Common use of Maturity Date Extension Clause in Contracts

Maturity Date Extension. The Company may request that the Lenders’ Revolving Loan Commitments be renewed for up to two additional one year periods by providing notice of such request to the Administrative Agent (which shall give prompt notice to the Lenders) no later than the third anniversary of the Effective Date and no more than once per year, and shall specify the date upon which such extension will become effective (the “Extension Date”). If a Lender agrees, in its individual and sole discretion, to renew its Revolving Loan Commitment (an “Extending Lender”), it will notify the Administrative Agent, in writing, of its decision to do so no later than 20 days after receipt of such extension notice. The Administrative Agent shall notify the Company, in writing, of the Lenders’ decisions no later than five days after the date the Lenders are required to respond to such extension notice. As of the Extension Date, the Extending Lenders’ Revolving Loan Commitment will be renewed for an additional one year from the Maturity Date at that time, provided that more than 50% of the Revolving Loan Commitments are extended or otherwise committed to by Extending Lenders and any new Lenders. Any Lender that declines the Company’s request, or does not respond to the Company’s request for a commitment renewal (a “Non-Extending Lender”) will have its Revolving Loan Commitment terminated on the Maturity Date then in effect (without regard to any extensions by other Lenders). The Company will have the right to accept commitments from third party financial institutions acceptable to the Administrative Agent, the Issuing Banks and the Swingline Lender in an amount equal to the amount of the Revolving Loan Commitment of any Non-Extending Lender. Notwithstanding anything to the contrary, the Maturity Date shall not extend beyond the fifth anniversary of the Extension Date.

Appears in 6 contracts

Samples: Multicurrency Revolving Credit Agreement (American Tower Corp /Ma/), Revolving Credit Agreement (American Tower Corp /Ma/), Revolving Credit Agreement (American Tower Corp /Ma/)

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Maturity Date Extension. (a) The Company Borrower may request that the Lenders’ Revolving Loan Commitments be renewed for up at any time and from time to two additional one year periods time, by providing notice of such request to the Administrative Agent (which shall give prompt notice to the Lenders) no later than the third anniversary Agent, propose an extension of the Effective Date and no more than once per yearMaturity Date, and which proposal may include a proposal to change the Applicable Margin (including any provisions in the definition thereof) as may be specified in such proposal. Upon receipt of any such proposal the Administrative Agent shall specify promptly notify each Lender thereof. Each Lender shall respond to such proposal in writing within 30 calendar days after the date upon which of such extension will become effective (the “Extension Date”)proposal and any failure of a Lender to respond within such period shall be deemed to be a rejection of such proposal. If a any Lender agreesconsents to such proposal (each such consenting Lender, in its individual and sole discretion, to renew its Revolving Loan Commitment (an “Extending Lender”), it will notify the Administrative Agent, in writing, of its decision to do so no later than 20 days after receipt of such extension notice. The Administrative Agent shall notify the Company, in writing, of the Lenders’ decisions no later than five days after the date the Lenders are required to respond to such extension notice. As of the Extension Date, the Extending Lenders’ Revolving Loan Commitment will be renewed for an additional one year from the Maturity Date at that timeapplicable to each Extending Lender shall be extended to the date specified in the Borrower’s extension proposal and the Applicable Margin with respect to each such Extending Lender shall be adjusted in the manner specified in such proposal, if any, and each Non-Extending Lender will be treated as provided that more than 50% of the Revolving Loan Commitments are extended or otherwise committed to by Extending Lenders and in Section 2.23(b). (b) If any new Lenders. Any Lender that declines the Company’s request, or does not respond consent to the Company’s any extension request for a commitment renewal that becomes effective pursuant to Section 2.23(a) (each such Lender, a “Non-Extending Lender”) will have its Revolving Loan Commitment terminated on ), then the Maturity Date then in effect (without regard to any extensions by other Lenders). The Company will have the right to accept commitments for such Non-Extending Lender shall remain unchanged from third party financial institutions acceptable that applicable prior to the Administrative Agentextension and the Commitments of each Non-Extending Lender and the existing Applicable Margin shall continue in full force and effect. (c) Notwithstanding the provisions of Section 9.02(b), the Issuing Banks Borrower and the Swingline Lender in an amount equal Administrative Agent (and the Extending Lenders) shall be entitled to enter into any amendments to this Agreement that the amount Administrative Agent believes are necessary or appropriate to reflect, or to provide for the integration of, any extension of the Revolving Loan Commitment Maturity Date or change in Applicable Margins pursuant to this Section 2.23 without the consent of any Non-Extending Lender. Notwithstanding anything to the contrary, the Maturity Date shall not extend beyond the fifth anniversary of the Extension Date.

Appears in 2 contracts

Samples: Credit Agreement (Seagate Technology PLC), Credit Agreement (Seagate Technology PLC)

Maturity Date Extension. The Company may request that (a) So long as the Lenders’ Revolving Loan Commitments be renewed for up Extension Requirements are satisfied at the time of the delivery of the notice referred to two additional one year periods below, the Borrowers may, by providing a written notice of such request delivered to the Administrative Agent prior to (which but not less than 30 days or more then 160 days prior to) the original Maturity Date, request (pursuant to a single such request) that the original Maturity Date be extended to November 2, 2007. So long as the Extension Requirements are satisfied on May 2, 2007, the original Maturity Date shall give prompt notice be extended on such date to the Lenders) no later than the third anniversary of the Effective Date and no more than once per yearNovember 2, and shall specify the date upon which such extension will become effective 2007 (the “Extension First Extended Maturity Date”). If a Lender agrees, in its individual and sole discretion, to renew its Revolving Loan Commitment (an “Extending Lender”), it will notify ) without further consent of the Administrative Agent, in writing, of its decision to do so no later than 20 days after receipt of such extension noticeLenders. The Administrative Agent shall notify each Lender of (i) its receipt of the Companynotice of extension described above and (ii) the effectiveness of any extension of the original Maturity Date. (b) So long as the Extension Requirements are satisfied at the time of the delivery of the notice referred to below, in writingthe Borrowers may, by a written notice delivered to the Administrative Agent prior to (but not less than 30 days or more than 160 days prior to) the First Extended Maturity Date, request (pursuant to a single such request) that the First Extended Maturity Date be extended to May 2, 2008. So long as the Extension Requirements are satisfied on November 2, 2007, the First Extended Maturity Date shall be extended on such date to May 2, 2008 (the “Second Extended Maturity Date”) without further consent of the Lenders’ decisions no later than five days after the date the Lenders are required to respond to such extension notice. As The Administrative Agent shall notify each Lender of (i) its receipt of the Extension Date, notice of extension described above and (ii) the Extending Lenders’ Revolving Loan Commitment will be renewed for an additional one year from the Maturity Date at that time, provided that more than 50% effectiveness of any extension of the Revolving Loan Commitments are extended or otherwise committed to by Extending Lenders and any new Lenders. Any Lender that declines the Company’s request, or does not respond to the Company’s request for a commitment renewal (a “Non-Extending Lender”) will have its Revolving Loan Commitment terminated on the First Extended Maturity Date then in effect (without regard to any extensions by other Lenders). The Company will have the right to accept commitments from third party financial institutions acceptable to the Administrative Agent, the Issuing Banks and the Swingline Lender in an amount equal to the amount of the Revolving Loan Commitment of any Non-Extending Lender. Notwithstanding anything to the contrary, the Maturity Date shall not extend beyond the fifth anniversary of the Extension Date.

Appears in 1 contract

Samples: Credit Agreement (Trizec Properties Inc)

Maturity Date Extension. The Company may request that the Lenders’ Revolving Loan Commitments be renewed for up to two additional one year periods by providing notice of such request to the Administrative Agent (which shall give prompt notice to the Lenders) no later than the third anniversary of the Effective Restatement Date and no more than once per year, and shall specify the date upon which such extension will become effective (the “Extension Date”). If a Lender agrees, in its individual and sole discretion, to renew its Revolving Loan Commitment (an “Extending Lender”), it will notify the Administrative Agent, in writing, of its decision to do so no later than 20 days after receipt of such extension notice. The Administrative Agent shall notify the Company, in writing, of the Lenders’ decisions no later than five days after the date the Lenders are required to respond to such extension notice. As of the Extension Date, the Extending Lenders’ Revolving Loan Commitment will be renewed for an additional one year from the Maturity Date at that time, provided that more than 50% of the Revolving Loan Commitments are extended or otherwise committed to by Extending Lenders and any new Lenders. Any Lender that declines the Company’s request, or does not respond to the Company’s request for a commitment renewal (a “Non-Extending Lender”) will have its Revolving Loan Commitment terminated on the Maturity Date then in effect (without regard to any extensions by other Lenders). The Company will have the right to accept commitments from third party financial institutions acceptable to the Administrative Agent, the Issuing Banks and the Swingline Lender in an amount equal to the amount of the Revolving Loan Commitment of any Non-Extending Lender. Notwithstanding anything to the contrary, the Maturity Date shall not extend beyond the fifth anniversary of the Extension Date.

Appears in 1 contract

Samples: Loan Agreement (American Tower Corp /Ma/)

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Maturity Date Extension. The Company may request that the Lenders’ Revolving Loan Commitments be renewed for up to two additional one year periods by providing notice of such request to the Administrative Agent (which shall give prompt notice to the Lenders) no later than the third anniversary of the Effective Restatement Date and no more than once per year, and shall specify the date upon which such extension will become effective (the “Extension Date”)) and the requested new maturity date. If a Lender agrees, in its individual and sole discretion, to renew its Revolving Loan Commitment (an “Extending Lender”), it will notify the Administrative Agent, in writing, of its decision to do so no later than 20 days after receipt of such extension notice. The Administrative Agent shall notify the Company, in writing, of the Lenders’ decisions no later than five days after the date the Lenders are required to respond to such extension notice. As of the Extension Date, if the Company elects to accept the Extending Lenders’ agreements to extend, the Extending Lenders’ Revolving Loan Commitment Commitments will be renewed for an the requested additional one year period from the Maturity Date at that time, provided that more than 50% of the Revolving Loan Commitments are extended or otherwise committed to by Extending Lenders and any new Lenders. Any Lender that declines the Company’s request, or does not respond to the Company’s request for a commitment renewal (a “Non-Extending Lender”) will have its Revolving Loan Commitment terminated on the Maturity Date then in effect (without regard to any extensions by other Lenders). The Company will have the right to accept commitments from third party financial institutions acceptable to the Administrative Agent, the Issuing Banks and the Swingline Lender in an amount equal to the amount of the Revolving Loan Commitment of any Non-Extending Lender. Notwithstanding anything to the contrary, the Maturity Date shall not extend beyond the fifth anniversary of the Extension Date.

Appears in 1 contract

Samples: Loan Agreement (American Tower Corp /Ma/)

Maturity Date Extension. The Company may request that may, on the Lenders’ Revolving Loan Commitments be renewed for up to two additional one year periods first and second anniversary of the Restatement Effective Date, by providing written notice of such request delivered to the Administrative Agent not more than 30 days prior to such anniversary (a copy of which shall give prompt notice be promptly delivered to the Lenders) no later than the third anniversary of the Effective Date and no more than once per year, and shall specify the date upon which such extension will become effective (the “Extension Date”). If a Lender agrees, in its individual and sole discretion, to renew its Revolving Loan Commitment (an “Extending each Lender), it will notify the Administrative Agent, in writing, of its decision to do so no later than 20 days after receipt of such extension notice. The Administrative Agent shall notify the Company, in writing, of the Lenders’ decisions no later than five days after the date request that the Lenders are required to respond to such extension notice. As extend the Maturity Date for a period of the Extension Date, the Extending Lenders’ Revolving Loan Commitment will be renewed for an additional one year from the Maturity Date at that timethen in effect. Each Lender shall, provided that more by notice to the Company and the Administrative Agent given not later than 50% the 20th day after the date of the Revolving Loan Commitments are extended Administrative Agent’s receipt of the Company’s notice, advise the Company whether or otherwise committed not it agrees to by Extending Lenders the requested extension (each Lender agreeing to a requested extension being called a “Consenting Lender” and any new Lenderseach Lender declining to agree to a requested extension being called a “Declining Lender”). Any Lender that declines has not so advised the Company’s Company and the Administrative Agent by such day shall be deemed to have declined to agree to such extension and shall be a Declining Lender. The decision to agree or withhold agreement to any Maturity Date extension request shall be at the sole discretion of each Lender. If Lenders constituting the Required Lenders shall have agreed to a Maturity Date extension request, or does not respond then the Maturity Date shall, as to the Company’s request Consenting Lenders, be extended to the first anniversary of the Maturity Date theretofore in effect for a commitment renewal (a “Non-Extending such Consenting Lender”) will have its Revolving Loan . The Commitment terminated of any Declining Lender shall terminate on the Maturity Date then in effect (without regard for such Declining Lender prior to giving effect to any extensions by other Lenderssuch extension (such Maturity Date being called the “Existing Maturity Date”). The principal amount of any Standby Credit Exposure and the Competitive Loan Exposure of Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the account of such Declining Lenders hereunder, shall be due and payable on the Existing Maturity Date, and on the Existing Maturity Date, the Company will shall also make such other prepayments of its Loans as shall be required in order that, after giving effect to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, the sum of the aggregate Standby Credit Exposures and the Competitive Loan Exposure shall not exceed the Total Commitment. Notwithstanding the foregoing provisions of this subsection, with respect to a Declining Lender, the Company shall have the right right, at its sole cost and expense, upon notice to accept commitments from third party financial institutions acceptable to such Lender and the Administrative Agent, to require such Declining Lender to transfer and assign without recourse (in accordance with and subject to the Issuing Banks restrictions contained in Section 9.04) all its interests, rights and obligations hereunder to another financial institution consented to (except for assignments to a Lender or Lender Affiliate, which shall not require such consent) by the Swingline Administrative Agent (which consent shall not be unreasonably withheld) that will agree to the requested Maturity Date extension and that shall assume such obligations; provided that (a) no such assignment shall conflict with any law, rule or regulation or order of any Governmental Authority and (b) the assignee or the Company, as the case may be, shall pay to the affected Lender in an amount equal immediately available funds on the date of such assignment the principal of and interest accrued to the amount date of payment on the Revolving Loan Commitment of any Non-Extending LenderLoans made, and participations in LC Disbursements acquired, by it hereunder and all other amounts accrued for its account or owed to it hereunder. Notwithstanding anything to the contraryforegoing, no extension of the Maturity Date pursuant to this Section 2.25 shall not extend beyond become effective unless, on the fifth anniversary date that such Maturity Date extension becomes effective, (i) the conditions set forth in Sections 4.01(b) and (c) shall be satisfied (without giving effect to the first parenthetical in such subsection (b) and with all references in such subsections to a Credit Event being deemed to be references to such extension) and (ii) the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Extension DateCompany.

Appears in 1 contract

Samples: Five Year Competitive Advance and Revolving Credit Facility Agreement (Hartford Financial Services Group Inc/De)

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