Extension Option for Global Revolving Commitments. (i) The Parent Borrower may from time to time during the term of this Agreement, by written notice to the Administrative Agent (such notice being a “Global Revolving Extension Notice”) delivered no later than 60 days prior to the Global Maturity Date (the date of such notice, the “Global Revolving Notice Date”), request the Global Revolving Lenders to extend the then applicable Global Revolving Maturity Date for an additional year (the “Extended Global Revolving Maturity Date”). The Administrative Agent shall promptly transmit any Global Revolving Extension Notice to each Global Revolving Lender. Each Global Revolving Lender shall notify the Administrative Agent whether it wishes to extend the then applicable Global Revolving Maturity Date at least 30 days (or such earlier date as directed by the Parent Borrower) prior to the then applicable Global Revolving Maturity Date, and any such notice given by a Global Revolving Lender to the Administrative Agent, once given, shall be irrevocable as to such Global Revolving Lender. The Administrative Agent shall promptly notify the Parent Borrower of the notice of each Global Revolving Lender that it wishes to extend (each, an “Global Revolving Extension Acceptance Notice”). Any Global Revolving Lender which does not expressly notify the Administrative Agent on or before the date that is 30 days (or such earlier date as directed by the Parent Borrower) prior to the then applicable Global Revolving Maturity Date that it wishes to so extend the then applicable Global Revolving Maturity Date shall be deemed to have rejected the Parent Borrower’s request for extension of such Global Revolving Maturity Date. If all the Global Revolving Lenders have elected (in their sole and absolute discretion) to so extend the then applicable Global Revolving Maturity Date, the Administrative Agent shall notify the Parent Borrower of such election by the Global Revolving Lenders no later than five Business Days after the date when Global Revolving Extension Acceptance Notices are due, and effective on the date of such notice by the Administrative Agent to the Parent Borrower (the “Global Revolving Extension Date”), the Global Revolving Maturity Date shall be automatically and immediately so extended to the Extended Global Revolving Maturity Date. No extension of the Global Revolving Maturity Date will be permitted hereunder without the consent of all the Global Revolving Lenders (after giving effect to the replacement of any non-extending Global Revolving Lender pursuant to paragraph (iii) below, as applicable) unless, at the election of the Parent Borrower, in writing to the Administrative Agent, the Parent Borrower removes from the Global Revolving Facility each Global Revolving Lender that has not so consented to the Extended Global Revolving Maturity Date, in which case the Global Revolving Commitments of each such removed Global Revolving Lender will be automatically terminated as of the then applicable Global Revolving Maturity Date (not giving effect to the proposed extension), and the aggregate Global Revolving Commitments shall be reduced by the amounts of the Global Revolving Commitments of such removed Global Revolving Lenders; provided, that, (x) after giving effect to any such removal by the Parent Borrower and resulting termination of the Global Revolving Commitment any such removed Global Revolving Lender, the Borrowers and the Administrative Agent shall have entered into such agreements, if any, as any of them shall have reasonably requested to reflect such extension of the Global Revolving Facility with reduced Global Revolving Commitments reflecting the removal of such Global Revolving Lenders (and any participations purchased under this Agreement shall be automatically appropriately adjusted in amount to reflect such changed Commitments) and (y) any such removed Global Revolving Lender shall have received payment of all amounts owing to such removed Global Revolving Lender with respect to its Global Revolving Commitment, including the repayment of an amount equal to the outstanding funded participations of all Non-Financial LC Disbursements made by such removed Global Revolving Lender, any accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents in connection with such Commitment. Upon the delivery of a Global Revolving Extension Notice and upon the extension of the Global Revolving Maturity Date pursuant to this Section 2(c)(i), the Parent Borrower shall be deemed to have represented and warranted on and as of the Global Revolving Notice Date and the Global Revolving Extension Date, as the case may be, that no Default or Event of Default has occurred and is continuing.
Appears in 2 contracts
Samples: Credit Agreement (SPX Corp), Credit Agreement (SPX Corp)
Extension Option for Global Revolving Commitments. (i) The Parent Borrower may from time to time during the term of this Agreement, by written notice to the Administrative Agent (such notice being a “Global Revolving Extension Notice”) delivered no later than 60 days prior to the Global Maturity Date (the date of such notice, the “Global Revolving Notice Date”), request the Global Revolving Lenders to extend the then applicable Global Revolving Maturity Date for an additional year (the “Extended Global Revolving Maturity Date”). The Administrative Agent shall promptly transmit any Global Revolving Extension Notice to each Global Revolving Lender. Each Global Revolving Lender shall notify the Administrative Agent whether it wishes to extend the then applicable Global Revolving Maturity Date at least 30 days (or such earlier date as directed by the Parent Borrower) prior to the then applicable Global Revolving Maturity Date, and any such notice given by a Global Revolving Lender to the Administrative Agent, once given, shall be irrevocable as to such Global Revolving Lender. The Administrative Agent shall promptly notify the Parent Borrower of the notice of each Global Revolving Lender that it wishes to extend (each, an “Global Revolving Extension Acceptance Notice”). Any Global Revolving Lender which does not expressly notify the Administrative Agent on or before the date that is 30 days (or such earlier date as directed by the Parent Borrower) prior to the then applicable Global Revolving Maturity Date that it wishes to so extend the then applicable Global Revolving Maturity Date shall be deemed to have rejected the Parent Borrower’s request for extension of such Global Revolving Maturity Date. If all the Global Revolving Lenders have elected (in their sole and absolute discretion) to so extend the then applicable Global Revolving Maturity Date, the Administrative Agent shall notify the Parent Borrower of such election by the Global Revolving Lenders no later than five Business Days after the date when Global Revolving Extension Acceptance Notices are due, and effective on the date of such notice by the Administrative Agent to the Parent Borrower (the “Global Revolving Extension Date”), the Global Revolving Maturity Date shall be automatically and immediately so extended to the Extended Global Revolving Maturity Date. No extension of the Global Revolving Maturity Date will be permitted hereunder without the consent of all the Global Revolving Lenders (after giving effect to the replacement of any non-extending Global Revolving Lender pursuant to paragraph (iii) below, as applicable) unless, at the election of the Parent Borrower, in writing to the Administrative Agent, the Parent Borrower removes from the Global Revolving Facility each Global Revolving Lender that has not so consented to the Extended Global Revolving Maturity Date, in which case the Global Revolving Commitments of each such removed Global Revolving Lender will be automatically terminated as of the then applicable Global Revolving Maturity Date (not giving effect to the proposed extension), and the aggregate Global Revolving Commitments shall be reduced by the amounts of the Global Revolving Commitments of such removed Global Revolving Lenders; provided, that, (x) after giving effect to any such removal by the Parent Borrower and resulting termination of the Global Revolving Commitment any such removed Global Revolving Lender, the Borrowers and the Administrative Agent shall have entered into such agreements, if any, as any of them shall have reasonably requested to reflect such extension of the Global Revolving Facility with reduced Global Revolving Commitments reflecting the removal of such Global Revolving Lenders (and any participations purchased under this Agreement shall be automatically appropriately adjusted in amount to reflect the such changed Commitments) and (y) any such removed Global Revolving Lender shall have received payment of all amounts owing to such removed Global Revolving Lender with respect to its Global Revolving Commitment, including the repayment of an amount equal to the outstanding funded participations of all Non-Financial LC Disbursements made by such removed Global Revolving Lender, any accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents in connection with such Commitment. Upon the delivery of a Global Revolving Extension Notice and upon the extension of the Global Revolving Maturity Date pursuant to this Section 2(c)(i), the Parent Borrower shall be deemed to have represented and warranted on and as of the Global Revolving Notice Date and the Global Revolving Extension Date, as the case may be, that no Default or Event of Default has occurred and is continuing.
Appears in 1 contract
Samples: Credit Agreement (SPX Corp)
Extension Option for Global Revolving Commitments. (i) The Parent Borrower may from time to time during the term of this Agreement, by written notice to the Administrative Agent (such notice being a “Global Revolving Extension Notice”) delivered no later than 60 days prior to the Global Maturity Date (the date of such notice, the “Global Revolving Notice Date”), request the Global Revolving Lenders to extend the then applicable Global Revolving Maturity Date for an additional year (the “Extended Global Revolving Maturity Date”). The Administrative Agent shall promptly transmit any Global Revolving Extension Notice to each Global Revolving Lender. Each Global Revolving Lender shall notify the Administrative Agent whether it wishes to extend the then applicable Global Revolving Maturity Date at least 30 days (or such earlier date as directed by the Parent Borrower) prior to the then applicable Global Revolving Maturity Date, and any such notice given by a Global Revolving Lender to the Administrative Agent, once given, shall be irrevocable as to such Global Revolving Lender. The Administrative Agent shall promptly notify the Parent Borrower of the notice of each Global Revolving Lender that it wishes to extend (each, an “Global Revolving Extension Acceptance Notice”). Any Global Revolving Lender which does not expressly notify the Administrative Agent on or before the date that is 30 days (or such earlier date as directed by the Parent Borrower) prior to the then applicable Global Revolving Maturity Date that it wishes to so extend the then applicable Global Revolving Maturity Date shall be deemed to have rejected the Parent Borrower’s request for extension of such Global Revolving Maturity Date. If all the Global Revolving Lenders have elected (in their sole and absolute discretion) to so extend the then applicable Global Revolving Maturity Date, the Administrative Agent shall notify the Parent Borrower of such election by the Global Revolving Lenders no later than five Business Days after the date when Global Revolving Extension Acceptance Notices are due, and effective on the date of such notice by the Administrative Agent to the Parent Borrower (the “Global Revolving Extension Date”), the Global Revolving Maturity Date shall be automatically and immediately so extended to the Extended Global Revolving Maturity Date. No extension of the Global Revolving Maturity Date will be permitted hereunder without the consent of all the Global Revolving Lenders (after giving effect to the replacement of any non-extending Global Revolving Lender pursuant to paragraph (iii) below, as applicable) unless, at the election of the Parent Borrower, in writing to the Administrative Agent, the Parent Borrower removes from the Global Revolving Facility each Global Revolving Lender that has not so consented to the Extended Global Revolving Maturity Date, in which case the Global Revolving Commitments of each such removed Global Revolving Lender will be automatically terminated as of the then applicable Global Revolving Maturity Date (not giving effect to the proposed extension), and the aggregate Global Revolving Commitments shall be reduced by the amounts of the Global Revolving Commitments of such removed Global Revolving Lenders; provided, that, (x) after giving effect to any such removal by the Parent Borrower and resulting termination of the Global Revolving Commitment any such removed Global Revolving Lender, the Borrowers and the Administrative Agent shall have entered into such agreements, if any, as any of them shall have reasonably requested to reflect such extension of the Global Revolving Facility with reduced Global Revolving Commitments reflecting the removal of such Global Revolving Lenders (and any participations purchased under this Agreement shall be automatically appropriately adjusted in amount to reflect such changed Commitments) and (y) any such removed Global Revolving Lender shall have received payment of all amounts owing to such removed Global Revolving Lender with respect to its Global Revolving Commitment, including the repayment of an amount equal to the outstanding funded participations of all Non-Financial LC Disbursements made by such removed Global Revolving Lender, any accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents in connection with such Commitment. Upon the delivery of a Global Revolving Extension Notice and upon the extension of the Global Revolving Maturity Date pursuant to this Section 2(c)(i), the Parent Borrower shall be deemed to have represented and warranted on and as of the Global Revolving Notice Date and the Global Revolving Extension Date, as the case may be, that no Default or Event of Default has occurred and is continuing.
Appears in 1 contract
Samples: Credit Agreement (SPX Corp)
Extension Option for Global Revolving Commitments. (i) The Parent Borrower may from time to time during the term of this Agreement, by written notice to the Administrative Agent (any such notice being a “Global Revolving Extension Notice”) delivered no later than 60 days prior to the ), request that each Global Maturity Date Revolving Lender extend (the date of any such noticeextension, the a “Global Revolving Notice DateCommitment Extension”), request ) the Global Revolving Lenders to extend the then applicable then-existing Global Revolving Maturity Date for an additional year applicable to such Global Revolving Lender’s Global Revolving Commitment to the extended maturity date specified in such Global Revolving Extension Notice (any such extended maturity date, the “Extended Global Revolving Maturity Date”). Each Global Revolving Extension Notice delivered in connection with any requested Global Revolving Commitment Extension shall set forth the date on which such Global Revolving Commitment Extension is requested to become effective (such date, the “Global Revolving Extension Date”), which date shall be not less than 30 Business Days nor more than 60 Business Days after the date of the Global Revolving Extension Notice for such Global Revolving Commitment Extension. The Administrative Agent shall promptly transmit any Global Revolving Extension Notice to each Global Revolving Lender. Each Global Revolving Lender shall notify the Administrative Agent whether it wishes to extend the then applicable then-existing Global Revolving Maturity Date at least 30 days (or such earlier date as directed by the Parent Borrower) prior to the then applicable Global Revolving Maturity Date, and any such notice given by a Global Revolving Lender to the Administrative Agent, once given, shall be irrevocable as to such Global Revolving Lender’s Global Revolving Commitment to the Extended Global Revolving Maturity Date specified in the applicable Global Revolving Extension Notice for such Global Revolving Commitment Extension, such notice to be provided by each Global Revolving Lender no later than 15 Business Days prior to the Global Revolving Extension Date for such Global Revolving Commitment Extension (such date, the “Global Revolving Lender Extension Response Date”). The Administrative Agent shall promptly notify the Parent Borrower of the notice identity of each Global Revolving Lender that it wishes has agreed to extend (each, an “the then-existing Global Revolving Maturity Date applicable to such Global Revolving Lender’s Global Revolving Commitment to the Extended Global Revolving Maturity Date specified in the applicable Global Revolving Extension Acceptance Notice”)Notice for such Global Revolving Commitment Extension, and the amount of such Global Revolving Lender’s Global Revolving Commitment. Any Global Revolving Lender which does not expressly notify the Administrative Agent on or before the date that is 30 days (or such earlier date as directed by the Parent Borrower) prior to the then applicable Global Revolving Maturity Lender Extension Response Date for such Global Revolving Commitment Extension that it wishes to so extend the then applicable then-existing Global Revolving Maturity Date applicable to such Global Revolving Lender’s Global Revolving Commitment shall be deemed to have rejected the Parent Borrower’s request for extension of such Global Revolving Maturity DateCommitment Extension. If all Effective as of the Global Revolving Lenders have elected (in their sole and absolute discretion) Extension Date for such Global Revolving Commitment Extension, with respect to so each Global Revolving Lender that has agreed to extend the then applicable Global Revolving Maturity Date, the Administrative Agent shall notify the Parent Borrower of such election by the Global Revolving Lenders no later than five Business Days after the date when Global Revolving Extension Acceptance Notices are due, and effective on the date of such notice by the Administrative Agent to the Parent Borrower (the “Global Revolving Extension Date”), the then-existing Global Revolving Maturity Date applicable to such Global Revolving Lender’s Global Revolving Commitment to the Extended Global Revolving Maturity Date specified in the Global Revolving Extension Notice for such Global Revolving Commitment Extension, the then-existing Global Revolving Maturity Date applicable to such Global Revolving Lender’s Global Revolving Commitment shall be automatically and immediately so extended to the Extended Global Revolving Maturity Date. No extension of Date specified in the Global Revolving Maturity Date will be permitted hereunder without the consent of all the Global Revolving Lenders (after giving effect to the replacement of any non-extending Global Revolving Lender pursuant to paragraph (iii) below, as applicable) unless, at the election of the Parent Borrower, in writing to the Administrative Agent, the Parent Borrower removes from the Global Revolving Facility each Global Revolving Lender that has not so consented to the Extended Global Revolving Maturity Date, in which case the Global Revolving Commitments of each such removed Global Revolving Lender will be automatically terminated as of the then applicable Global Revolving Maturity Date (not giving effect to the proposed extension), and the aggregate Global Revolving Commitments shall be reduced by the amounts of the Global Revolving Commitments of such removed Global Revolving Lenders; provided, that, (x) after giving effect to any such removal by the Parent Borrower and resulting termination of the Global Revolving Commitment any such removed Global Revolving Lender, the Borrowers and the Administrative Agent shall have entered into such agreements, if any, as any of them shall have reasonably requested to reflect such extension of the Global Revolving Facility with reduced Global Revolving Commitments reflecting the removal of such Global Revolving Lenders (and any participations purchased under this Agreement shall be automatically appropriately adjusted in amount to reflect such changed Commitments) and (y) any such removed Global Revolving Lender shall have received payment of all amounts owing to such removed Global Revolving Lender with respect to its Global Revolving Commitment, including the repayment of an amount equal to the outstanding funded participations of all Non-Financial LC Disbursements made by such removed Global Revolving Lender, any accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents in connection with such Commitment. Upon the delivery of a Global Revolving Extension Notice and upon the extension of the for such Global Revolving Maturity Date pursuant to this Section 2(c)(i)Commitment Extension so long as, the Parent Borrower shall be deemed to have represented and warranted on and as of the Global Revolving Notice Extension Date and the for such Global Revolving Extension DateCommitment Extension, as the case may be, that no Default or Event of Default has occurred and is continuingexists or would result after giving effect to such Global Revolving Commitment Extension. Notwithstanding anything contained in this Agreement to the contrary, no Issuing Lender shall have any obligation to issue Letters of Credit beyond the Global Revolving Maturity Date in effect as of the Second Amendment Effective Date, unless such Issuing Lender agrees in writing to issue Letters of Credit until any Extended Global Revolving Maturity Date established after the Second Amendment Effective Date.
Appears in 1 contract
Samples: Collateral Agreement (SPX Corp)
Extension Option for Global Revolving Commitments. (i) The Parent Borrower may from time to time during the term of this Agreement, by written notice to the Administrative Agent (any such notice being a “Global Revolving Extension Notice”) delivered no later than 60 days prior to the ), request that each Global Maturity Date Revolving Lender extend (the date of any such noticeextension, the a “Global Revolving Notice DateCommitment Extension”), request ) the Global Revolving Lenders to extend the then applicable then-existing Global Revolving Maturity Date for an additional year applicable to such Global Revolving Lender’s Global Revolving Commitment to the extended maturity date specified in such Global Revolving Extension Notice (any such extended maturity date, the “Extended Global Revolving Maturity Date”). Each Global Revolving Extension Notice delivered in connection with any requested Global Revolving Commitment Extension shall set forth the date on which such Global Revolving Commitment Extension is requested to become effective (such date, the “Global Revolving Extension Date”), which date shall be not less than 30 Business Days nor more than 60 Business Days after the date of the Global Revolving Extension Notice for such Global Revolving Commitment Extension. The Administrative Agent shall promptly transmit any Global Revolving Extension Notice to each Global Revolving Lender. Each Global Revolving Lender shall notify the Administrative Agent whether it wishes to extend the then applicable then-existing Global Revolving Maturity Date at least 30 days (or such earlier date as directed by the Parent Borrower) prior to the then applicable Global Revolving Maturity Date, and any such notice given by a Global Revolving Lender to the Administrative Agent, once given, shall be irrevocable as to such Global Revolving Lender’s Global Revolving Commitment to the Extended Global Revolving Maturity Date specified in the applicable Global Revolving Extension Notice for such Global Revolving Commitment Extension, such notice to be provided by each Global Revolving Lender no later than 15 Business Days prior to the Global Revolving Extension Date for such Global Revolving Commitment Extension (such date, the “Global Revolving Lender Extension Response Date”). The Administrative Agent shall promptly notify the Parent Borrower of the notice identity of each Global Revolving Lender that it wishes has agreed to extend (each, an “the then-existing Global Revolving Maturity Date applicable to such Global Revolving Lender’s Global Revolving Commitment to the Extended Global Revolving Maturity Date specified in the applicable Global Revolving Extension Acceptance Notice”)Notice for such Global Revolving Commitment Extension, and the amount of such Global Revolving Lender’s Global Revolving Commitment. Any Global Revolving Lender which does not expressly notify the Administrative Agent on or before the date that is 30 days (or such earlier date as directed by the Parent Borrower) prior to the then applicable Global Revolving Maturity Lender Extension Response Date for such Global Revolving Commitment Extension that it wishes to so extend the then applicable then-existing Global Revolving Maturity Date applicable to such Global Revolving Lender’s Global Revolving Commitment shall be deemed to have rejected the Parent Borrower’s request for extension of such Global Revolving Maturity DateCommitment Extension. If all Effective as of the Global Revolving Lenders have elected (in their sole and absolute discretion) Extension Date for such Global Revolving Commitment Extension, with respect to so each Global Revolving Lender that has agreed to extend the then applicable Global Revolving Maturity Date, the Administrative Agent shall notify the Parent Borrower of such election by the Global Revolving Lenders no later than five Business Days after the date when Global Revolving Extension Acceptance Notices are due, and effective on the date of such notice by the Administrative Agent to the Parent Borrower (the “Global Revolving Extension Date”), the then-existing Global Revolving Maturity Date applicable to such Global Revolving Lender’s Global Revolving Commitment to the Extended Global Revolving Maturity Date specified in the Global Revolving Extension Notice for such Global Revolving Commitment Extension, the then-existing Global Revolving Maturity Date applicable to such Global Revolving Lender’s Global Revolving Commitment shall be automatically and immediately so extended to the Extended Global Revolving Maturity Date. No extension of Date specified in the Global Revolving Maturity Date will be permitted hereunder without the consent of all the Global Revolving Lenders (after giving effect to the replacement of any non-extending Global Revolving Lender pursuant to paragraph (iii) below, as applicable) unless, at the election of the Parent Borrower, in writing to the Administrative Agent, the Parent Borrower removes from the Global Revolving Facility each Global Revolving Lender that has not so consented to the Extended Global Revolving Maturity Date, in which case the Global Revolving Commitments of each such removed Global Revolving Lender will be automatically terminated as of the then applicable Global Revolving Maturity Date (not giving effect to the proposed extension), and the aggregate Global Revolving Commitments shall be reduced by the amounts of the Global Revolving Commitments of such removed Global Revolving Lenders; provided, that, (x) after giving effect to any such removal by the Parent Borrower and resulting termination of the Global Revolving Commitment any such removed Global Revolving Lender, the Borrowers and the Administrative Agent shall have entered into such agreements, if any, as any of them shall have reasonably requested to reflect such extension of the Global Revolving Facility with reduced Global Revolving Commitments reflecting the removal of such Global Revolving Lenders (and any participations purchased under this Agreement shall be automatically appropriately adjusted in amount to reflect such changed Commitments) and (y) any such removed Global Revolving Lender shall have received payment of all amounts owing to such removed Global Revolving Lender with respect to its Global Revolving Commitment, including the repayment of an amount equal to the outstanding funded participations of all Non-Financial LC Disbursements made by such removed Global Revolving Lender, any accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents in connection with such Commitment. Upon the delivery of a Global Revolving Extension Notice and upon the extension of the for such Global Revolving Maturity Date pursuant to this Section 2(c)(i)Commitment Extension so long as, the Parent Borrower shall be deemed to have represented and warranted on and as of the Global Revolving Notice Extension Date and the for such Global Revolving Extension DateCommitment Extension, as the case may be, that no Default or Event of Default has occurred and is continuingexists or would result after giving effect to such Global Revolving Commitment Extension. Notwithstanding anything contained in this Agreement to the contrary, no Issuing Lender shall have any obligation to issue Letters of Credit beyond the Global Revolving Maturity Date in effect as of the Third Amendment Effective Date, unless such Issuing Lender agrees in writing to issue Letters of Credit until any Extended Global Revolving Maturity Date established after the Third Amendment Effective Date.
Appears in 1 contract
Samples: Credit Agreement (SPX Corp)
