Common use of Termination of Credit Facility Clause in Contracts

Termination of Credit Facility. (a) The Credit Facility (subject to Section 2.2(a) with respect to Swingline Loans) shall terminate on the earliest of (a) Aprix 00, 0000, (x) xxx date of termination by the Borrower pursuant to Section 2.8, and (c) the date of termination by the Agent on behalf of the Lenders pursuant to Section 11.2(a); provided, that not earlier than the ninetieth (90th) day and not later than the thirtieth (30th) day prior to each anniversary of the Closing Date (each, an "Extension Date"), the Borrower may, by written notice (an "Extension Request") given to the Agent, request that the date set forth in clause (a) above be extended in each such instance to a date that is one (1) year after such date then in effect. The Agent shall promptly advise each Lender of its receipt of any Extension Request and furnish each Lender with a copy thereof. Each Lender may, in its sole discretion, consent to a requested extension by giving written notice thereof to the Agent not later than the Business Day (the "Extension Confirmation Date") immediately preceding the date which is twenty (20) days after receipt of the Extension Request. No Lender shall be under any obligation or commitment to extend such date and no such obligation or commitment on the part of any Lender shall be inferred from the provisions of this Section 2.9. Failure on the part of any Lender to respond to an Extension Request by the applicable Extension Confirmation Date shall be deemed to be a denial of such request by such Lender. The requested extension shall not be granted unless 100% of the Lenders shall have consented in writing to such extension.

Appears in 1 contract

Samples: Credit Agreement (United Companies Financial Corp)

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Termination of Credit Facility. (a) The Until such date as the Borrowers secure the appropriate Governmental Approvals to permit the Credit Facility to have a stated maturity date of five (subject to Section 2.2(a5) with respect to Swingline Loans) years or more after the Closing Date, the Credit Facility shall terminate on the earliest of (a) Aprix 00December 31, 00002000, (xb) xxx the date of termination by the Borrower Borrowers pursuant to Section 2.82.5, and (c) the date of termination by the Administrative Agent on behalf of the Lenders pursuant to Section 11.2(a); provided, that not earlier than the ninetieth (90th) day and not later than the thirtieth (30th) day prior to each anniversary CT, on behalf of the Closing Date Borrowers may request two (each, an "Extension Date"), the Borrower may, by written notice (an "Extension Request"2) given to the Agent, request that separate two-year extensions of the date set forth in clause (a) above be extended of the first paragraph of this Section 2.6 by providing the Administrative Agent and each of the Lenders with a written request for such extension not more than ninety (90) days and not fewer than sixty (60) days prior to the then existing Termination Date; provided further, that (A) CT shall not request more than two (2) extensions, (B) the Termination Date shall not in any event extend beyond December 31, 2004 and (C) each such instance extension shall be subject to a date that is one (1) year after such date the satisfaction of the Borrowers of each of the conditions set forth in Section 5.3 on the then in effect. The Agent shall promptly advise each Lender of its receipt of any Extension Request and furnish each Lender with a copy thereofexisting Termination Date. Each Lender may, in its sole discretion, consent to a requested extension by giving of the Lenders shall provide written notice thereof to the Administrative Agent not later than on or prior to the Business Day thirtieth (30th) day (the "Extension Confirmation Consent Date") immediately preceding before the date which is twenty then existing Termination Date of its desire to extend (20any such Lender, a "Consenting Lender") days after receipt of the Extension Requestor not to so extend (any such Lender, a "Non-Consenting Lender") such date. No Lender shall be under any obligation or commitment to extend such date and no such obligation or commitment on the part of any Lender shall be inferred from the provisions of this Section 2.9. Failure on the part of any Lender to respond to an Extension Request by the applicable Extension Confirmation Date shall be deemed to be a denial of such request by such Lender. The requested extension shall not be granted unless 100% of the Lenders shall have consented in writing to such extension.this

Appears in 1 contract

Samples: Credit Agreement (Ct Communications Inc /Nc)

Termination of Credit Facility. (a) The Credit Facility Borrowers may terminate this Agreement upon at least twenty (subject to Section 2.2(a20) with respect to Swingline Loans) shall terminate on the earliest of (a) Aprix 00, 0000, (x) xxx date of termination by the Borrower pursuant to Section 2.8, and (c) the date of termination by the Agent on behalf of the Lenders pursuant to Section 11.2(a); provided, that not earlier than the ninetieth (90th) day and not later than the thirtieth (30th) day days prior to each anniversary of the Closing Date (each, an "Extension Date"), the Borrower may, by written notice (an "Extension Request") given to the Agent, request that the date set forth in clause (a) above be extended in each such instance to a date that is one (1) year after such date then in effect. The Agent shall promptly advise each Lender of its receipt of any Extension Request and furnish each Lender with a copy thereof. Each Lender may, in its sole discretion, consent to a requested extension by giving written notice thereof to the Agent not later than and the Business Day Lenders, upon (i) the "Extension Confirmation Date"payment in full of all outstanding Loans, together with accrued and unpaid interest thereon, and the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Agent, in the Agent's discretion, of a Supporting Letter of Credit or cash deposit, in each case in amounts and in the manner required by Section 2.6(i)), (ii) immediately preceding the date which is twenty (20) days after receipt payment in full of the Extension Request. No Lender shall be under any obligation or commitment to extend such date early termination fee set forth in the following sentence, (iii) the payment in full of all reimbursable expenses and no such obligation or commitment on other Total Obligations together with accrued and unpaid interest thereon, and (iv) the part payment in full of any Lender shall be inferred from the provisions of this amount due under Section 2.9. Failure on the part of any Lender to respond to an Extension Request by the applicable Extension Confirmation Date shall be deemed to be a denial of such request by such Lender3.6. The requested extension aggregate amount of the Revolving Commitment Amount shall not be granted unless 100reduced except in connection with termination of the credit facility provided pursuant to this Agreement. Subject to Section 2.8, if this Agreement is terminated at any time prior to the second Anniversary Date, whether pursuant to this Section or pursuant to Section 8.2, the Borrowers shall pay to the Agent, for the account of the Lenders, an early termination fee determined in accordance with the following table: Period during which early termination occurs Early Termination Fee On or prior to the first 2.00% of the Lenders aggregate Revolving Anniversary Date Committed Amount After the first Anniversary 1.00% of the aggregate Revolving Date but on or prior to the Committed Amount second Anniversary Date Notwithstanding the foregoing, no such early termination fee shall have consented be payable in writing the event this Agreement is terminated (A) after the first Anniversary Date in connection with refinancing of the Total Obligations in a transaction in which another lending group of Bank of America or another lending group of CIT or any of their respective Affiliates provides or arranges replacement financing or (B) more than eighteen months after the Closing Date, in connection with a public offering of debt or equity securities of any Credit Party either arranged or underwritten by Bank of America, an Affiliate of Bank of America, or another investment banking firm (provided that Bank of America was offered the opportunity to lead such extensionoffering and has declined to lead such offering).

Appears in 1 contract

Samples: Credit Agreement (Friedmans Inc)

Termination of Credit Facility. (a) The Credit Facility (subject to Section 2.2(a) with respect to Swingline Loans) shall ------------------------------ terminate on the earliest of (a) Aprix 00February 14, 00002000, (xb) xxx the date of termination reduction of the Aggregate Commitment to zero by the Borrower pursuant to Section 2.82.5, and (c) the date of termination by the Agent on behalf of the Lenders pursuant to Section 11.2(a); provided, that not earlier than the ninetieth one hundred and twentieth -------- (90th120th) day and not later than the thirtieth ninetieth (30th90th) day prior to each the first anniversary and the second anniversary, respectively, of the Closing Date (each, an the "Extension Date"), the Borrower may, by written notice (an "Extension Request") given to the Agent, request that the date set forth in clause (a) above be extended in each such instance to a date that is one (1) year after such date then in effectFebruary 14, 2001. The Agent shall promptly advise each Lender of its receipt of any Extension Request and furnish each Lender with a copy thereof. Each Lender may, in its sole discretion, consent to a the requested extension by giving written notice thereof to the Agent not later than the Business Day (the "Extension Confirmation Date") immediately preceding the date which is twenty thirty (2030) days after receipt of the Extension Request. No Lender shall be under any obligation or commitment to extend such date and no such obligation or commitment on the part of any Lender shall be inferred from the provisions of this Section 2.92.6. Failure on the part of any Lender to respond to an Extension Request by the applicable Extension Confirmation Date shall be deemed to be a denial of such request by such Lender. The requested extension shall not be granted unless 100% of the Lenders shall have consented in writing to such extension. In the event that the Agent determines, in its sole and absolute discretion, to approve the requested extension, the Agent shall use its best efforts to assist the Borrower in obtaining the approval of 100% of the Lenders; provided, that the Agent shall incur no liability whatsoever for the -------- failure of any Lender to approve such extension.

Appears in 1 contract

Samples: Credit Agreement (American Business Information Inc /De)

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Termination of Credit Facility. (a) The Credit Facility (subject to Section 2.2(a) with respect to Swingline Loans) shall terminate on the earliest of (ai) Aprix 00December 18, 00001999, (xii) xxx the date of termination by permanent reduction of the Borrower Aggregate Commitment in whole pursuant to Section 2.8, 2.5 and (ciii) the date of termination by the Agent on behalf of the Lenders pursuant to Section 11.2(a10.2(a); provided, that not earlier than the ninetieth one hundred and twentieth (90th120th) day and not later than the thirtieth ninetieth (30th90th) day prior to each anniversary of the Closing then existing Termination Date (each, an the "Extension Date"), RHI, on behalf of the Borrower Borrowers, may, by written notice (an "Extension Request") given to the Agent, request that the date set forth in clause (a) above be extended in each such instance to a date that is for one (1) year after such date then in effectyear. The Agent shall promptly advise each Lender of its receipt of any Extension Request and furnish each Lender with a copy thereof. Each Lender may, in its sole discretion, consent to a the requested extension by giving written notice thereof to the Agent not later than the Business Day (the "Extension Confirmation Date") immediately preceding the date which is twenty thirty (2030) days after receipt of the Extension Request. No Lender shall be under any obligation or commitment to extend such date and no such obligation or commitment on the part of any Lender shall be inferred from the provisions of this Section 2.92.6. Failure on the part of any Lender to respond to an Extension Request by the applicable Extension Confirmation Date shall be deemed to be a denial of such request by such Lender. The requested extension shall not be granted unless one hundred percent (100% %) of the Lenders shall have consented in writing to such extension."

Appears in 1 contract

Samples: Credit Agreement (Rare Hospitality International Inc)

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