Common use of Expiry Date Clause in Contracts

Expiry Date. The expiration of the Commitment of the Bank shall be 364 days from the Effective Date (the "Expiry Date"); provided, however, that before (but not earlier than 120 days nor later than 90 days before) each anniversary of the Effective Date, the Borrowers may make a written request (an "Extension Request") to the Bank at its Notice Office that the Expiry Date be extended by 364 days. Such Extension Request shall include a certification by a senior officer of each of the Borrowers that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material aspects on and as of the date of the extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date). If the Bank agrees thereto, "Expiry Date" shall mean the day 364 days following the Expiry Date then in effect, provided that any failure by the Bank to notify the Borrower shall be deemed to be a disapproval by the Bank of the Borrower's Extension Request. The Bank shall not be obligated to grant any extension pursuant to this Section 2.05 and any such extension shall be in the sole discretion of the Bank. The Borrowers shall pay to the Bank if it does not so agree all amounts owing under the Notes and this Agreement on the Expiry Date or upon the termination of the Bank's Commitment. In the event of any extension pursuant to this Section 2.05, each Borrower shall be deemed to have represented and warranted on and as of the effective date of such extension that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material respects on and as of the date of such extension (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date).

Appears in 4 contracts

Samples: Credit Agreement (Sierra Prime Income Fund), Credit Agreement (Sierra Prime Income Fund), Credit Agreement (Sierra Prime Income Fund)

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Expiry Date. The expiration No Letter of Credit shall have an expiry date after the Commitment earlier of (a) the Bank shall be 364 days from the Effective Date (the "Expiry Date"); provided, however, that before (but not earlier than 120 days nor later than 90 days before) each anniversary of the Effective Date, the Borrowers may make a written request (an "Extension Request") to the Bank at its Notice Office that the Expiry Date be extended by 364 days. Such Extension Request shall include a certification by a senior officer of each of the Borrowers that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material aspects on and as of date one year after the date of the extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as issuance of such date). If Letter of Credit and (b) five business days prior to the Bank agrees thereto, "Expiry Commitment Termination Date" shall mean the day 364 days following the Expiry Date then in effect, provided that any failure by Letter of Credit with a one-year tenor may provide for the Bank renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to notify in clause (b) above). Notwithstanding the foregoing, any Letter of Credit issued in the final year prior to the Maturity Date may expire no later than one year after the Maturity Date so long as the Borrower shall be deemed cash collateralizes an amount equal to be a disapproval by the Bank 103% of the Borrower's Extension Requestface amount of such Letter of Credit, by no later than thirty (30) days prior to the Maturity Date, in the manner described in Section 2.10F and otherwise on terms and conditions reasonably acceptable to the Administrative Agent and the relevant Fronted LC Issuing Bank (in the case of a Fronted Letter of Credit). The In the case of any Letter of Credit that provides for the automatic renewal of the expiry date thereof unless the Administrative Agent or (in the case of any Fronted Letter of Credit) the relevant Fronted LC Issuing Bank shall give notice to the beneficiary thereof that such expiry date shall not be obligated to grant any extension pursuant to this Section 2.05 and any such extension shall be in renewed, the sole discretion of the Bank. The Borrowers shall pay to the Bank if it does not so agree all amounts owing under the Notes and this Agreement on the Expiry Date or upon the termination of the Bank's Commitment. In the event of any extension pursuant to this Section 2.05, each Borrower Lenders shall be deemed to have represented authorized the Administrative Agent (with respect to each Syndicated Letter of Credit) and warranted on and the relevant Fronted LC Issuing Bank (with respect to each Fronted Letter of Credit), as applicable, to permit the extension of such Letter of Credit pursuant to the terms thereof to an expiry date not later than the date permitted under the immediately preceding sentence; provided that the Administrative Agent or such Fronted LC Issuing Bank, as applicable, will not permit any such extension if (i) the Administrative Agent or such Fronted LC Issuing Bank, as applicable, has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof or (ii) the Administrative Agent or such Fronted LC Issuing Bank, as applicable, has received notice, at least seven Business Days (or such lesser number of days as the Administrative Agent or such Fronted LC Issuing Bank, as applicable, in its sole discretion shall agree to) prior to the last day of the effective date period under the terms of such Letter of Credit during which a notice with respect to non-extension that no Default or non-renewal thereof may be provided to the beneficiary thereunder, from the Borrower or (upon the occurrence and during the continuance of a Potential Event of Default has occurred and is continuing and all representations and warranties contained herein and or an Event of Default or at any time upon or following the other Credit Documents are true and correct in all material respects on and as termination of the date Commitments) the Requisite Lenders, in each case, requesting that such Letter of Credit not be permitted to extend (whereupon the Administrative Agent or such Fronted LC Issuing Bank, as applicable, shall promptly provide such notice in accordance with the terms of such extension (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as Letter of such dateCredit).

Appears in 3 contracts

Samples: Credit Agreement (Assurant Inc), Credit Agreement (Assurant Inc), Credit Agreement (Assurant Inc)

Expiry Date. The expiration Each Letter of Credit shall expire at or prior to the earlier of (a) the close of business on the date one year after the date of the Commitment issuance of such Letter of Credit (or, in the Bank case of any renewal or extension thereof, one year after such renewal or extension), or (b) the Final Maturity Date; provided, however, if the Borrower so requests in any applicable Letter of Credit Application, the Issuing Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit that provides for renewal for successive periods of one year or less (but not beyond the Final Maturity Date) (each, an “Evergreen Letter of Credit) unless and until the Issuing Lender shall have delivered prior written notice of nonrenewal to the beneficiary of such Letter of Credit (a “Notice of Non-Extension”) no later than the time specified in such Letter of Credit (such time, the “Non-Extension Notice Date”). Once an Evergreen Letter of Credit has been issued, the Lenders shall be 364 days from deemed to have authorized (but may not require) the Effective Date (Issuing Lender to permit the "Expiry extension of such Letter of Credit at any time to an expiry date not later than the Final Maturity Date"); provided, however, that before (but not earlier than 120 days nor later than 90 days before) each anniversary of the Effective Date, the Borrowers may make a written request (an "Extension Request") to the Bank at its Notice Office that the Expiry Date be extended by 364 days. Such Extension Request shall include a certification by a senior officer of each of the Borrowers that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material aspects on and as of the date of the extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date). If the Bank agrees thereto, "Expiry Date" shall mean the day 364 days following the Expiry Date then in effect, provided that any failure by the Bank to notify the Borrower shall be deemed to be a disapproval by the Bank of the Borrower's Extension Request. The Bank Issuing Lender shall not be obligated to grant any extension pursuant to this Section 2.05 and permit any such extension shall if (x) the Issuing Lender has determined that it would not be in permitted, or would have no obligation, at such time to issue such Letter of Credit (as extended) under the sole discretion terms hereof (by reason of the Bank. The Borrowers shall pay provisions of Section 2.5(e) or otherwise), (y) it has received notice (which may be by telephone or in writing) on or before the day that is five Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Bank if it does not so agree all amounts owing under Administrative Agent, the Notes and this Agreement on Required Lenders or the Expiry Date Borrower that one or upon the termination more of the Bank's Commitment. In applicable conditions specified in Section 3.2 is not then satisfied or (z) the event of any extension pursuant Commitment Termination Date has occurred, and in each such case directing the Issuing Lender not to this Section 2.05, each Borrower shall be deemed to have represented and warranted on and as of the effective date of permit such extension that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material respects on and as of the date of such extension (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date)extension.

Appears in 2 contracts

Samples: Credit Agreement (Unum Group), Credit Agreement (Unum Group)

Expiry Date. (a) The expiration of the Commitment of the Bank Commitments shall be 364 days from the Effective Date occur on October 15, 2008 (the "Expiry Date"); provided, however, that before (but not earlier than 120 days nor later than 90 days before) each anniversary of the Effective Date, the Borrowers Borrower may make a written request (an "Extension Request") to the Bank Agent at its the Notice Office that the Expiry Date be extended by 364 daysone calendar year. Such Extension Request (a copy of which shall be forwarded by the Agent to each of the Banks and Haverford) shall include a certification by a senior officer of each of the Borrowers Borrower that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material aspects on and as of the date of the extension Extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date). If by the date occurring 30 days next succeeding the Agent's receipt of such Extension Request, any Bank agrees theretothereto in writing by so indicating on counterparts of the Extension Request and delivering such counterpart to the Borrower, "Expiry Date" as to such Bank shall mean the day 364 days following October 15 occurring in the calendar year next succeeding the Expiry Date then in effect, provided that any failure by the Bank to so notify the Borrower shall be deemed to be a disapproval by the such Bank of the Borrower's Extension Request. The Commitment of any Bank which does not so agree, shall terminate upon the Expiry Date then in effect. No Bank shall not be obligated to grant any extension pursuant to this Section 2.05 3.04(a), and any such extension shall be in the sole discretion of the each Bank. The Borrowers Borrower shall pay to the each Bank if it which does not so agree all amounts owing under the Notes its Note and this Agreement on the Expiry Date or upon effective date of the termination of the such Bank's Commitment. In the event of any extension pursuant to this Section 2.05, each Borrower shall be deemed to have represented and warranted on and as of the effective date of such extension that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material respects on and as of the date of such extension (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date).

Appears in 1 contract

Samples: Credit Agreement (Assured Guaranty LTD)

Expiry Date. (a) The expiration of the Commitment of the Bank Commitments and Contingent Commitments shall be 364 days from the Effective Date December 2, 2007 (the "Expiry Date"); provided, however, that before (but not earlier than 120 days nor later than 90 days before) each anniversary of the Effective Date, the Borrowers Borrower may make a written request (an "Extension Request") to the Bank Administrative Agent at its Notice Office who shall forward a copy to each of the Banks that the Expiry Date be extended by 364 daysone calendar year. Such Extension Request shall include a certification by a senior officer of each of the Borrowers that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material aspects on and as of the date of the extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date). If the Bank agrees thereto, "Expiry Date" shall mean the day 364 days following the Expiry Date then in effect, provided that any failure by the Bank to notify the Borrower shall be deemed to be a disapproval by the Bank of the Borrower's Extension Request. The Bank shall not be obligated to grant any extension pursuant to this Section 2.05 and any such extension shall be in the sole discretion of the Bank. The Borrowers shall pay to the Bank if it does not so agree all amounts owing under the Notes and this Agreement on the Expiry Date or upon the termination of the Bank's Commitment. In the event of any extension pursuant to this Section 2.05, each Borrower shall be deemed to have represented and warranted on and as of the effective date of such extension that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material respects on and as of the date of such extension the Extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date). If by the date occurring 45 days next succeeding the Administrative Agent's receipt of such Extension Request, any Bank agrees thereto in writing by so indicating on counterparts of the Extension Request and delivering such counterpart to the Borrower, "Expiry Date" as to such Bank shall mean the December 2 occurring in the calendar year next succeeding the Expiry Date then in effect, provided that any failure to so notify the Borrower shall be deemed to be a disapproval by such Bank of the Borrower's Extension Request. The Commitment or Commitments and/or Contingent Commitment or Contingent Commitments of any Bank which does not so agree shall terminate upon the Expiry Date then in effect. No Bank shall be obligated to grant any extension pursuant to this Section 3.04 and any such extension shall be in the sole discretion of each Bank. The Borrower shall pay to each Bank which does not so agree all amounts owing under its Note or Notes and this Agreement on the effective date of the termination of such Bank's Commitment or Commitments and, if applicable, such Bank's Contingent Commitment or Contingent Commitments.

Appears in 1 contract

Samples: Credit Agreement (Ambac Financial Group Inc)

Expiry Date. (a) The expiration of the Commitment of Commitments and the Bank Contingent Commitments shall be 364 days from the Effective Date occur on November 7, 2008 (the "Expiry Date"); provided, however, that before (but not earlier than 120 days nor later than 90 60 days before) each anniversary of the Effective Date, the Borrowers Borrower may make a written request (an "Extension Request") to the Bank Agent at its the Notice Office that the Expiry Date be extended by 364 daysone calendar year. Such Extension Request (a copy of which shall be forwarded by the Agent to each of the Banks) shall include a certification by a senior officer of each of the Borrowers Borrower that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material aspects on and as of the date of the extension Extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date). If by the date occurring 30 days next succeeding the Agent's receipt of such Extension Request, any Bank agrees theretothereto in writing by so indicating on counterparts of the Extension Request and delivering such counterpart to the Borrower, "Expiry Date" as to such Bank shall mean the day 364 days following November 7, occurring in the calendar year next succeeding the Expiry Date then in effect, provided that any failure by the Bank to so notify the Borrower shall be deemed to be a disapproval by the such Bank of the Borrower's Extension Request. The Commitment of any Bank which does not so agree, the Contingent Commitment, if any, of each Part C Bank with respect thereto and the Contingent Commitment of such Bank if such Bank is a Part C Bank, shall terminate upon the Expiry Date then in effect. No Bank shall not be obligated to grant any extension pursuant to this Section 2.05 3.04(a), and any such extension shall be in the sole discretion of the each Bank. The Borrowers Borrower shall pay to the each Bank if it which does not so agree all amounts owing under the Notes its Note and this Agreement on the Expiry Date or upon effective date of the termination of the such Bank's Commitment and Contingent Commitment. In the event of any extension pursuant to this Section 2.05, each Borrower shall be deemed to have represented and warranted on and as of the effective date of such extension that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material respects on and as of the date of such extension (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date)if any.

Appears in 1 contract

Samples: Credit Agreement (Radian Group Inc)

Expiry Date. The expiration of the Commitment Commitments of the Bank Banks to make Revolving Loans shall be 364 days from the Effective Date April 21, 2011 (the "“Revolving Loan Expiry Date"); provided, however, that before (but not earlier than 120 60 days nor later than 90 30 days before) each anniversary of the Effective DateRevolving Loan Expiring Date then in effect, the Borrowers FSA may make a written request (an "Extension Request") to the Bank Agent at its Notice Office and to each of the Banks that the Revolving Loan Expiry Date be extended by 364 daysto the date set forth therein. Such Extension Request shall include a certification by a senior officer of each of the Borrowers FSA that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material aspects respects on and as of the date of the extension Extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date). If If, by the date occurring 15 days next succeeding the Agent’s receipt of such Extension Request, any Bank agrees theretothereto in writing by so indicating on counterparts of the Extension Request and delivering such counterpart to FSA, "“Revolving Loan Expiry Date" ” as to such Bank shall mean the day 364 days following date so designated in the Expiry Date then in effectrelevant Extension Request, provided that (i) any failure by the Agent or a Bank to so notify the Borrower FSA shall be deemed to be a disapproval by the such Bank of the Borrower's Extension Request; and (ii) the portion of the Commitment representing the Commitment of any Bank not so agreeing shall terminate on the Revolving Loan Expiry Date as then in effect. The Commitment of any Bank to make Revolving Loans which does not so agree shall terminate upon the Revolving Loan Expiry Date then in effect. No Bank shall not be obligated to grant any extension pursuant to this Section 2.05 3.04 and any such extension shall be in the sole discretion of the each Bank. The Borrowers Each Borrower shall pay to the each Bank if it which does not so agree all amounts owing under the Notes its Revolving Note and this Agreement on the Expiry Date or upon effective date of the termination of the such Bank's ’s Commitment. In the event of any extension pursuant to this Section 2.053.04, each Borrower shall be deemed to have represented and warranted on and as of the effective date of such extension that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents with respect to such Borrower are true and correct in all material respects on and as of the date of such extension (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date).

Appears in 1 contract

Samples: Credit Agreement (Financial Security Assurance Holdings LTD)

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Expiry Date. (a) The expiration of the Commitment of the Bank Commitments shall be 364 days from the Effective Date occur on February 27, 2008 (the "Expiry Date"); provided, however, that before (but not earlier than 120 days nor later than 90 60 days before) each anniversary of the Effective Date, the Borrowers Borrower may make a written request (an "Extension Request") to the Bank Agent at its the Notice Office that the Expiry Date be extended by 364 daysone calendar year. Such Extension Request (a copy of which shall be forwarded by the Agent to each of the Banks) shall include a certification by a senior officer of each of the Borrowers Borrower that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material aspects on and as of the date of the extension Extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date). If by the date occurring 30 days next succeeding the Agent's receipt of such Extension Request, any Bank agrees theretothereto in writing by so indicating on counterparts of the Extension Request and delivering such counterpart to the Borrower, "Expiry Date" as to such Bank shall mean the day 364 days following February 27 occurring in the calendar year next succeeding the Expiry Date then in effect, provided that any failure by the Bank to so notify the Borrower shall be deemed to be a disapproval by the such Bank of the Borrower's Extension Request. The Commitment of any Bank which does not so agree, shall terminate upon the Expiry Date then in effect. No Bank shall not be obligated to grant any extension pursuant to this Section 2.05 3.04(a), and any such extension shall be in the sole discretion of the each Bank. The Borrowers Borrower shall pay to the each Bank if it which does not so agree all amounts owing under the Notes its Note and this Agreement on the Expiry Date or upon effective date of the termination of the such Bank's Commitment. In the event of any extension pursuant to this Section 2.05, each Borrower shall be deemed to have represented and warranted on and as of the effective date of such extension that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material respects on and as of the date of such extension (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date).

Appears in 1 contract

Samples: Credit Agreement (Radian Group Inc)

Expiry Date. (a) The expiration of the Commitment Commitments of the Bank Banks to make Revolving Loans shall be 364 days from the Effective Date August 30, 1999 (the "Revolving Loan Expiry Date"); provided, however, that before (but not earlier than 120 60 days nor later than 90 30 days before) each anniversary of the Effective Date, the Borrowers FSA may make a written request (an "Extension Request") to the Bank Agent at its Notice Office and each of the Banks that the Revolving Loan Expiry Date be extended by 364 days. Such Extension Request shall include a certification by a senior officer of each of the Borrowers FSA that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material aspects respects on and as of the date of the extension Extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date). If If, by the date occurring 15 days next succeeding the Agent's receipt of such Extension Request, any Bank agrees theretothereto in writing by so indicating on counterparts of the Extension Request and delivering such counterpart to FSA, "Revolving Loan Expiry Date" as to such Bank shall mean the day occurring 364 days following subsequent to the Revolving Loan Expiry Date then in effect, provided that (i) any failure by the Agent or a Bank to so notify the Borrower FSA shall be deemed to be a disapproval by the such Bank of the Borrower's Extension Request; and (ii) the portion of the Commitment representing the Commitment of any Bank not so agreeing shall terminate on the Revolving Loan Expiry Date as then in effect. The Commitment of any Bank to make Revolving Loans which does not so agree shall terminate upon the Revolving Loan Expiry Date then in effect. No Bank shall not be obligated to grant any extension pursuant to this Section 2.05 3.04 and any such extension shall be in the sole discretion of the each Bank. The Borrowers Each Borrower shall pay to the each Bank if it which does not so agree all amounts owing under the Notes its Revolving Note and this Agreement on the Expiry Date or upon effective date of the termination of the such Bank's Commitment. In the event of any extension pursuant to this Section 2.053.04, each Borrower shall be deemed to have represented and warranted on and as of the effective date of such extension that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents with respect to such Borrower are true and correct in all material respects on and as of the date of such extension (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date).

Appears in 1 contract

Samples: Credit Agreement (Financial Security Assurance Holdings LTD/Ny/)

Expiry Date. The expiration No Letter of Credit shall have an expiry date after the Commitment earlier of (a) the Bank shall be 364 days from the Effective Date (the "Expiry Date"); provided, however, that before (but not earlier than 120 days nor later than 90 days before) each anniversary of the Effective Date, the Borrowers may make a written request (an "Extension Request") to the Bank at its Notice Office that the Expiry Date be extended by 364 days. Such Extension Request shall include a certification by a senior officer of each of the Borrowers that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material aspects on and as of date one year after the date of the extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as issuance of such date). If Letter of Credit and (b) five business days prior to the Bank agrees thereto, "Expiry Commitment Termination Date" shall mean the day 364 days following the Expiry Date then in effect, provided that any failure by Letter of Credit with a one-year tenor may provide for the Bank extension thereof for additional one-year periods (which shall in no event extend beyond the date referred to notify in clause (b) above). Notwithstanding the foregoing, any Letter of Credit issued in the final year prior to the Maturity Date may expire no later than one year after the Maturity Date so long as the Borrower shall be deemed cash collateralizes an amount equal to be a disapproval by the Bank 103% of the Borrower's Extension Requestface amount of such Letter of Credit, by no later than thirty (30) days prior to the Maturity Date, in the manner described in Section 2.10F and otherwise on terms and conditions reasonably acceptable to the Administrative Agent and the relevant Fronted LC Issuing Bank (in the case of a Fronted Letter of Credit). The In the case of any Letter of Credit that provides for the automatic extension of the expiry date thereof unless the Administrative Agent or (in the case of any Fronted Letter of Credit) the relevant Fronted LC Issuing Bank shall give notice to the beneficiary thereof that such expiry date shall not be obligated to grant any extension pursuant to this Section 2.05 and any such extension shall be in extended, the sole discretion of the Bank. The Borrowers shall pay to the Bank if it does not so agree all amounts owing under the Notes and this Agreement on the Expiry Date or upon the termination of the Bank's Commitment. In the event of any extension pursuant to this Section 2.05, each Borrower Lenders shall be deemed to have represented authorized the Administrative Agent (with respect to each Syndicated Letter of Credit) and warranted on and the relevant Fronted LC Issuing Bank (with respect to each Fronted Letter of Credit), as applicable, to permit the extension of such Letter of Credit pursuant to the terms thereof to an expiry date not later than the date permitted under the immediately preceding sentence; provided that the Administrative Agent or such Fronted LC Issuing Bank, as applicable, will not permit any such extension if (i) the Administrative Agent or such Fronted LC Issuing Bank, as applicable, has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof or (ii) the Administrative Agent or such Fronted LC Issuing Bank, as applicable, has received notice, at least seven Business Days (or such lesser number of days as the Administrative Agent or such Fronted LC Issuing Bank, as applicable, in its sole discretion shall agree to) prior to the last day of the effective date period under the terms of such Letter of Credit during which a notice with respect to non-extension that no Default thereof may be provided to the beneficiary thereunder, from the Borrower or (upon the occurrence and during the continuance of a Potential Event of Default has occurred and is continuing and all representations and warranties contained herein and or an Event of Default or at any time upon or following the other Credit Documents are true and correct in all material respects on and as termination of the date Commitments) the Requisite Lenders, in each case, requesting that such Letter of Credit not be permitted to extend (whereupon the Administrative Agent or such Fronted LC Issuing Bank, as applicable, shall promptly provide such notice in accordance with the terms of such extension (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as Letter of such dateCredit).

Appears in 1 contract

Samples: Credit Agreement (Assurant, Inc.)

Expiry Date. (a) The expiration of the Commitment of the Bank Commitments shall be 364 days from the Effective Date occur on October 15, 2008 (the "Expiry Date"); provided, however, that before (but not earlier than 120 days nor later than 90 days before) each anniversary of the Effective Date, the Borrowers Borrower may make a written request (an "Extension Request") to the Bank Agent at its the Notice Office that the Expiry Date be extended by 364 daysone calendar year. Such Extension Request (a copy of which shall be forwarded by the Agent to each of the Banks and Haverford) shall include a certification by a senior officer of each of the Borrowers Borrower that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material aspects on and as of the date of the extension Extension Request (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date). If by the date occurring 30 days next succeeding the Agent’s receipt of such Extension Request, any Bank agrees theretothereto in writing by so indicating on counterparts of the Extension Request and delivering such counterpart to the Borrower, "Expiry Date" ” as to such Bank shall mean the day 364 days following October 15 occurring in the calendar year next succeeding the Expiry Date then in effect, provided that any failure by the Bank to so notify the Borrower shall be deemed to be a disapproval by the such Bank of the Borrower's ’s Extension Request. The Commitment of any Bank which does not so agree, shall terminate upon the Expiry Date then in effect. No Bank shall not be obligated to grant any extension pursuant to this Section 2.05 3.04(a), and any such extension shall be in the sole discretion of the each Bank. The Borrowers Borrower shall pay to the each Bank if it which does not so agree all amounts owing under the Notes its Note and this Agreement on the Expiry Date or upon effective date of the termination of the such Bank's ’s Commitment. In the event of any extension pursuant to this Section 2.05, each Borrower shall be deemed to have represented and warranted on and as of the effective date of such extension that no Default or Event of Default has occurred and is continuing and all representations and warranties contained herein and the other Credit Documents are true and correct in all material respects on and as of the date of such extension (it being understood and agreed that any representation or warranty which expressly refers by its terms to a specified date shall be required to be true only as of such date).

Appears in 1 contract

Samples: Credit Agreement (Ace LTD)

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