Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such Lender, together with all interest, fees and other amounts payable hereunder on the Maturity Date of such Lender, in each case, to the Agent for the account of the applicable Lender(s), and the Commitment of such Lender shall be permanently cancelled and the aggregate Committed Amount shall be permanently cancelled by a corresponding amount. (b) By notice in writing to the Agent in the form of Schedule 3 (a “Notice of Extension”) given not more than 90 and not less than 45 days prior to each anniversary date of the date of this Agreement, the Borrower may request each Lender to extend the Maturity Date of such Lender for an additional period of 365 days. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit Lender, such consent not to be unreasonably withheld. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time the Committed Amount shall be permanently reduced by the amount of such Commitment.
Appears in 2 contracts
Samples: Credit Agreement (Midamerican Energy Co), Credit Agreement (Midamerican Funding LLC)
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement Subsection 2.7(e) and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such LenderAccommodations, together with all interest, fees and other amounts payable hereunder on the Maturity Date of such Lender, in each case, to the Administrative Agent for the account of the applicable Lender(s), and the Commitment of such Lender shall be permanently cancelled and the aggregate Committed Amount shall be permanently cancelled by a corresponding amountLenders.
(b) By notice in writing to the Administrative Agent in the form of Schedule 3 (a “Notice of Extension”) given not more than 90 and not less than 45 days prior to each anniversary date of the date of this Agreement, the Borrower may request each Lender to extend the Maturity Date of such Lender for an additional period of 365 days. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Administrative Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit LenderAdministrative Agent, such consent not to be unreasonably withheld. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time the Committed Amount shall be permanently reduced by the amount of such Commitment.
Appears in 2 contracts
Samples: Credit Agreement (Midamerican Funding LLC), Credit Agreement (Midamerican Funding LLC)
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement Subsections 2.7(e), 2.8(c), 2.9(d) and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such LenderAccommodation, together with all interest, fees and other amounts payable hereunder on the applicable Maturity Date of such Lender, in each case, to the Agent for the account of the applicable Lender(s)Letter of Credit Lender, and the Commitment of such Overdraft Lender shall be permanently cancelled and or the aggregate Committed Amount shall be permanently cancelled by a corresponding amountLenders, as applicable.
(b) By notice in writing If, no earlier than one hundred and eighty (180) and no later than ninety (90) days prior to the expiry of the Revolving Period, or any subsequent extension approved by the Agent, with the consent of the Lenders, pursuant to this Subsection 5 .2(b), the Borrower delivers to the Agent a notice in the form of Schedule 3 (a “"Notice of Extension”") given not more than 90 requesting that such Maturity Date be extended for a further three hundred and not less than 45 sixty-four (364) day period and if the Agent, with the consent of the Lenders, gives notice to the Borrower within thirty (30) days prior to each anniversary date of from the date of this Agreementreceipt of such Notice of Extension by the Agent, that the Lenders agree to the request of the Borrower may request each Lender to extend for such extension, then the Maturity Date of such Lender shall be extended for an additional a three hundred and sixty-four (364) day period of 365 dayscommencing on the date stipulated in the Agent's notice to the Borrower. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “"Dissenting Lender”) with Lender")with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit Lender, such consent not to be unreasonably withheldMajority Lenders. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time . Any Notice of Extension delivered by the Committed Amount Borrower shall be permanently reduced accompanied by the amount a Borrower's Certificate of such CommitmentCompliance.
Appears in 1 contract
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such Lender, together with all interest, fees and other amounts payable hereunder on the Maturity Date of such Lender, in each case, to the Agent for the account of the applicable Lender(s), and the Commitment of such Lender shall be permanently cancelled and the aggregate Committed Amount shall be permanently cancelled by a corresponding amount.
(b) By notice in writing to the Agent in the form of Schedule 3 (a “Notice of Extension”) given not more than 90 and not less than 45 days prior to each anniversary date of the date of this Agreement, the Borrower may request each Lender to extend the Maturity Date of such Lender for an additional period of 365 days. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower shall be entitled to replace any Lender which RBC – AltaLink (AILP) – 2016 Credit Agreement dissents in response to the Notice of Extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit Lender, such consent not to be unreasonably withheld. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time the Committed Amount shall be permanently reduced by the amount of such Commitment.
Appears in 1 contract
Samples: Credit Agreement (Pacificorp /Or/)
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement Subsection 2.7(e) and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such LenderAccommodations, together with all interest, fees and other amounts payable hereunder on the Maturity Date of such Lender, in each case, to the Administrative Agent for the account of the applicable Lender(s), and the Commitment of such Lender shall be permanently cancelled and the aggregate Committed Amount shall be permanently cancelled by a corresponding amountLenders.
(b) By notice in writing If, no earlier than one hundred and eighty (180) and no later than ninety (90) days prior to the expiry of the Revolving Period, or any subsequent extension approved by the Administrative Agent, with the consent of the Lenders, pursuant to this Subsection 5.2(b), the Borrower delivers to the Administrative Agent a notice in the form of Schedule 3 (a “"Notice of Extension”") given not more than 90 requesting that such Maturity Date be extended for a further three hundred and not less than 45 sixty-four (364) day period and if the Administrative Agent, with the consent of the Lenders, gives notice to the Borrower within thirty (30) days prior to each anniversary date of from the date of this Agreementreceipt of such Notice of Extension by the Administrative Agent, that the Lenders agree to the request of the Borrower may request each Lender to extend for such extension, then the Maturity Date of such Lender shall be extended for an additional a three hundred and sixty-four (364) day period of 365 dayscommencing on the date stipulated in the Administrative Agent's notice to the Borrower. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Administrative Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt. If a Lender does not provide a response to the Administrative Agent within such thirty (30) day period from the date of such receipt of the Notice of Extension, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at deemed to have withheld its consent to the sole discretion of such LenderBorrower's extension request. The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “"Dissenting Lender”") with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with without the consent of any of the remaining Lenders, provided that the Administrative Agent and has first consented in writing to such replacement of the Documentary Credit Dissenting Lender, such consent not to be unreasonably withheld. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time . Any Notice of Extension delivered by the Committed Amount Borrower shall be permanently reduced accompanied by a Borrower's Certificate of Compliance.
(c) In the event a Notice of Extension is not delivered by the amount of such CommitmentBorrower or the Credit Facility is not extended, the Borrower shall, subject to Subsection 2.7(e), repay all Accommodations then outstanding in equal quarterly instalments over the following one-year period.
Appears in 1 contract
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement Subsections 2.7(e), 2.8(c), 2.9(d) and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such LenderAccommodation, together with all interest, fees and other amounts payable hereunder on the applicable Maturity Date of such Lender, in each case, to the Agent for the account of the applicable Lender(s)Letter of Credit Lender, and the Commitment of such Overdraft Lender shall be permanently cancelled and or the aggregate Committed Amount shall be permanently cancelled by a corresponding amountLenders, as applicable.
(b) By notice in writing to the Agent in the form of Schedule 3 (a “Notice of Extension”) given not more than 90 and not less than 45 days prior to each anniversary date of the date of this Agreement, the Borrower may request each Lender to extend the Maturity Date of such Lender for an additional period of 365 days. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit LenderAgent, such consent not to be unreasonably withheld. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time the Committed Amount shall be permanently reduced by the amount of such Commitment.
Appears in 1 contract
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement Subsections 2.7(e), 2.8(c), 2.9(d) and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such LenderAccommodation, together with all interest, fees and other amounts payable hereunder on the applicable Maturity Date of such Lender, in each case, to the Agent for the account of the applicable Lender(s)Letter of Credit Lender, and the Commitment of such Overdraft Lender shall be permanently cancelled and or the aggregate Committed Amount shall be permanently cancelled by a corresponding amountLenders, as applicable.
(b) By notice in writing If, no earlier than one hundred and eighty (180) and no later than ninety (90) days prior to the expiry of the Revolving Period, or any subsequent extension approved by the Agent, with the consent of the Lenders, pursuant to this Subsection 5.2(b), the Borrower delivers to the Agent a notice in the form of Schedule 3 (a “Notice of Extension”) given not more than 90 requesting that such Maturity Date be extended for a further three hundred and not less than 45 sixty-four (364) day period and if the Agent, with the consent of the Lenders, gives notice to the Borrower within thirty (30) days prior to each anniversary date of from the date of this Agreementreceipt of such Notice of Extension by the Agent, that the Lenders agree to the request of the Borrower may request each Lender to extend for such extension, then the Maturity Date of such Lender shall be extended for an additional a three hundred and sixty-four (364) day period of 365 dayscommencing on the date stipulated in the Agent’s notice to the Borrower. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit Lender, such consent not to be unreasonably withheldMajority Lenders. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time . Any Notice of Extension delivered by the Committed Amount Borrower shall be permanently reduced accompanied by the amount a Borrower’s Certificate of such CommitmentCompliance.
Appears in 1 contract
Samples: Credit Agreement (Pacificorp /Or/)
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such LenderAccommodation, together with all interest, fees and other amounts payable hereunder on the applicable Maturity Date of such Lender, in each case, to the Agent for the account of the applicable Lender(s)Letter of Credit Lender, and the Commitment of such Overdraft Lender shall be permanently cancelled and or the aggregate Committed Amount shall be permanently cancelled by a corresponding amountLenders, as applicable.
(b) By notice in writing to the Agent in the form of Schedule 3 (a “Notice of Extension”) given not more than 90 and not less than 45 days prior to each anniversary date of the date of this Agreement, the Borrower may request each Lender to extend the Maturity Date of such Lender for an additional period of 365 days. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit LenderAgent, such consent not to be unreasonably withheld. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting LEGAL_1:83525085.7 \ Lender, at which time the Committed Amount shall be permanently reduced by the amount of such Commitment.
Appears in 1 contract
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such LenderAccommodations, together with all interest, fees and other amounts payable hereunder on the Maturity Date of such Lender, in each case, to the Administrative Agent for the account of the applicable Lender(s), and the Commitment of such Lender shall be permanently cancelled and the aggregate Committed Amount shall be permanently cancelled by a corresponding amountLenders.
(b) By notice in writing to the Administrative Agent in the form of Schedule 3 (a “Notice of Extension”) given not more than 90 and not less than 45 days prior to each anniversary date of the date of this Agreement, the Borrower may request each Lender to extend the Maturity Date of such Lender for an additional period of 365 days. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Administrative Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit LenderAdministrative Agent, such consent not to be unreasonably withheld. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time the Committed Amount shall be permanently reduced by the amount of such Commitment.
Appears in 1 contract
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement Subsection 2.7(e) and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such LenderAccommodations, together with all interest, fees and other amounts payable hereunder on the Maturity Date of such Lender, in each case, to the Administrative Agent for the account of the applicable Lender(s), and the Commitment of such Lender shall be permanently cancelled and the aggregate Committed Amount shall be permanently cancelled by a corresponding amountLenders.
(b) By notice in writing If, no earlier than one hundred and eighty (180) and no later than ninety (90) days prior to the expiry of the Revolving Period, or any subsequent extension approved by the Administrative Agent, with the consent of the Lenders, pursuant to this Subsection 5.2(b), the Borrower delivers to the Administrative Agent a notice in the form of Schedule 3 (a “Notice of Extension”) given not more than 90 requesting that such Maturity Date be extended for a further three hundred and not less than 45 sixty-four (364) day period and if the Administrative Agent, with the consent of the Lenders, gives notice to the Borrower within thirty (30) days prior to each anniversary date of from the date of this Agreementreceipt of such Notice of Extension by the Administrative Agent, that the Lenders agree to the request of the Borrower may request each Lender to extend for such extension, then the Maturity Date of such Lender shall be extended for an additional a three hundred and sixty-four (364) day period of 365 dayscommencing on the date stipulated in the Administrative Agent’s notice to the Borrower. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Administrative Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt. If a Lender does not provide a response to the Administrative Agent within such thirty (30) day period from the date of such receipt of the Notice of Extension, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at deemed to have withheld its consent to the sole discretion of such LenderBorrower’s extension request. The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with without the consent of any of the remaining Lenders, provided that the Administrative Agent and has first consented in writing to such replacement of the Documentary Credit Dissenting Lender, such consent not to be unreasonably withheld. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time . Any Notice of Extension delivered by the Committed Amount Borrower shall be permanently reduced accompanied by a Borrower’s Certificate of Compliance.
(c) In the event a Notice of Extension is not delivered by the amount of such Commitment.Borrower or the Credit Facility is not extended, the Borrower shall, subject to Subsection 2.7(e), repay all Accommodations then outstanding in equal quarterly instalments over the following one-year period. LEGAL_1:36982001.9
Appears in 1 contract
Samples: Credit Agreement (Pacificorp /Or/)
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such Lender, together with all interest, fees and other amounts payable hereunder on the Maturity Date of such Lender, in each case, to the Agent for the account of the applicable Lender(s), and the Commitment of such Lender shall be permanently cancelled and the aggregate Committed Amount shall be permanently cancelled by a corresponding amount.
(b) By notice in writing to the Agent in the form of Schedule 3 (a “"Notice of Extension”") given not more than 90 and not less than 45 days prior to each anniversary date of the date of this Agreement, the Borrower may request each Lender to extend the Maturity Date of such Lender for an additional period of 365 days. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “"Dissenting Lender”") with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit Lender, such consent not to be unreasonably withheld. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time the Committed Amount shall be permanently reduced by the amount of such Commitment.
Appears in 1 contract
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such Lender, together with all interest, fees and other amounts payable hereunder on the Maturity Date of such Lender, in each case, to the Agent for the account of the applicable Lender(s), and the Commitment of such Lender shall be permanently cancelled and the aggregate Committed Amount shall be permanently cancelled by a corresponding amount.
(b) By notice in writing to the Agent in the form of Schedule 3 3(A) (a “Notice of Extension”) given not more than 90 once per annum and not less than 45 days prior to each anniversary date of the date of this AgreementMaturity Date, the Borrower may request each Lender to extend the Maturity Date of such Lender for an additional period of 365 days. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower If 100% of the Lenders agree to such extension, the then current Maturity Date shall be entitled extended for an additional 365 days computed from the then current Maturity Date. If Lenders holding more than 66 2/3% of the Commitments decline the requested extension, the Maturity Date shall be the then current Maturity Date. If Lenders holding at least 66 2/3% of the Commitments but less than 100% of the Commitments agree to replace such extension, the Borrower may, in its sole discretion, either (a) advise the Agent in writing of its determination to not extend the Maturity Date in which case the Credit Facilities will continue in accordance with its terms, or (b) elect to extend the then current Maturity Date for an additional 365 days computed from the expiry of the then current Maturity Date, such extension applying only to those Lenders which provided their consent to the extension. In the case of any Lender which dissents in response not consenting to the Notice of Extension an extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or ), such Lender’s obligations pursuant to replace a Dissenting Lender with any financial institution which is not an existing Lender this Agreement shall continue in accordance with the consent of terms hereof to the Agent and then current Maturity Date. In the Documentary Credit event that the Borrower elects to extend the then current Maturity Date in accordance with the preceding terms then with respect to an Dissenting Lender, such consent not at any time on or prior to be unreasonably withheld. The the then current Maturity Date, the Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to either (x) permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time the Committed Amount shall be permanently reduced by the amount of such Commitment, or (y) replace the Dissenting Lender with another existing Lender or Lenders without the consent of any of the remaining Lenders, or with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit Lender, such consent not to be unreasonably withheld.
Appears in 1 contract
Repayment on Maturity Date and Extension. (a) Subject to the provisions of this Agreement and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such Lender, together with all interest, fees and other amounts payable hereunder on the Maturity Date of such Lender, in each case, to the Agent for the account of the applicable Lender(s), and the Commitment of such Lender shall be permanently cancelled and the aggregate Committed Amount shall be permanently cancelled by a corresponding amount.
(b) By notice in writing to the Agent in the form of Schedule 3 (a “Notice of Extension”) given not more than 90 and not less than 45 days prior to each anniversary date of the date of this Agreement, the Borrower may request each Lender to extend the Maturity Date of such Lender for an additional period of 365 days. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower shall be entitled to replace any Lender Legal_1:35701022.7 which dissents in response to the Notice of Extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit Lender, such consent not to be unreasonably withheld. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time the Committed Amount shall be permanently reduced by the amount of such Commitment.
Appears in 1 contract
Samples: Credit Agreement (Pacificorp /Or/)