Term of Revolving Credit Commitments. (a) Subject to the other provisions of this Section 2.10, (i) during the Initial Term, the Revolving Credit Commitment and other obligations of each Bank under this Agreement with respect to Revolving Credit Loans shall terminate on the last day of the Initial Term, and (ii) during any Renewal Term (as defined in Section 2.10(b) below), the Revolving Credit Commitment and other obligations of each Bank under this Agreement with respect to Revolving Credit Loans shall terminate on July 30 of the year immediately following the year in which such Renewal Term commenced. (b) Each Bank's Revolving Credit Commitment and other obligations under this Agreement with respect to Revolving Credit Loans (collectively, "Revolving Credit Obligations") shall be terminated on the last day of the ----------------------------- Initial Term unless such Bank gives written notice of renewal, for a one year period, of its Revolving Credit Obligations to the Borrower by May 30 of the year during which such obligations are to be terminated (May 30, 1999, in the case of the Initial Term) (the "Renewal Deadline"). The Borrower, shall then ---------------- have until the fifth Business Day following the Renewal Deadline to reject (by written notice, which must be received by no later than 5:00 p.m., prevailing New York City time, on such fifth Business Day) any Bank's offer of renewal (the "Rejection of Renewal Deadline"). If any Bank has elected not to renew its ----------------------------- Revolving Credit Obligations, then, not later than three Business Days after the Rejection of Renewal Deadline the Borrower shall provide each Bank and the Agent a list indicating each Bank that has elected to renew its Revolving Credit Obligations and all Banks who originally elected to renew their Revolving Credit Obligations shall have until the tenth Business Day following the Rejection of Renewal Deadline to reverse their decision and elect instead (by written notice to the Borrower, which must be received by no later than 5:00 p.m., prevailing New York City time, on such tenth Business Day) not to renew such obligations (the "Renewal Reconsideration Deadline"). The foregoing procedure with respect -------------------------------- to the renewal of the Revolving Credit Obligations of each Bank under this Agreement shall be repeated each year following the Initial Term (each such year, a "Renewal Term") with the Renewal Deadline, the Rejection of Renewal Deadline and the Renewal Reconsideration Deadline to be applicable in each such year, until there are no longer any Revolving Credit Commitments outstanding. In the event that any Bank elects to extend its Revolving Credit Obligations for a Renewal Term or Terms, (i) the expiration, termination, Maturity and Term Out Date of such Obligations outstanding at the commencement of, or made during, the Renewal Term shall be the July 30 of the year to which such financing arrangement shall be extended by such renewal, and (ii) each Revolving Credit Note shall be deemed amended to reflect the extended Maturity. If any Bank elects not to renew its Revolving Credit Obligations, or if the Borrower rejects any Bank's offer to renew its Revolving Credit Obligations, then, on the Term Out Date of such Bank's Revolving Credit Loan(s), such Bank shall make a Term Loan to the Borrower in accordance with the provisions of Section 2.1(b) hereof. The procedures set forth above shall also separately apply to the Swing Line Lender with respect to the Swing Line Commitment; provided, that, in the event -------- ---- all Banks extending Revolving Credit Loans elect not to renew as set forth above, the Swing Line Lender shall be deemed to have made a similar election. (c) Within five Business Days after the commencement of any Renewal Term, the Agent shall revise Exhibit A hereto if required in connection with any --------- change in the Aggregate Revolving Credit Commitment. (d) Notwithstanding the foregoing provisions of this Section 2.10, upon the occurrence of an Event of Default, the provisions of Article IX hereof shall apply and the Agent may take any action permitted or required thereunder. (e) The occurrence of the Termination Date shall not release, terminate or limit the rights or remedies of the Agent, or any Bank, or the obligations under this Agreement or any other Loan Document of the Borrower, and such rights and remedies and such obligations shall survive until the Borrower shall have fully paid and performed all its obligations hereunder and thereunder in full.
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Term of Revolving Credit Commitments. (a) Subject to the other provisions of this Section 2.10, (i) during the Initial Term, the Revolving Credit Commitment and other obligations of each Bank under this Agreement with respect to Revolving Credit Loans shall terminate on the last day of the Initial Term, and (ii) during any Renewal Term (as defined in Section 2.10(b) below), the Revolving Credit Commitment and other obligations of each Bank under this Agreement with respect to Revolving Credit Loans shall terminate on July June 30 of the year immediately following the year in which such Renewal Term commenced.
(b) Each Bank's Revolving Credit Commitment and other obligations under this Agreement with respect to Revolving Credit Loans (collectively, "Revolving Credit Obligations") shall be terminated on the last day of the ----------------------------- Initial Term unless such Bank gives written notice of renewal, for a one year period, of its Revolving Credit Obligations to the Borrower by May April 30 of the year during which such obligations are to be terminated (May April 30, 1999, in the case of the Initial Term) (the "Renewal Deadline"). The Borrower, Borrower shall then ---------------- have until the fifth Business Day following the Renewal Deadline to reject (by written notice, which must be received by no later than 5:00 p.m., prevailing New York City time, on such fifth Business Day) any Bank's offer of renewal (the "Rejection of Renewal Deadline"). If any Bank has elected not to renew ----------------------------- its ----------------------------- Revolving Credit Obligations, then, not later than three Business Days after the Rejection of Renewal Deadline the Borrower shall provide each Bank and the Agent a list indicating each Bank that has elected to renew its Revolving Credit Obligations and all Banks who originally elected to renew their Revolving Credit Obligations shall have until the tenth Business Day following the Rejection of Renewal Deadline to reverse their decision and elect instead (by written notice to the Borrower, which must be received by no later than 5:00 p.m., prevailing New York City time, on such tenth Business Day) not to renew such obligations (the "Renewal Reconsideration Deadline"). -------------------------------- The foregoing procedure with respect -------------------------------- to the renewal of the Revolving Credit Obligations of each Bank under this Agreement shall be repeated each year following the Initial Term (each such year, a "Renewal Term") with the Renewal Deadline, the Rejection of Renewal Deadline and the Renewal Reconsideration Deadline to be applicable in each such year, until there are no longer any Revolving Credit Commitments outstanding. In the event that any Bank elects to extend its Revolving Credit Obligations for a Renewal Term or Terms, (i) the expiration, termination, Maturity and Term Out Date of such Obligations outstanding at the commencement of, or made during, the Renewal Term shall be the July June 30 of the year to which such financing arrangement shall be extended by such renewal, and (ii) each Revolving Credit Note shall be deemed amended to reflect the extended Maturity. If any Bank elects not to renew its Revolving Credit Obligations, or if the Borrower rejects any Bank's offer to renew its Revolving Credit Obligations, then, on the Term Out Date of such Bank's Revolving Credit Loan(s), such Bank shall make a Term Loan to the Borrower in accordance with the provisions of Section 2.1(b) hereof. The procedures set forth above shall also separately apply to the Swing Line Lender with respect to the Swing Line Commitment; provided, that, in the event -------- ---- all Banks extending Revolving Credit -------- ---- Loans elect not to renew as set forth above, the Swing Line Lender shall be deemed to have made a similar election.
(c) Within five Business Days after the commencement of any Renewal Term, the Agent shall revise Exhibit A hereto if required in connection with --------- any --------- change in the Aggregate Revolving Credit Commitment.
(d) Notwithstanding the foregoing provisions of this Section 2.10, upon the occurrence of an Event of Default, the provisions of Article IX hereof shall apply and the Agent may take any action permitted or required thereunder.
(e) The occurrence of the Termination Date shall not release, terminate or limit the rights or remedies of the Agent, or any Bank, or the obligations under this Agreement or any other Loan Document of the Borrower, and such rights and remedies and such obligations shall survive until the Borrower shall have fully paid and performed all its obligations hereunder and thereunder in full.
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Term of Revolving Credit Commitments. (a) Subject to the other provisions of this Section 2.10, (i) during with respect to the Initial Term, the Revolving Credit Commitment and other obligations of each Bank under this Agreement with respect to Revolving Credit Loans shall terminate on the last day of the Initial Term, and (ii) during any with respect to each Renewal Term (as defined in Section 2.10(b) below), the Revolving Credit Commitment and other obligations of each Bank under this Agreement with respect to Revolving Credit Loans shall terminate on July 30 of the year immediately following date which is 364 days after the year in date on which such Renewal Term commenced.
(b) Each Bank's Revolving Credit Commitment and other obligations under this Agreement with respect to Revolving Credit Loans (collectively, "Revolving Credit Obligations") shall be terminated on the last day of the ----------------------------- Initial Term (or, in the event of a renewal, the last day of the then current Renewal Term) unless such Bank gives written notice of renewal, for a one year 364-day period, of its Revolving Credit Obligations to the Borrower Borrowers by May 30 of the year during date which is 45 days prior to the date on which such obligations are to be terminated (May 30August 8, 19992001, in the case of the Initial Term) (the "Renewal Deadline"). Any Bank that does not give such notice in accordance with the preceding sentence shall be deemed to have elected not to renew its Revolving Credit Obligations. The Borrower, Borrowers shall then ---------------- have until the fifth Business Day following the Renewal Deadline to reject (by written notice, which must be received by no later than 5:00 p.m., prevailing New York City time, on such fifth Business Day) any Bank's offer of renewal (the "Rejection of Renewal Deadline"). If any Bank has elected not to renew its ----------------------------- Revolving Credit Obligations, then, not later than three Business Days after the Rejection of Renewal Deadline the Borrower Borrowers shall provide each Bank and the Agent a list indicating each Bank that has elected to renew its Revolving Credit Obligations and all Banks who originally elected to renew their Revolving Credit Obligations shall have until the tenth Business Day following the Rejection of Renewal Deadline to reverse their decision and elect instead (by written notice to the BorrowerBorrowers, which must be received by no later than 5:00 p.m., prevailing New York City time, on such tenth Business Day) not to renew such obligations (the "Renewal Reconsideration Deadline"). The foregoing procedure with respect -------------------------------- to the renewal of the Revolving Credit Obligations of each Bank under this Agreement shall be repeated for each year 364-day term following the Initial Term (each such yearterm, a "Renewal Term") with the Renewal Deadline, the Rejection of Renewal Deadline and the Renewal Reconsideration Deadline to be applicable in with respect to each such yearterm, until there are no longer any Revolving Credit Commitments outstanding. In the event that any Bank elects to extend its Revolving Credit Obligations for a Renewal Term or Terms, (i) the expiration, termination, Maturity and Term Term-Out Date of such Obligations outstanding at the commencement of, or made during, the Renewal Term shall be the July 30 of date which is 364 days after the year to date on which such financing arrangement shall be extended by such renewalRenewal Term commenced, and (ii) each Revolving Credit Note shall be deemed amended to reflect the extended Maturity. If any Bank elects not to renew its Revolving Credit Obligations, or if the Borrower rejects Borrowers reject any Bank's offer to renew its Revolving Credit Obligations, then, on the Term Term-Out Date of such Bank's Revolving Credit Loan(s), such Bank shall make a Term Loan to the each Borrower in accordance with the provisions of Section 2.1(b) hereofhereof and the Aggregate Revolving Credit Commitment shall be reduced by an amount equal to the aggregate principal amount of such Term Loans. The procedures set forth above shall also separately apply to the Swing Line Lender with respect to the Swing Line Commitment; provided, that, in the event -------- ---- all Banks extending Revolving Credit Loans elect not to renew as set forth above, the Swing Line Lender shall be deemed to have made a similar election.
(c) Within five Business Days after the commencement of any Renewal Term, the Agent shall revise Exhibit A hereto if required in connection with any --------- change in the Aggregate Revolving Credit Commitment.
(d) Notwithstanding the foregoing provisions of this Section 2.10, upon the occurrence of an Event of Default, the provisions of Article IX hereof shall apply and the Agent may take any action permitted or required thereunder.
(e) The occurrence of the Termination Date shall not release, terminate or limit the rights or remedies of the Agent, or any Bank, or the obligations under this Agreement or any other Loan Document of the BorrowerBorrowers, and such rights and remedies and such obligations shall survive until the Borrower Borrowers shall have fully paid and performed all its their obligations hereunder and thereunder in full.
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Term of Revolving Credit Commitments. (a) Subject to the other provisions of this Section 2.10, (i) during with respect to the Initial Term, the Revolving Credit Commitment and other obligations of each Bank under this Agreement with respect to Revolving Credit Loans shall terminate on the last day of the Initial Term, and (ii) during any with respect to each Renewal Term (as defined in Section 2.10(b) below), the Revolving Credit Commitment and other obligations of each Bank under this Agreement with respect to Revolving Credit Loans shall terminate on July 30 of the year immediately following date which is 364 days after the year in date on which such Renewal Term commenced.
(b) Each Bank's Revolving Credit Commitment and other obligations under this Agreement with respect to Revolving Credit Loans (collectively, "Revolving --------- Credit Obligations") shall be terminated on the last day of the ----------------------------- Initial Term ------------------ (or, in the event of a renewal, the last day of the then current Renewal Term) unless such Bank gives written notice of renewal, for a one year 364-day period, of its Revolving Credit Obligations to the Borrower Borrowers by May 30 of the year during date which is 45 days prior to the date on which such obligations are to be terminated (May 3013, 19992000, in the case of the Initial Term) (the "Renewal Deadline"). The BorrowerBorrowers, shall then ---------------- have until the fifth Business Day following the Renewal Deadline to reject (by written notice, which must be received by no later than 5:00 p.m., prevailing New York City time, on such fifth Business Day) any Bank's offer of renewal (the "Rejection of Renewal Deadline"). If any Bank has elected not to renew its ----------------------------- Revolving Credit Obligations, then, not later than three Business Days after the Rejection of Renewal Deadline the Borrower Borrowers shall provide each Bank and the Agent a list indicating each Bank that has elected to renew its Revolving Credit Obligations and all Banks who originally elected to renew their Revolving Credit Obligations shall have until the tenth Business Day following the Rejection of Renewal Deadline to reverse their decision and elect instead (by written notice to the BorrowerBorrowers, which must be received by no later than 5:00 p.m., prevailing New York City time, on such tenth Business Day) not to renew such obligations (the "Renewal Reconsideration Deadline"). The foregoing procedure with respect -------------------------------- to the renewal of the Revolving Credit Obligations of each Bank under this Agreement shall be repeated for each year 364-day term following the Initial Term (each such yearterm, a "Renewal Term") with the Renewal Deadline, the Rejection of ------------ Renewal Deadline and the Renewal Reconsideration Deadline to be applicable in with respect to each such yearterm, until there are no longer any Revolving Credit Commitments outstanding. In the event that any Bank elects to extend its Revolving Credit Obligations for a Renewal Term or Terms, (i) the expiration, termination, Maturity and Term Term-Out Date of such Obligations outstanding at the commencement of, or made during, the Renewal Term shall be the July 30 of date which is 364 days after the year to date on which such financing arrangement shall be extended by such renewalRenewal Term commenced, and (ii) each Revolving Credit Note shall be deemed amended to reflect the extended Maturity. If any Bank elects not to renew its Revolving Credit Obligations, or if the Borrower rejects Borrowers reject any Bank's offer to renew its Revolving Credit Obligations, then, on the Term Term-Out Date of such Bank's Revolving Credit Loan(s), such Bank shall make a Term Loan to the each Borrower in accordance with the provisions of Section 2.1(b) hereofhereof and the Aggregate Revolving Credit Commitment shall be reduced by an amount equal to the aggregate principal amount of such Term Loans. The procedures set forth above shall also separately apply to the Swing Line Lender with respect to the Swing Line Commitment; provided, that, in the event -------- ---- all Banks extending Revolving Credit Loans elect not to renew as set forth above, the Swing Line Lender shall be deemed to have made a similar election.
(c) Within five Business Days after the commencement of any Renewal Term, the Agent shall revise Exhibit A hereto if required in connection with any --------- change in the Aggregate Revolving Credit Commitment.
(d) Notwithstanding the foregoing provisions of this Section 2.10, upon the occurrence of an Event of Default, the provisions of Article IX hereof shall apply and the Agent may take any action permitted or required thereunder.
(e) The occurrence of the Termination Date shall not release, terminate or limit the rights or remedies of the Agent, or any Bank, or the obligations under this Agreement or any other Loan Document of the BorrowerBorrowers, and such rights and remedies and such obligations shall survive until the Borrower Borrowers shall have fully paid and performed all its their obligations hereunder and thereunder in full.
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