set forth in the SEC Reports, since the date of the most recently delivered consolidated financial statements delivered to the Administrative Agent in accordance with Section 5.01(e)(ii), there has been no Material Adverse Change”; and (by) there exists no Default or Event Default. If any Lender shall fail to notify the Administrative Agent and the Borrower in writing of Default has occurred and is continuing or would result from its consent to any such extension. In the event that an request for extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extendedprior to 20 days prior to such Anniversary Date, such Lender shall be deemed to be a Non-Consenting Lender with respect to such request. As The Administrative Agent shall notify the Borrower not later than 15 days prior to such next Anniversary Date of the Extension Date, any and all references in this Agreement, the Notes, if any, or any decision of the other Loan Documents to Lenders regarding the “Borrower’s request for an extension of the Termination Date” shall refer to the Termination Date as so extended.
Appears in 1 contract
Extension of Termination Date. (a) At least 30 days but not more than 60 days prior to the Termination Date, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Revolving Credit Commitments and the Letter of Credit Commitments then outstanding, a single one-year extension of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”"EXTENSION DATE"), be extended for an additional one year period, provided that (i) the Administrative Collateral Agent shall have received not no later than 30 10 days prior to the 55 Termination Extension Date a new recent Appraisal of each Borrowing Base Asset, Eligible Real Estate Asset (iiit being understood and agreed that any Appraisals previously delivered to the Collateral Agent in satisfaction of a request made pursuant to Section 5.01(k)(iii) shall satisfy the Borrower shall have paid the Extension Fees as described in Section 2.08(drequirements of this subsection (i)) and (iiiii) on the Extension Date Date, the following statements shall be true in all material respects and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer duly authorized officer of the Borrower, dated the Extension Date, stating that: (ax) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date)Date, and (by) no Default or Event of Default has occurred and is continuing or would result from such extension. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01)2.16, the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “"Termination Date” " shall refer to the Termination Date as so extended.
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Extension of Termination Date. At least 30 days but not more than 60 days prior to the Termination Date, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year extension of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”), be extended for an additional one year period, ; provided that (i) as of the Administrative Agent shall have received not later than 30 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base AssetExtension Date, (iia) the Borrower shall have paid the Extension Fees as described in Section 2.08(d) and (iii) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer duly authorized officer of the Borrower, dated the Extension Date, stating that: (ax) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date Date, (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date), and (by) no Default or Event of Default has occurred and is continuing or would result from such extensionextension and (z) the Fixed Charge Coverage Ratio is greater than 1.15:1.00, (b) the Administrative Agent shall have received payment by the Borrower of the fee described in Section 2.08(d), and (c) the Borrower shall have executed and delivered to the Administrative Agent (in recordable form, if required by local law) any extension agreement requested by the Administrative Agent, in form and substance satisfactory to the Administrative Agent, with respect to each Borrowing Base Asset and endorsements and other assurances as the Administrative Agent may reasonably require to confirm the Mortgage Policies. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01)2.16, the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.
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Extension of Termination Date. At least 30 days but not more than 60 180 days prior to the Termination Date, the BorrowerBorrowers, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year extension of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in effect at such time shall, effective as at of the Termination Extension Date (the “Extension Date”as defined below), be extended for an additional one year period, provided that that, on the Extension Date (ia) the Administrative Agent shall have received not later than 30 days prior to payment in full of the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described extension fee set forth in Section 2.08(d) and (iiib) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer duly authorized officer of the BorrowerOperating Partnership, dated the Extension Date, stating that: (ai) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer relate solely to an earlier date, date (in which case they are such representations and warranties shall have been true and correct accurate in all material respects on and as of such earlier date)), and (bii) no Default or Event of Default has occurred and is continuing or would result from such extension. “Extension Date” means the first date after the delivery by the Borrowers of the extension notice described above that the conditions set forth in clauses (a) and (b) above are satisfied. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01)2.16, the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, Agreement or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.
Appears in 1 contract
Samples: Global Senior Credit Agreement (Digital Realty Trust, L.P.)
Extension of Termination Date. At least 30 days but not more than 60 days prior to the Termination Date, the BorrowerThe Borrowers may request, by written notice to the Administrative Agent, may request(i) at least 30 days but not more than the day occurring 60 days and one year prior to the Termination Date, a six‑month extension of the Termination Date with respect to the Commitments then outstandingoutstanding and (ii) thereafter, a single one-an additional six‑month extension provided at least 30 days but not more than the day occurring 60 days and one year extension of prior to the Termination DateDate (as extended pursuant to clause (i) of this sentence) (each, an “Extension Request”). The Administrative Agent shall promptly notify each Lender of such request Extension Request and the Termination Date in effect at such time shall, effective as at of the Termination applicable Extension Date (the “Extension Date”as defined below), be extended for an additional one year six‑month period, provided that that, on such Extension Date (ia) the Administrative Agent shall have received not later than 30 days prior to payment in full of the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described extension fee set forth in Section 2.08(d) and (iiib) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer duly authorized officer of the BorrowerOperating Partnership, dated the applicable Extension Date, stating that: (ai) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the such Extension Date (except to the extent that such representations and warranties specifically refer relate solely to an earlier date, date (in which case they are such representations and warranties shall have been true and correct accurate in all material respects on and as of such earlier date)), and (bii) no Default or Event of Default has occurred and is continuing or would result from such extension. “Extension Date” means, in the case of each extension option, the first date after the delivery by the Borrowers of the related Extension Request that the conditions set forth in clauses (a) and (b) above are satisfied. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01)2.16, the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, Agreement or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.
Appears in 1 contract
Samples: Global Senior Credit Agreement (Digital Realty Trust, L.P.)
Extension of Termination Date. At least 30 days but not more than 60 days prior to the Termination Date, the BorrowerThe Borrowers may request, by written notice to the Administrative Agent, may request(i) at least 30 days but not more than the day occurring 60 days and one year prior to the Termination Date, a six-month extension of the Termination Date with respect to the Commitments then outstandingoutstanding and (ii) thereafter, a single onean additional six-month extension provided at least 30 days but not more than the day occurring 60 days and one year extension of prior to the Termination DateDate (as extended pursuant to clause (i) of this sentence) (each, an “Extension Request”). The Administrative Agent shall promptly notify each Lender of such request Extension Request and the Termination Date in effect at such time shall, effective as at of the Termination applicable Extension Date (the “Extension Date”as defined below), be extended for an additional one year six-month period, provided that that, on such Extension Date (ia) the Administrative Agent shall have received not later than 30 days prior to payment in full of the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described extension fee set forth in Section 2.08(d) and (iiib) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account benefit of each Lender Party a certificate signed by a Responsible Officer duly authorized officer of the BorrowerOperating Partnership, dated the applicable Extension Date, stating that: (ai) the representations and warranties contained in Section 4.01 are true and correct in all material respects (unless qualified as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true and correct in all respects) on and as of the such Extension Date (except to the extent that such representations and warranties specifically refer relate solely to an earlier date, date (in which case they are such representations and warranties shall have been true and correct accurate in all material respects or all respects, as applicable, on and as of such earlier date)), and (bii) no Default or Event of Default has occurred and is continuing or would result from such extension. “Extension Date” means, in the case of each extension option, the first date after the delivery by the Borrowers of the related Extension Request that the conditions set forth in clauses (a) and (b) above are satisfied. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01)2.16, the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, Agreement or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.. 62 Digital Realty – Second Amended and Restated Yen Credit Agreement
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Extension of Termination Date. At least 30 days but (i) Altria may, by written notice (an “Extension Notice”) to Xxxxxxx Sachs, as Administrative Agent, which shall promptly notify each Consenting Lender, not more later than 60 days three Business Days prior to the Termination Date, extend the Borrower, by written notice to the Administrative Agent, may request, Termination Date solely with respect to the Commitments then outstanding, a single one-year extension of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”), be extended Consenting Lenders for an additional one year periodperiod of three months; provided that, provided that on the date of each Extension Notice and on the effective date of each such extension, (i) the Administrative Agent shall have received not later than 30 days prior to the 55 Termination Date no event has occurred and is continuing that constitutes a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described in Section 2.08(d) and (iii) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (a) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date), and (b) no Default or Event of Default has occurred and is continuing or would result from such extension. In (ii) the event representations contained in Section 4.01 (except the representations set forth in the last sentence of subsection (e) and in subsection (f) thereof (other than clause (i) thereof)) are correct; and provided, further, that an extension is effected Altria may deliver no more than two Extension Notices, so that the maximum time period the Termination Date may be extended pursuant to this Section 2.16 (but subject 2.09(c) is six months past the original Termination Date. Upon the effectiveness of each extension provided for in this Section 2.09(c), all terms of this Agreement shall remain in full force and effect solely with respect to the each Consenting Lender. The provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances Section 2.15 shall not be repaid in full ratably applicable to the payments made to Non-Consenting Lenders on the Termination Date in connection with the termination of their Commitments. Altria agrees that it will, upon the request of any Consenting Lender through Xxxxxxx Xxxxx, as so extended. As Administrative Agent, issue a new Note in favor of such Consenting Lender reflecting the Extension Dateextended maturity date, any in exchange for the Note held by such Consenting Lender, which shall be promptly returned to Altria and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the marked “Termination Date” shall refer to the Termination Date as so extendedcancelled”.
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Extension of Termination Date. (a) At least 30 days but not more than 60 days prior to the Termination next Anniversary Date, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year request an extension of the Termination DateDate in effect at such time by one calendar year from its then scheduled expiration. The Administrative Agent shall promptly notify each Lender of such request request, and the Termination Date each Lender shall in effect at such time shallturn, effective as at the Termination Date (the “Extension Date”)in its sole discretion, be extended for an additional one year period, provided that (i) the Administrative Agent shall have received not later than 30 20 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base Assetsuch Anniversary Date, (ii) notify the Borrower shall have paid the Extension Fees as described in Section 2.08(d) and (iii) on the Extension Date the following statements shall be true and the Administrative Agent in writing as to whether such Xxxxxx will consent to such extension. The delivery of such notice shall have received for constitute a representation and warranty that on the account date of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: such notice (ax) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date date of such notice (except to provided that, for the extent that purposes of such representation, (A) all references in the representations and warranties specifically contained in Section 4.01(e) to consolidated balance sheets, consolidated statements of income, cash flow and retained earnings for the Borrower and its Consolidated Subsidiaries shall be deemed to refer to an earlier date, the corresponding versions of those documents most recently delivered to the Administrative Agent pursuant to Section 5.01(e)(ii) prior to the date of the notice contemplated in which case they are true and correct as of such earlier datethis Section 2.15(a), and (bB) no Default or Event of Default has occurred and is continuing or would result from such extension. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents representations and warranties contained in Section 4.01(e) and 4.01(f) to the “Termination DateSEC Reports” shall be deemed to refer to the Termination Date Borrower’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current Reports on Form 8-K filed with the Securities and Exchange Commission prior to the date of such notice and (C) the final sentence of Section 4.01(e) shall be deemed revised to read “Except as so extended.set forth in the SEC Reports, since the date of the most recently delivered consolidated financial statements delivered to the Administrative Agent in accordance with Section 5.01(e)(ii), there has been no Material Adverse Change”; and (y) there
Appears in 1 contract
Extension of Termination Date. At The Borrower shall have the right, exercisable one time, to extend the Termination Date by one year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 30 90 days but not more than 60 180 days prior to the current Termination Date, the Borrower, by a written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year of such extension of the Termination Date(an “Extension Notice”). The Administrative Agent shall notify the Revolving Lenders if it receives an Extension Notice promptly notify each Lender upon receipt thereof. Subject to satisfaction of such request and the following conditions, the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”), shall be extended for an additional one year period, provided that (i) effective upon receipt by the Administrative Agent shall have received not later than 30 days of the Extension Notice and payment of the fee referred to in the following clause (y): (x) immediately prior to the 55 Termination Date a new Appraisal of each Borrowing Base Assetsuch extension and immediately after giving effect thereto, (iiA) the Borrower no Default or Event of Default shall have paid the Extension Fees as described in Section 2.08(d) exist and (iii) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (aB) the representations and warranties contained made or deemed made by the Parent, the Borrower and each other Loan Party in Section 4.01 are the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the Extension Date (date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties specifically refer expressly relate solely to an earlier datedate (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case they are such representation or warranty shall be true and correct in all respects) on and as of such earlier date), ) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents and (by) no Default or Event the Borrower shall have paid the Fees payable under Section 3.5.(d). At any time prior to the effectiveness of Default has occurred and is continuing or would result from any such extension. In , upon the event that an extension is effected pursuant to this Section 2.16 (but subject Administrative Agent’s request, the Borrower shall deliver to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As Administrative Agent a certificate from either (i) any two of the Extension Datefollowing officers of the Parent (x) the chief executive officer, any and all references in this Agreement, (y) the Notes, if anychief financial officer or (z) the chief accounting officer, or any (ii) the treasurer of the other Loan Documents Parent and any one of the following officers of the Parent (x) the chief executive officer, (y) the chief financial officer or (z) the chief accounting officer, certifying the matters referred to in the “Termination Date” shall refer to the Termination Date as so extendedimmediately preceding clauses (x)(A) and (x)(B).
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Extension of Termination Date. At least 30 90 days but not more than 60 120 days prior to the Termination Date, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year extension of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”), be extended for an additional one year period, provided that (i) the Administrative Agent shall have received not later than 30 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described in Section 2.08(d) ), shall have delivered to Administrative Agent the Appraisals required by Section 5.03(n), and (iii) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (a) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier dateDate, in which case they are true and correct as of such earlier date), and (b) no Default or Event of Default has occurred and is continuing or would result from such extension, and (c) the Loan Parties are in compliance with the covenants contained in Section 5.04 immediately before and, on a pro forma basis, immediately after the extension, together with supporting information demonstrating such compliance. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.”
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Extension of Termination Date. At least 30 days but not more than 60 days prior to the Termination Date, the BorrowerThe Borrowers may request, by written notice to the Administrative Agent, may request(i) at least 30 days but not more than the day occurring 60 days and one year prior to the Termination Date, a six-month extension of the Termination Date with respect to the Commitments then outstandingoutstanding and (ii) thereafter, a single onean additional six-month extension provided at least 30 days but not more than the day occurring 60 days and one year extension of prior to the Termination DateDate (as extended pursuant to clause (i) of this sentence) (each, an “Extension Request”). The Administrative Agent shall promptly notify each Lender of such request Extension Request and the Termination Date in effect at such time shall, effective as at of the Termination applicable Extension Date (the “Extension Date”as defined below), be extended for an additional one year six-month period, provided that that, on such Extension Date (ia) the Administrative Agent shall have received not later than 30 days prior to payment in full of the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described extension fee set forth in Section 2.08(d) and (iiib) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account benefit of each Lender Party a certificate signed by a Responsible Officer duly authorized officer of the BorrowerOperating Partnership, dated the applicable Extension Date, stating that: (ai) the representations and warranties contained in Section 4.01 are true and correct in all material respects (unless qualified as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true and correct in all respects) on and as of the such Extension Date (except to the extent that such representations and warranties specifically refer relate solely to an earlier date, date (in which case they are such representations and warranties shall have been true and correct accurate in all material respects or all respects, as applicable, on and as of such earlier date)), and (bii) no Default or Event of Default has occurred and is continuing or would result from such extension. “Extension Date” means, in the case of each extension option, the first date after the delivery by the Borrowers of the related Extension Request that the conditions set forth in clauses (a) and (b) above are satisfied. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01)2.16, the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, Agreement or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.
Appears in 1 contract
Samples: Global Senior Credit Agreement (Digital Realty Trust, L.P.)
Extension of Termination Date. (a) At least 30 days but not more and no sooner than 60 days prior to the Termination DateDate in respect of the Revolving Credit Facility, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Revolving Credit Commitments and Letter of Credit Commitments then outstanding, a single one-year extension of the Termination DateDate in respect of the Revolving Credit Facility. The Administrative Agent shall promptly notify each Lender of such request request, and the Termination Date in respect of the Revolving Credit Facility in effect at such time shall, effective as at the Termination Date in respect of the Revolving Credit Facility (the “Extension Date”)"EXTENSION DATE") and subject to the conditions set forth in this Section 2.16, be extended for an additional one year period; provided, provided that (i) the Administrative Agent shall have received not later than 30 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described in Section 2.08(d) and (iii) on the Extension Date Date, the following statements shall be true in all material respects and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer duly authorized officer of the Borrower, dated the Extension Date, stating that: (ai) the representations and warranties contained in Section 4.01 the Loan Documents are true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date)Date, and (bii) no Default or Event of Default has occurred and is continuing or would result from such extension. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01)2.16, the aggregate principal amount of all Revolving Credit Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “"Termination Date” " shall refer to the Termination Date in respect of the Revolving Credit Facility as so extended.
Appears in 1 contract
Samples: Credit Agreement (Boca Resorts Inc)
Extension of Termination Date. (a) At least 30 days but not more and no sooner than 60 days prior to the Termination Date, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year extension of the Termination DateDate until January 5, 2011. The Administrative Agent shall promptly notify each Lender of such request request, and the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”)) and subject to the conditions set forth in this Section 2.17, be extended for an such additional one year period, provided that such extension shall be available if and only if: (i) the Administrative Agent no Prepayment Failure Event shall have received not later than 30 days occurred prior to the 55 Termination Extension Date a new Appraisal and the aggregate principal amount of each Borrowing Base AssetRevolving Credit A Advances outstanding on the Extension Date does not exceed the amount set forth on Schedule 2.06(e)(iii), (ii) the Borrower Administrative Agent and the Required Lenders have agreed, in their sole discretion, upon financial covenants with which the Loan Parties shall comply during the extension term and the Loan Parties shall have paid executed and delivered an amendment to this Agreement on or prior to the Extension Fees as described in Section 2.08(d) Date confirming the effectiveness of such financial covenants during the extension term, and (iii) on the Extension Date Date, the following statements shall be true in all material respects and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer duly authorized officer of the Borrower, dated the Extension Date, stating that: (ax) the representations and warranties contained in Section 4.01 the Loan Documents are true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date)Date, and (by) no Default or Event of Default has occurred and is continuing or would result from such extension. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01)2.17, the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.
Appears in 1 contract
Samples: Credit Agreement (Grubb & Ellis Co)
Extension of Termination Date. At The Borrower shall have the right, exercisable up to two times, to extend the Termination Date then in effect for all or a portion of the then outstanding Loans, in each instance, by six (6) months. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 30 45 days but not more than 60 120 days prior to the then current Termination Date, a written request for such extension and the Borrower, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year extension aggregate amount of the Termination DateLoans as to which such extension is being requested, which aggregate amount shall be in a minimum amount of $50,000,000 and in an integral multiple of $5,000,000 in excess of that amount in the aggregate (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly notify each Lender upon receipt thereof. Subject to satisfaction of such request and the following conditions, the then current Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”), shall be extended for an additional one year period, provided that six (i6) months effective upon receipt by the Administrative Agent shall have received not later than 30 days of an Extension Request and payment of the amounts referred to in the following clause (y): (x) immediately prior to the 55 Termination Date a new Appraisal of each Borrowing Base Assetsuch extension and immediately after giving effect thereto, (iiA) the Borrower no Default or Event of Default shall have paid the Extension Fees as described in Section 2.08(d) exist and (iii) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (aB) the representations and warranties contained made or deemed made by the Borrower and each other Loan Party in Section 4.01 are the Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the Extension Date (date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties specifically refer expressly relate solely to an earlier date, date (in which case they are such representations and warranties shall have been true and correct in all material respects on and as of such earlier date), ) and except for changes in factual circumstances or resulting from transactions not prohibited under the Loan Documents and (by) no Default or Event of Default has occurred the Borrower shall have paid the fees payable under Section 3.5.(c) and is continuing or would result from such extension. In repaid the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate outstanding principal amount of all Advances shall be repaid in full ratably any portion of the Loans as to which such extension is not being requested. At any time prior to the Lenders on effectiveness of any such extension, upon the Termination Date as so extended. As of the Extension Date, any and all references in this AgreementAdministrative Agent’s request, the Notes, if any, or any of the other Loan Documents Borrower shall deliver to the “Termination Date” shall refer Administrative Agent a certificate from the chief executive officer or chief financial officer certifying the matters referred to in the Termination Date as so extendedimmediately preceding clauses (x)(A) and (x)(B).
Appears in 1 contract
Extension of Termination Date. At least 30 days but not more than 60 days prior to the Termination Date, the BorrowerThe Borrowers may request, by written notice to the Administrative Agent, may request(i) at least 30 days but not more than the day occurring 60 days and one year prior to the Termination Date, a six‑month extension of the Termination Date with respect to the Commitments then outstandingoutstanding and (ii) thereafter, a single one-an additional six‑month extension provided at least 30 days but not more than the day occurring 60 days and one year extension of prior to the Termination DateDate (as extended pursuant to clause (i) of this sentence) (each, an “Extension Request”). The Administrative Agent shall promptly notify each Lender of such request Extension Request and the Termination Date in effect at such time shall, effective as at of the Termination applicable Extension Date (the “Extension Date”as defined below), be extended for an additional one year six‑month period, provided that that, on such Extension Date (ia) the Administrative Agent shall have received not later than 30 days prior to payment in full of the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described extension fee set forth in Section 2.08(d) and (iiib) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer duly authorized officer of the BorrowerOperating Partnership, dated the applicable Extension Date, stating that: (ai) the representations and warranties contained in Section 4.01 are true and correct in all material respects (unless qualified as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true and correct in all respects) on and as of the such Extension Date (except to the extent that such representations and warranties specifically refer relate solely to an earlier date, date (in which case they are such representations and warranties shall have been true and correct accurate in all material respects or all respects, as applicable, on and as of such earlier date)), and (bii) no Default or Event of Default has occurred and is continuing or would result from such extension. “Extension Date” means, in the case of each extension option, the first date after the delivery by the Borrowers of the related Extension Request that the conditions set forth in clauses (a) and (b) above are satisfied. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01)2.16, the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, Agreement or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.
Appears in 1 contract
Samples: Global Senior Credit Agreement (Digital Realty Trust, L.P.)
Extension of Termination Date. At least 30 days but not more Not later than 60 days prior to the Termination Date, Date the Borrower, by Borrower may request in a written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year extension of Agent that the Termination DateDate then in effect be extended by three hundred sixty-four (364) days. The Administrative Agent shall will promptly notify each Lender inform the Lenders of any such request and the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”), be extended for an additional one year period, provided that (i) each Lender shall notify the Administrative Agent shall have received not in writing no later than 30 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described in Section 2.08(d) and (iii) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (a) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as after its receipt of such earlier datenotice whether it agrees to such extension (each such Lender agreeing to such extension being a "Consenting Lender"), and (b) no Default or Event of Default has occurred and is continuing or would result from such extension. In the event that an a Lender shall fail timely to so notify the Administrative Agent whether it agrees to such extension, such Lender shall be deemed to have refused to grant the requested extension. Upon receipt by the Administrative Agent of the consent to such extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on no later than 30 days after its receipt of such notice, the Termination Date as shall be automatically extended an additional three hundred sixty-four (364) days. If the Majority Lenders consent to such extension but fewer than all the Lenders so extended. As consent, and if the Borrower still desires to extend the Termination Date, it may seek to assign to an Eligible Assignee (including any Lender) subject (in the case of any Eligible Assignee which is not a Lender) to the approval of the Extension DateAdministrative Agent, any and (which approval shall not be unreasonably withheld or delayed) all references in this Agreement, the Notes, if any, or any of the other Loan Documents Commitments and Contract Advances of a non-Consenting Lender pursuant to the “Termination Date” shall refer to the Termination Date as so extendedSection 8.07(i).
Appears in 1 contract
Samples: Louisville Gas & Electric Co /Ky/
Extension of Termination Date. At least 30 days but not more than 60 days prior to the Termination next Anniversary Date, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year request an extension of the Termination DateDate in effect at such time by one calendar year from its then scheduled expiration. The Administrative Agent shall promptly notify each Lender of such request request, and the Termination Date each Lender shall in effect at such time shallturn, effective as at the Termination Date (the “Extension Date”)in its sole discretion, be extended for an additional one year period, provided that (i) the Administrative Agent shall have received not later than 30 20 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base Assetsuch Anniversary Date, (ii) notify the Borrower shall have paid the Extension Fees as described in Section 2.08(d) and (iii) on the Extension Date the following statements shall be true and the Administrative Agent in writing as to whether such Lender will consent to such extension. The delivery of such notice shall have received for constitute a representation and warranty that on the account date of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: such notice (ax) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date date of such notice (except to provided that, for the extent that purposes of such representation, (A) all references in the representations and warranties specifically contained in Section 4.01(e) to consolidated balance sheets, consolidated statements of income, cash flow and retained earnings for the Borrower and its Consolidated Subsidiaries shall be deemed to refer to an earlier datethe corresponding versions of those documents most recently delivered to the Administrative Agent pursuant to Section 5.01(e)(ii) prior to the date of the notice contemplated in this Section 2.15(a), (B) all references in which case they are true the representations and correct as warranties contained in Section 4.01(e) and 4.01(f) to “SEC Reports” shall be deemed to refer to the Borrower’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current Reports on Form 8-K filed with the Securities and Exchange Commission prior to the date of such earlier datenotice and (C) the final sentence of Section 4.01(e) shall be deemed revised to read “Except as set forth in the SEC Reports, since the date of the most recently delivered consolidated financial statements delivered to the Administrative Agent in accordance with Section 5.01(e)(ii), there has been no Material Adverse Change”; and (by) there exists no Default or Event Default. If any Lender shall fail to notify the Administrative Agent and the Borrower in writing of Default has occurred and is continuing or would result from its consent to any such extension. In the event that an request for extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extendedprior to 20 days prior to such Anniversary Date, such Lender shall be deemed to be a Non-Consenting Lender with respect to such request. As The Administrative Agent shall notify the Borrower not later than 15 days prior to such next Anniversary Date of the Extension Date, any and all references in this Agreement, the Notes, if any, or any decision of the other Loan Documents to Lenders regarding the “Borrower’s request for an extension of the Termination Date” shall refer to the Termination Date as so extended.
Appears in 1 contract
Extension of Termination Date. At least 30 days but The Termination Date may be extended once in each year, in the manner set forth in this Section, effective on June 30, 2006, and on each anniversary of such date which falls not less than one year prior to the Termination Date (as theretofore extended) for a period of one year after the date on which the Termination Date would otherwise have occurred. If the Borrower wishes to extend the Termination Date, it shall give written notice to that effect to the Administrative Agent not more than 60 days following the delivery to the Administrative Agent of the audited annual financial statements of Borrower in accordance with Section 5.01(a), whereupon the Administrative Agent shall notify each of the Lenders of such notice. Each Lender will respond to such request, whether affirmatively or negatively, within 30 days (the “Response Date”). If a Lender or Lenders respond negatively or fail to timely respond to such request, but such non-extending Lender(s) have Commitment(s) aggregating less than 33 1/3% of the aggregate amount of the Commitments, the Borrower shall, for a period of up to 60 days following the Response Date (but in any event not later than 15 days prior to the then effective Termination Date), have the Borrowerright, by written notice to with the assistance of the Administrative Agent, to seek a mutually satisfactory substitute financial institution or financial institutions (which may request, with respect be one or more of the Lenders) to assume the Commitment(s) of such non-extending Lender(s). No Lender which fails to consent shall be deemed to have consented to a request by the Borrower under this Section. Not later than the third Domestic Business Day prior to the end of such period (whether of 60 days or shorter), the Borrower shall, by notice to the Lenders through the Administrative Agent, either (i) terminate, effective on the third Domestic Business Day after the giving of such notice, the Commitment(s) of such non-extending Lender(s), whereupon the Lenders who have consented to the extension shall continue with their commitments unaffected to lend subject to the terms of this Agreement to the new Termination Date, or (ii) designate one or more new financial institutions reasonably acceptable to the Administrative Agent to assume the Commitments then outstandingof such non-extending Lenders, a single onewhereupon the aggregate amount of such Commitment(s) shall be assumed by such substitute financial institution or financial institutions within such 60-year day period or (iii) withdraw its request for an extension of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”), be extended for an additional one year period, provided that (i) the Administrative Agent shall have received not later than 30 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described in Section 2.08(d) and (iii) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (a) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct the Commitments shall continue unaffected. The failure of the Borrower to timely take the actions contemplated by clause (i) or (ii) of the preceding sentence shall be deemed a withdrawal of its request for an extension as contemplated by clause (ii) whether or not notice to such effect is given. So long as Lenders having Commitment(s) totaling not less than 66 2/3% of the aggregate amount of the Commitment(s) shall have responded affirmatively to such earlier date)a request, and (b) no Default or Event of Default has occurred and such request is continuing or would result from such extension. In not withdrawn in accordance with the event that an extension is effected pursuant to this Section 2.16 (but preceding sentence, then, subject to receipt by the provisions Administrative Agent of Sections 2.05, 2.06 counterparts of an Extension Agreement in substantially the form of Exhibit G duly completed and 6.01signed by all of the parties hereto (other than non-consenting Lenders), the aggregate principal amount of all Advances Termination Date shall be repaid extended for the period set forth in full ratably to the Lenders on the Termination Date as so extended. As of this Section 2.23 and in the Extension Date, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.
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Extension of Termination Date. (a) At least 30 days but not more than 60 days prior to the Termination Date, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Revolving Credit Commitments and the Letter of Credit Commitments then outstanding, a single one-year extension of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”"EXTENSION DATE"), be extended for an additional one year period, provided that (i) the Administrative Collateral Agent shall have received not no later than 30 10 days prior to the 55 Termination Extension Date a new recent Appraisal of each Borrowing Base Asset, Eligible Real Estate Asset (iiit being understood and agreed that any Appraisals previously delivered to the Collateral Agent in satisfaction of a request made pursuant to Section 5.01(k)(iii) shall satisfy the Borrower shall have paid the Extension Fees as described in Section 2.08(drequirements of this subsection (i)) and (iiiii) on the Extension Date Date, the following statements shall be true in all material respects and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer duly authorized officer of the Borrower, dated the Extension Date, stating that: (ax) the representations and warranties contained in Section 4.01 are true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date)Date, and (by) no Default or Event of Default has occurred and is continuing or would result from such extension. In the event that an extension is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.this
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Extension of Termination Date. At The Borrower shall have the right, exercisable one time, to request that the Administrative Agent and the Revolving Lenders agree to extend the Termination Date by six months. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 30 90 days but not more than 60 180 days prior to the current Termination Date, the Borrower, by a written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year request for such extension of the Termination Date(an “Extension Request”). The Administrative Agent shall notify the Revolving Lenders if it receives an Extension Request promptly notify each Lender upon receipt thereof. Subject to satisfaction of such request and the following conditions, the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”), shall be extended for an additional one year period, provided that six months effective upon receipt by the Administrative Agent of the Extension Request and payment of the fee referred to in the following clause (ii): (i) the Administrative Agent (x) no Default or Event of Default shall have received not later than 30 days prior to the 55 Termination Date a new Appraisal of each Borrowing Base Asset, (ii) the Borrower shall have paid the Extension Fees as described in Section 2.08(d) exist and (iii) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (ay) the representations and warranties contained made or deemed made by the Borrower and each other Loan Party in Section 4.01 are the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of the Extension Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date), ) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents and (bii) no Default or Event the Borrower shall have paid the Fees payable under Section 3.5.(e). At any time prior to the effectiveness of Default has occurred and is continuing or would result from any such extension. In , upon the event that an extension is effected pursuant to this Section 2.16 (but subject Administrative Agent’s request, the Borrower shall deliver to the provisions of Sections 2.05, 2.06 Administrative Agent a certificate from a Responsible Officer certifying the matters referred to in the immediately preceding clauses (i)(x) and 6.01(i)(y), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.
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Samples: Credit Agreement (UDR, Inc.)
Extension of Termination Date. At The Borrower shall have the right, exercisable one time, to extend the Termination Date by one year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 30 90 days but not more than 60 180 days prior to the current Termination Date, the Borrower, by a written notice to the Administrative Agent, may request, with respect to the Commitments then outstanding, a single one-year of such extension of the Termination Date(an “Extension Notice”). The Administrative Agent shall notify the Revolving Lenders if it receives an Extension Notice promptly notify each Lender upon receipt thereof. Subject to satisfaction of such request and the following conditions, the Termination Date in effect at such time shall, effective as at the Termination Date (the “Extension Date”), shall be extended for an additional one year period, provided that (i) effective upon receipt by the Administrative Agent shall have received not later than 30 days of the Extension Notice and payment of the fee referred to in the following clause (y): (x) immediately prior to the 55 Termination Date a new Appraisal of each Borrowing Base Assetsuch extension and immediately after giving effect thereto, (iiA) the Borrower no Default or Event of Default shall have paid the Extension Fees as described in Section 2.08(d) exist and (iii) on the Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (aB) the representations and warranties contained made or deemed made by the Parent, the Borrower and each other Loan Party in Section 4.01 are the Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the Extension Date (date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties specifically refer expressly relate solely to an earlier date, date (in which case they are such representations and warranties shall have been true and correct in all material respects on and as of such earlier date), ) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents and (by) no Default or Event the Borrower shall have paid the Fees payable under Section 3.5.(d). At any time prior to the effectiveness of Default has occurred and is continuing or would result from any such extension. In , upon the event that an extension is effected pursuant to this Section 2.16 (but subject Administrative Agent’s request, the Borrower shall deliver to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As Administrative Agent a certificate from either (i) any two of the Extension Datefollowing officers of the Parent (x) the chief executive officer, any and all references in this Agreement, (y) the Notes, if anychief financial officer or (z) the chief accounting officer, or any (ii) the treasurer of the other Loan Documents Parent and any one of the following officers of the Parent (x) the chief executive officer, (y) the chief financial officer or (z) the chief accounting officer, certifying the matters referred to in the “Termination Date” shall refer to the Termination Date as so extendedimmediately preceding clauses (x)(A) and (x)(B).
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