Common use of Extension of the Commitment Termination Date Clause in Contracts

Extension of the Commitment Termination Date. The Borrower may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 60 days prior to the first anniversary of the Effective Date, from time to time request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Agent a copy of an extension request signed by the Borrower (an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower pursuant to Section 2.14 hereof, shall at

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

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Extension of the Commitment Termination Date. The Borrower Borrowers may, not earlier than 45 days but not later than 30 days prior to each anniversary of the Effective then current Commitment Termination Date (the "Current Anniversary Termination Date"), and not more than once in any calendar year, commencing not later than 60 days prior propose to the first anniversary of the Effective Date, from time to time request that extend the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year an additional 364 days by delivering to the Agent a copy of an extension request signed by the Borrower both Borrowers (an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day Not earlier than 30 days but not later than 15 days (the "Determination Date") prior to the Current Anniversary Termination Date, each Eligible Lender shall notify the Agent and the Borrower Borrowers of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower Borrowers on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrower Borrowers, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Requestby 364 days. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower Borrowers pursuant to Section 2.14 hereof, shall atat all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Lenders then in effect, the Agent shall so advise the Lenders and the Borrowers, and none of the Lenders' Commitment Termination Dates shall be extended and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrower Company may, upon not later less than 30 days (but not more than 45 days) notice prior to the then current Commitment Termination Date to the Administrative Agent (which shall notify each Lender of receipt of such request), propose to extend the Commitment Termination Date for an additional 364 days measured from the Commitment Termination Date then in effect. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination to be in the sole discretion of such Lender), by notice to the Company and the Administrative Agent no earlier than 30 days prior to each anniversary of the Effective then current Commitment Termination Date (the "Current Anniversary Date"), and not more than once but in any calendar year, commencing not event no later than 60 20 days prior to the first anniversary of the Effective Date, from time to time request that the then current Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering Date). Subject to the Agent a copy of an extension request signed execution by the Borrower (an "Borrowers, the Administrative Agent and such Lenders of a duly completed Extension Request") Agreement in substantially the form of Exhibit D E hereto, the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Company and the Administrative Agent shall be extended for the period specified above; provided that if the Administrative Agent receives a Notice of Borrowing of the Term Loan pursuant to the provisions of Section 2.17 no Commitment Termination Date of any Lender shall be extended and the Term Loan shall be made in accordance with Section 2.17; and provided further that no Commitment Termination Date of any Lender shall be extended unless by the date 15 days prior to the Termination Date then in effect Lenders having more than 50% in aggregate amount of the Commitments in effect at the time of such request and as of the date of any such extension of is requested shall have elected so to extend their Commitments. Any Lender which does not give such notice to the Company and the Administrative Agent by the date 15 days prior to the Commitment Termination Date, (i) the representations and warranties of the Borrower contained Date then in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower on or prior to the Determination Date effect shall be deemed to have declined elected not to so extendextend as requested, and the Commitment of each non-extending Lender shall terminate on its Termination Date determined without giving effect to such requested extension. In The Administrative Agent shall notify the event that, on or Borrowers in writing of each Lender's decision no later than 10 days prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "existing Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower pursuant to Section 2.14 hereof, shall at.

Appears in 1 contract

Samples: Credit Agreement (Steelcase Inc)

Extension of the Commitment Termination Date. The Borrower may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and may not more than once in any calendar year, commencing year and not later than 60 45 days prior to the first an anniversary of the Effective Date, from time to time request that the Commitment Termination Date for of all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Administrative Agent a signed copy of an 42 extension request signed by the Borrower (an "Extension Request") in substantially the form of Exhibit D EXHIBIT E hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Administrative Agent shall promptly notify each Eligible Lender of its receipt of such Extension Request. On or prior to ten days prior to the fifteenth day applicable anniversary of the Effective Date in each calendar year in which there has been an Extension Request (the "Determination Date") prior to the Current Anniversary Date), each Eligible Lender shall notify the Administrative Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Administrative Agent and the Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing 66-2/3% or more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, upon confirmation by the Administrative Agent of such consent, the Administrative Agent shall so advise the Lenders and the Borrower Borrower, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated one year after the Commitment Termination Date of such Eligible Lender in existence on the date of the related Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower shall at all times refer to such date, unless it is later extended pursuant to this Section 2.14 hereof2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall atat all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Administrative Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent less than 66-2/3% of the aggregate amount of the Commitments of all Eligible Lenders then in effect, and the Agents confirm the same, the Administrative Agent shall so advise the Lenders and the Borrower, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agents of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agents of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16. 43

Appears in 1 contract

Samples: Credit Agreement (Viad Corp)

Extension of the Commitment Termination Date. The Borrower may, upon not later less than 30 days (but not more than 45 days) notice prior to the then current Commitment Termination Date to the Administrative Agent (which shall notify each Lender of receipt of such request), propose to extend the Commitment Termination Date for an additional 364 days measured from the Commitment Termination Date then in effect. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination to be in the sole discretion of such Lender), by notice to the Borrower and the Administrative Agent no earlier than 30 days prior to each anniversary of the Effective then current Commitment Termination Date (the "Current Anniversary Date"), and not more than once but in any calendar year, commencing not event no later than 60 20 days prior to the first anniversary of the Effective Date, from time to time request that the then current Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering Date). Subject to the Agent a copy of an extension request signed execution by the Borrower (an "Borrower, the Administrative Agent and such Lenders of a duly completed Extension Request") Agreement in substantially the form of Exhibit D F hereto, the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Borrower and the Administrative Agent shall be extended for the period specified above; provided that no Commitment Termination Date of any Lender shall be extended unless by the date 10 days prior to the Termination Date then in effect Lenders having more than 51% in aggregate amount of the Commitments in effect at the time of such request and as of the date of any such extension of is requested shall have elected so to extend their Commitments. Any Lender which does not give such notice to the Borrower and the Administrative Agent by the date 10 days prior to the Commitment Termination Date, (i) the representations and warranties of the Borrower contained Date then in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower on or prior to the Determination Date effect shall be deemed to have declined elected not to so extend. In extend as requested, and the event that, Commitment of each non-extending Lender shall terminate on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in its Termination Date determined without giving effect shall consent to such requested extension, the Agent shall so advise the Lenders and the Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower pursuant to Section 2.14 hereof, shall at.

Appears in 1 contract

Samples: Credit Agreement (Hormel Foods Corp /De/)

Extension of the Commitment Termination Date. The Borrower Borrowers may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 60 30 days prior to the first anniversary of the Effective Date, from time to time jointly request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Agent a copy of an extension request signed by the Borrower both Borrowers (an "Extension Request") in substantially the form of Exhibit D E hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth tenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrower Borrowers of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower Borrowers on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing 66-2/3% or more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrower Borrowers, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower Borrowers pursuant to Section 2.14 hereof, shall atat all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent less than 66-2/3% of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the Borrowers, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrower may, not later than 30 days prior to each anniversary of the Second Amended and Restated Effective Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 60 30 days prior to the first anniversary of the Second Amended and Restated Effective Date, from time to time request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Agent a copy of an extension request signed by the Borrower (an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower pursuant to Section 2.14 hereof, shall atat all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the Borrower, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. (a) The Borrower may, no earlier than 50 days and not later than 30 days prior to each anniversary of the Effective then effective Commitment Termination Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 60 days prior to the first anniversary of the Effective Date, as it may be extended from time to time pursuant hereto), and in any event not earlier than the Borrower's delivery to the Lenders of the audited financial statements referred to in Section 5.01(b)(ii) for the then most recently ended fiscal year, request in writing that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year an additional 364 days. After the Borrower's request, each Lender may, in its sole discretion, consent or not consent to such extension by delivering giving written notice thereof to the Administrative Agent within 21 days after receipt of the Borrower's request. Each Lender's annual decision as to whether to extend the Commitment Date shall be based, in part, on a copy new credit analysis utilizing then current information in respect of an the Borrower's business, financial condition and operations and other information furnished by the Borrower. Failure of any Lender to respond on or before such 21 day period shall be deemed to be a refusal of such request by such Lender. The Administrative Agent shall promptly notify each Lender and the Borrower of any Lender's decision to reject the proposed extension. (b) If, in accordance with the provisions of this Section 2.16, a Lender consents to the extension request signed to the Commitment Termination Date, the Commitment Termination Date for such Lender shall be extended for 364 days from the then current Commitment Termination Date, without any further action by the Borrower or such Lender. (c) If any Lender does not consent to a request for an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, or is deemed not to have consented to the requested extension, and the Commitment Termination Date has been extended for the other Lender(s): (i) the representations and warranties Borrower may, prior to the end of the Borrower contained non-extended Commitment Termination Date, terminate such Lender's Commitment under this Agreement upon payment in Article IV are correct full of principal and interest on and as all Advances made by such Lender together with such other sums, if any, that may be due by reason of such date, as though made on prepayment and as of any fees owing to such date, except to the extent that any such representation or warranty expressly relates only to an earlier dateLender and, in which connection with such termination, the Borrower may replace such non-consenting Lender with a New Lender or increase the Commitment of an existing Lender, in each case they were correct as of such earlier date, pursuant to Section 8.09 and (ii) no Event of Default or Potential Event of Default exists if this Borrower has not previously terminated such non-consenting Lender's Commitment under this Agreement and is continuing. The Agent shall promptly notify each paid principal and interest on the Advances held by such non-consenting Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent other amounts due to such extensionnon-consenting Lender as provided above, the Agent shall so advise the Lenders and the Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower pursuant to Section 2.14 hereof, shall atthen such

Appears in 1 contract

Samples: Credit Agreement (Dial Corp /New/)

Extension of the Commitment Termination Date. The Borrower may, not later than 30 days days, and not earlier than 60 days, prior to each applicable anniversary of the Effective Date during the term of this Agreement (as may be extended from time to time pursuant to this Section 2.16) (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 60 days prior to the first anniversary of the Effective Date, from time to time request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Agent a copy of an extension request signed by the Borrower (an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower pursuant to Section 2.14 hereof, shall atat all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term “Commitment Termination Date” shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the Borrower, and none of the Lenders’ Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender’s Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term “Eligible Lenders” means, with respect to any Extension Request, (i) all Lenders if no Lender’s Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrower Borrowers may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 60 30 days prior to the first anniversary of the Effective Date, from time to time jointly request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Agent a copy of an extension request signed by the Borrower both Borrowers (an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrower Borrowers of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower Borrowers on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrower Borrowers, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower Borrowers pursuant to Section 2.14 hereof, shall atat all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the Borrowers, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrower may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and may not more than once in any calendar year, commencing year and not later than 60 45 days prior to the first an anniversary of the Effective Closing Date, from time to time request that the Commitment Termination Date for of all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Administrative Agent a signed copy of an extension request signed by the Borrower (an "Extension Request") in substantially the form of Exhibit D F hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Administrative Agent shall promptly notify each Eligible Lender of its receipt of such Extension Request. On or prior to ten days prior to the fifteenth day applicable anniversary of the Closing Date in each calendar year in which there has been an Extension Request (the "Determination Date") prior to the Current Anniversary Date), each Eligible Lender shall notify the Administrative Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Administrative Agent and the Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing 66-2/3% or more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, upon confirmation by the Administrative Agent of such consent, the Administrative Agent shall so advise the Lenders and the Borrower Borrower, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated one year after the Commitment Termination Date of such Eligible Lender in existence on the date of the related Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower shall at all times refer to such date, unless it is later extended pursuant to this Section 2.14 hereof2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall atat all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Administrative Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent less than 66-2/3% of the aggregate amount of the Commitments of all Eligible Lenders then in effect, and the Agents confirm the same, the Administrative Agent shall so advise the Lenders and the Borrower, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agents of

Appears in 1 contract

Samples: Credit Agreement (Dial Corp /New/)

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Extension of the Commitment Termination Date. The Commitment ------------------------------------------------- Termination Date may be extended in the manner set forth in this Section 2.01(b), in each case for a period of 364 days measured from the Commitment Termination Date then in effect (subject to the definition of Commitment Termination Date). If the Borrower maywishes to request an extension of the Commitments, it shall give notice to that effect to the Documentation Agent not later less than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and not nor more than once in any calendar year, commencing not later than 60 45 days prior to the first anniversary of the Effective Date, from time to time request that the Commitment Termination Date for all Eligible Lenders then in effect (as defined below) be extended for a period of one year by delivering to but only if the Agent a copy of an extension request signed by Term Loan Election shall not have been made), whereupon the Borrower (an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Documentation Agent shall promptly notify each Lender of its receipt the Banks of such Extension Requestrequest. On Each Bank will use its best efforts to respond to such request, whether affirmatively or negatively, as it may elect in its discretion, not less than 20 days prior to the fifteenth day (the "Determination Date") prior Commitment Termination Date then in effect. If less than all Banks respond affirmatively to the Current Anniversary Datesuch request by such 20th day, each Eligible Lender shall notify the Agent and then the Borrower of its willingness or unwillingness shall have the right to replace each such Bank that does not elect to extend its Commitment Termination Date hereunder. Any Eligible Lender with a substitute bank or banks that shall fail will agree to so notify assume or extend such Commitment (which may be one or more of the Agent Banks), which will purchase the Note and assume the Borrower on or Commitment of such non-extending Bank pursuant to Section 9.06(c) no later than 15 days prior to the Determination Commitment Termination Date then in effect. Any Bank which declines to extend its Commitment (including by its failure to respond, which shall be deemed to have declined be a non-extension) hereby agrees promptly to execute an Assignment and Assumption Agreement substantially in the form of Exhibit G hereto with any substitute Bank or Banks so extenddesignated by the Borrower (and the Borrower agrees that it will pay the $2,000 administrative fee referred to in Section 9.06(c) with respect to each such Assignment and Assumption Agreement). In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50If Banks holding at least 51% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to (including such extensionAssignees and excluding their respective transferor Banks) respond affirmatively (such Banks, the Agent shall so advise "Continuing Banks"; and any other Banks, the Lenders and the Borrower and"Non-Continuing Banks"), then, subject to execution receipt by the Documentation Agent of documentation evidencing such extension counterparts of an Extension Agreement in substantially the form of Exhibit K hereto duly completed and consentssigned by all of the parties hereto other than the Non-Continuing Banks (and only if the Term Loan Election shall not have been made), the Commitments of the Continuing Banks shall be extended for the period specified above (and the Commitment of each Non- Continuing Bank shall terminate on the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or theretofore in effect for such Bank). Such Extension Agreement shall be executed and delivered no earlier than 20 days prior to the Determination Commitment Termination Date then in effect, and no extension of the Commitments pursuant to so extend this Section 2.01(b) shall be extended to the date indicated in the legally binding on any party hereto unless and until such Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note Agreement is so executed and delivered by the Borrower pursuant to Section 2.14 hereof, shall atdelivered.

Appears in 1 contract

Samples: Credit Agreement (Dean Witter Discover & Co)

Extension of the Commitment Termination Date. The Borrower may, not earlier than 45 days but not later than 30 days prior to each anniversary of the Effective then current Commitment Termination Date (the "Current Anniversary Termination Date"), and not more than once in any calendar year, commencing not later than 60 days prior propose to the first anniversary of the Effective Date, from time to time request that extend the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year an additional 364 days by delivering to the Agent a copy of an extension request signed by the Borrower (an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day Not earlier than 30 days but not later than 15 days (the "Determination Date") prior to the Current Anniversary Termination Date, each Eligible Lender shall notify the Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrower Borrower, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Requestby 364 days. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower pursuant to Section 2.14 hereof, shall atat all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Lenders then in effect, the Agent shall so advise the Lenders and the Borrower, and none of the Lenders' Commitment Termination Dates shall be extended and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrower may, not later than 30 days days, and not earlier than 60 days, prior to each applicable anniversary of the Effective Date during the term of this Agreement (as may be extended from time to time pursuant to this Section 2.16) (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 60 days prior to the first anniversary of the Effective Date, from time to time request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Agent a copy of an extension request signed by the Borrower (an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists has occurred and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunderhereunder from the Commitment Termination Date in effect prior to such extension. Any Eligible Lender that shall fail to so notify the Agent and the Borrower Borrower, on or prior to the Determination Date Date, shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each such consenting Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower pursuant to Section 2.14 hereof, shall atat all times refer to such date indicated in the Extension Request, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender or a Consenting Lender the term “Commitment Termination Date” shall at all times refer to the date which was the Commitment Termination Date of such Lender then in effect prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the Borrower, and none of the Lenders’ Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender’s Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term “Eligible Lenders” means, with respect to any Extension Request, (i) all Lenders if no Lender’s Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrower may, upon not later less than 45 days (but not more than 60 days) notice prior to the then current Commitment Termination Date to the Administrative Agent (which shall notify each Lender of receipt of such request), propose to extend the Commitment Termination Date for an additional 364 days measured from the Commitment Termination Date then in effect. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination to be in the sole discretion of such Lender), by notice to the Administrative Agent no earlier than 30 days prior to each anniversary of the Effective then current Commitment Termination Date (the "Current Anniversary Date"), and not more than once but in any calendar year, commencing not event no later than 60 20 days prior to the first anniversary of the Effective Date, from time to time request that the then current Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering Date). Subject to the Agent a copy of an extension request signed execution by the Borrower (an "Borrower, the Administrative Agent and such Lenders of a duly completed Extension Request") Agreement in substantially the form of Exhibit D E hereto, the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Administrative Agent shall be extended for the period specified above; provided that at if the time Administrative Agent receives a Notice of such request and as Borrowing of the date Term Loan pursuant to the provisions of Section 2.18 no Commitment Termination Date of any Lender shall be extended and the Term Loan shall be made in accordance with Section 2.18; and provided further that no Commitment Termination Date of any Lender shall be extended unless Lenders having more than 50% in aggregate amount of the original Commitments hereunder shall have elected so to extend their Commitments. Any Lender which does not give such extension of notice to the Administrative Agent by the date 20 days prior to the Commitment Termination Date, (i) the representations and warranties of the Borrower contained Date then in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower on or prior to the Determination Date effect shall be deemed to have declined elected not to so extendextend as requested, and the Commitment of each non-extending Lender shall terminate on its Termination Date determined without giving effect to such requested extension. In The Administrative Agent shall notify the event that, on or Borrower in writing of each Lender's decision no later than 15 days prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "existing Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower pursuant to Section 2.14 hereof, shall at.

Appears in 1 contract

Samples: Credit Agreement (Viad Corp)

Extension of the Commitment Termination Date. The Borrower may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and may not more than once in any calendar year, commencing year and not later than 60 45 days prior to the first an anniversary of the Effective Date, from time to time request that the Commitment Termination Date for of all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Administrative Agent a signed copy of an extension request signed by the Borrower (an "Extension Request") in substantially the form of Exhibit D EXHIBIT E hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Administrative Agent shall promptly notify each Eligible Lender of its receipt of such Extension Request. On or prior to ten days prior to the fifteenth day applicable anniversary of the Effective Date in each calendar year in which there has been an Extension Request (the "Determination Date") prior to the Current Anniversary Date), each Eligible Lender shall notify the Administrative Agent and the Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Administrative Agent and the Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing 66-2/3% or more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, upon confirmation by the Administrative Agent of such consent, the Administrative Agent shall so advise the Lenders and the Borrower Borrower, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated one year after the Commitment Termination Date of such Eligible Lender in existence on the date of the related Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrower shall at all times refer to such date, unless it is later extended pursuant to this Section 2.14 hereof2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall atat all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Administrative Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent less than 66-2/3% of the aggregate amount of the Commitments of all Eligible Lenders then in effect, and the Agents confirm the same, the Administrative Agent shall so advise the Lenders and the Borrower, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agents of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agents of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Viad Corp)

Extension of the Commitment Termination Date. (a) The Borrower may, no earlier than 50 days and not later than 30 days prior to each anniversary of the Effective then effective Commitment Termination Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 60 days prior to the first anniversary of the Effective Date, as it may be extended from time to time pursuant hereto), and in any event not earlier than the Borrower's delivery to the Lenders of the audited financial statements referred to in Section 5.01(b)(ii) for the then most recently ended fiscal year, request in writing that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year an additional 364 days. After the Borrower's request, each Lender may, in its sole discretion, consent or not consent to such extension by delivering giving written notice thereof to the Administrative Agent a copy within 21 days after receipt of an Extension Request. Each Lender's annual decision as to whether to extend the Commitment Date shall be based, in part, on a new credit analysis utilizing then current information in respect of the Company's business, financial condition and operations and other information furnished by the Borrower. Failure of any Lender to respond on or before such 21 day period shall be deemed to be a refusal of such request by such Lender. The Administrative Agent shall promptly notify each Lender and the Borrower of any Lender's decision to reject the proposed extension. (b) If, in accordance with the provisions of this Section 2.16, a Lender consents to the extension request signed to the Commitment Termination Date, the Commitment Termination Date for such Lender shall be extended for 364 days from the then current Commitment Termination Date, without any further action by the Borrower or such Lender. (c) If any Lender does not consent to a request for an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, or is deemed not to have consented to the requested extension, and the Commitment Termination Date has been extended for the other Lender(s): (i) the representations and warranties Borrower may, prior to the end of the Borrower contained non-extended Commitment Termination Date, terminate such Lender's Commitment under this Agreement upon payment in Article IV are correct full of principal and interest on and as all Advances made by such Lender together with such other sums, if any, that may be due by reason of such date, as though made on prepayment and as of any fees owing to such date, except to the extent that any such representation or warranty expressly relates only to an earlier dateLender and, in which connection with such termination, the Borrower may replace such non-consenting Lender with a New Lender or increase the Commitment of an existing Lender, in each case they were correct as of such earlier date, pursuant to Section 8.09 and (ii) no Event of Default or Potential Event of Default exists if this Borrower has not previously terminated such non-consenting Lender's Commitment under this Agreement and is continuing. The Agent shall promptly notify each paid principal and interest on the Advances held by such non-consenting Lender of its receipt of and other amounts due to such Extension Request. On or prior non-consenting Lender as provided above, then such 27 100 principal and interest and other amounts due to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible such non-consenting Lender shall notify be due and payable on the Agent and the Borrower of its willingness or unwillingness to extend its non-extended Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall not be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" so far as used herein and in any promissory note executed and delivered by the Borrower pursuant to Section 2.14 hereof, shall atsuch non-consenting Lender is concerned.

Appears in 1 contract

Samples: Credit Agreement (Dial Corp /New/)

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