Commitment Extensions. (i) The Borrower may, by notice to the Administrative Agent (which shall promptly notify the Lenders) not more than 45 days and not less than 30 days prior to the Commitment Termination Date then in effect hereunder (the “Existing Commitment Termination Date”), request that each Lender extend such Lender’s Commitment Termination Date for an additional 364 days from the Existing Commitment Termination Date. (ii) Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not more than 30 days immediately prior to the Existing Commitment Termination Date but in any event no later than the date (the “Notice Date”) 20 days prior to the Existing Commitment Termination Date, advise the Administrative Agent whether or not such Lender agrees to such extension (and each Lender that determines not to so extend its Commitment Termination Date (a “Non–Extending Lender”) shall notify the Administrative Agent (which shall notify the other Lenders) of such fact promptly after such determination (but in any event no later than the Notice Date) and any Lender that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a
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Commitment Extensions. (i) The Borrower may, by notice to the Administrative Agent (which shall promptly notify the Lenders) not more than 45 days and not less than 30 days prior to each anniversary of the Effective Date (each such anniversary, an "Anniversary Date"), request that the Lenders (other than the Designated Bidders) extend the Commitment Termination Date for an additional one-year period from the Commitment Termination Date then in effect hereunder (the “"Existing Commitment Termination Date”"), request that each Lender extend . Each such Lender’s Commitment Termination Date for an additional 364 days from the Existing Commitment Termination Date.
(ii) Each Lender, acting in its sole and individual discretion, shall, by notice to the Borrower and the Administrative Agent given not more than 30 days immediately prior to the Existing Commitment Termination Date but in any event no later than the date (herein, the “Notice "Consent Date”") 20 that is 25 days prior to such Anniversary Date (or, if such date is not a Business Day, the Existing Commitment Termination Datenext succeeding Business Day), advise the Borrower and the Administrative Agent whether or not such Lender agrees to such extension (and extension; provided that each Lender that determines not to so extend its the Commitment Termination Date (a “"Non–-Extending Lender”") shall notify the Administrative Agent (which shall notify the other Lenders) of such fact promptly after such determination (but in any event no later than the Notice Consent Date) and any Lender that does not so advise the Administrative Agent Borrower on or before the Notice Consent Date shall be deemed to be aa Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so agree. If and only if each of the Lenders has advised the Borrower and the Administrative Agent of its agreement to extend the Commitment Termination Date as aforesaid on or prior to the Consent Date, then the Commitment Termination Date shall be extended automatically, without any other action by any Person, to the date that is one year after the Existing Commitment Termination Date. The Administrative Agent will promptly notify the Borrower and the Lenders of each extension of the Commitment Termination Date pursuant to this Section 2.05(b).
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Commitment Extensions. (i) The Borrower may, by notice to the --------------------- Administrative Agent (which shall promptly notify the Lenders) not more less than 45 60 days and not less more than 30 180 days prior to each anniversary of the Effective Date, request that the Lenders (other than the Designated Bidders) extend the Commitment Termination Date for an additional one-year period from the Commitment Termination Date then in effect hereunder (the “"Existing Commitment ------------------- Termination Date”"), request that each Lender extend . Each such Lender’s Commitment Termination Date for an additional 364 days from the Existing Commitment Termination Date.
(ii) Each Lender, acting in its sole and individual discretion, shall, by ---------------- notice to the Borrower and the Administrative Agent given not more than 30 days immediately prior to the Existing Commitment Termination Date but in any event no later than the date (herein, the “Notice "Consent Date”") that is 20 days prior to after the Existing Commitment Termination Datedate of such extension ------------ request (or, if such date is not a Business Day, the next succeeding Business Day), advise the Borrower and the Administrative Agent whether or not such Lender agrees to such extension (and extension; provided that each Lender that determines not -------- to so extend its the Commitment Termination Date (a “"Non–-Extending Lender”") shall -------------------- notify the Administrative Agent (which shall notify the other Lenders) of such fact promptly after such determination (but in any event no later than the Notice Consent Date) and any Lender that does not so advise the Administrative Agent Borrower on or before the Notice Consent Date shall be deemed to be aa Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so agree. If and only if each of the Lenders has advised the Borrower and the Administrative Agent of its agreement to extend the Commitment Termination Date as aforesaid on or prior to the Consent Date, then the Commitment Termination Date shall be extended automatically, without any other action by any person, to the date that is one year after the Existing Commitment Termination Date. The Administrative Agent will promptly notify the Borrower and the Lenders of each extension of the Commitment Termination Date pursuant to this Section 2.05(b).
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Commitment Extensions. (i) The Borrower may, by notice to the Administrative Agent (which shall promptly notify the Lenders) not more than 45 60 days and not less than 30 40 days prior to each anniversary (each such anniversary, an "Anniversary Date") of the Commitment Termination Date then in effect hereunder (the “Existing Commitment Termination Date”)date hereof, request that each Lender extend such Lender’s 's Commitment Termination Date for an additional 364 days from to the Existing date (the "New Commitment Termination Date") that is one year after the then Commitment Termination Date.
(ii) Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not more than 30 days immediately prior to the Existing Commitment Termination Anniversary Date but in any event no later than the date (the “"Notice Date”") that is 20 days immediately prior to the Existing Commitment Termination Anniversary Date, advise the Administrative Agent whether or not such Lender agrees to such extension (and each Lender that determines not to so extend its Commitment Termination Date (a “"Non–-Extending Lender”") shall notify the Administrative Agent (which shall notify the other Lenders) of such fact promptly after such determination (but in any event no later than the Notice Date) and any Lender that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be aa Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so agree.
(iii) The Administrative Agent shall notify the Borrower of each Lender's determination under this Section 2.05
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Sources: Credit Agreement (Solutia Inc)
Commitment Extensions. (i) The Borrower Company (on its own behalf and on behalf of the other Borrowers) may, by notice to the Administrative Agent (which shall promptly notify the Lenders) not more than 45 60 days and not less than 30 40 days prior to the Commitment Termination Date then in effect hereunder (the “"Existing Commitment Termination Date”"), ------------------------------------ request that each Lender extend such Lender’s 's Commitment Termination Date for an additional 364 days from the Existing Commitment Termination Date.
(ii) Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not more than 30 days immediately prior to the Existing Commitment Termination Date but in any event no later than the date (the “"Notice Date”") that is ----------- 20 days prior to the Existing Commitment Termination Date, advise the Administrative Agent whether or not such Lender agrees to such extension (and each Lender that determines not to so extend its Commitment Termination Date (a “"Non–-Extending Lender”") shall notify -------------------- the Administrative Agent (which Agent(which shall notify the other Lenders) of such fact promptly after such determination (but in any event no later than the Notice Date) and any Lender that does not so advise the Administrative Agent on or before 364-DAY CREDIT AGREEMENT the Notice Date shall be deemed to be aa Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so agree.
(iii) The Administrative Agent shall notify the Company of each Lender's determination under this Section 2.05(b) no later than the date 15 days prior to the Existing Commitment Termination Date (or, if such date is not a Business Day, on the next preceding Business Day).
(iv) The Company (on its own behalf and on behalf of the other Borrowers) shall have the right on or before the Existing Commitment Termination Date to replace each Non-Extending Lender with, and add as "Lenders" under this Agreement in place thereof, one or more Eligible Assignees (each, an "Additional Commitment --------------------- Lender") with the approval of the Administrative Agent and the ------ Syndication Agent (which approvals shall not be unreasonably withheld), each of which Additional Commitment Lenders shall have entered into an Assumption and Acceptance pursuant to which such Additional Commitment Lender shall, effective as of the Existing Commitment Termination Date, undertake a Commitment (and, if any such Additional Commitment Lender is already a Lender, its Commitment shall be in addition to such Lender's Commitment hereunder on such date).
(v) If (and only if) the total of the Commitments of the Lenders that have agreed so to extend their Commitment Termination Date and the additional Commitments of the Additional Commitment Lenders shall be more than 51% of the aggregate amount of the Commitments in effect immediately prior to the Existing Commitment Termination Date, then, effective as of the Existing Commitment Termination Date, the Commitment Termination Date of each Extending Lender and of each Additional Commitment Lender shall be extended to the date falling 364 days after the Existing Commitment Termination Date (except that, if such date is not a Business Day, such Commitment Date as so extended shall be the next preceding Business Day) and each Additional Commitment Lender shall thereupon become a "Lender" for all purposes of this Agreement.
(vi) Notwithstanding the foregoing, the extension of the Commitment Termination Date pursuant to this Section 2.05(b) shall not be effective with respect to any Lender unless:
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Sources: 364 Day Multicurrency Credit Agreement (Solutia Inc)
Commitment Extensions. (i) The Borrower may, by written notice to the Administrative Agent (which shall promptly notify the Lenders) not more than 45 60 days and not less than 30 45 days prior to any anniversary of the Commitment Termination Effective Date then in effect hereunder (the each such date, an “Existing Commitment Termination Anniversary Date”), request that each Lender extend such Lender’s Commitment Termination Date to the date falling one year after the Commitment Termination Date then in effect for an additional 364 days from such Lender hereunder (the “Existing Commitment Termination Date.”). The Borrower may exercise the extension option set forth in this Section 2.04(b)(i) not more than two times. 733301099 15483412
(ii) Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not more than 30 days immediately prior to the Existing Commitment Termination such Anniversary Date but in any event no later than the date (the “Notice Date”) 20 days prior to the Existing Commitment Termination such Anniversary Date, advise the Administrative Agent whether or not such Lender agrees to such extension (and each Lender that determines not to so extend its Commitment Termination Date (a “Non–-Extending Lender”) shall notify the Administrative Agent (which shall notify the other Lenders) of such fact promptly after such determination (but in any event no later than the Notice Date) and any Lender that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be aa Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so agree.
(iii) The Administrative Agent shall notify the Borrower of each Lender’s determination under this Section 2.04(b) no later than the date 15 days prior to such Anniversary Date (or, if such date is not a Business Day, on the next preceding Business Day).
(iv) The Borrower shall have the right on or before any Existing Commitment Termination Date to replace each Non-Extending Lender with, and add as “Lenders” under this Agreement in place thereof, one or more Eligible Assignees (each, an “Additional Commitment Lender”) with the approval of the Administrative Agent (which approval shall not be unreasonably withheld, conditioned or delayed), each of which Additional Commitment Lenders shall have entered into an agreement in form and substance satisfactory to the Borrower and the Administrative Agent pursuant to which such Additional Commitment Lender shall, effective as of the Existing Commitment Termination Date in effect for each Non-Extending Lender, undertake a Commitment (and, if any such Additional Commitment Lender is already a Lender, its Commitment shall be in addition to such Lender’s Commitment hereunder on such date); provided that prior to replacing any Non-Extending Lender with any Additional Commitment Lender, the Borrower shall have given each Lender which has agreed to extend its Commitment Termination Date an opportunity to increase its Commitment by all or a portion of the Non-Extending Lenders’ Commitments.
(v) If (and only if) the total of the Commitments of the Lenders that have agreed so to extend their Commitment Termination Date and the additional Commitments of the Additional Commitment Lenders shall be more than 50% of the aggregate amount of the Commitments in effect immediately prior to an Anniversary Date, then, effective as of the such Anniversary Date, the Commitment Termination Date of each Extending Lender and of each Additional Commitment Lender shall be extended to the date falling one year after the Existing Commitment Termination Date in effect for such Extending Lenders and such Additional Commitment Lenders (except that, if such date is not a Business Day, such Commitment Termination Date as so extended shall be the next preceding Business Day) and each Additional Commitment Lender shall thereupon become a “Lender” for all purposes of this Agreement. 733301099 15483412
(vi) Notwithstanding the foregoing, the extension of the Commitment Termination Date pursuant to this Section 2.04(b) shall be effective with respect to any Lender only if:
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Commitment Extensions. (i) The Borrower may, by notice to the Administrative Agent (which shall promptly notify the Lenders) not more than 45 60 days and not less than 30 45 days prior to each anniversary of the Commitment Termination Date then in effect hereunder date hereof (the each such date, an “Existing Commitment Termination Anniversary Date”), request that each Lender extend such Lender’s 's Commitment Termination Date to the date falling one year after the Commitment Termination Date then in effect for an additional 364 days from such Lender hereunder (the “Existing Commitment Termination Date”).
(ii) Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not more than 30 days immediately prior to the Existing Commitment Termination such Anniversary Date but in any event no later than the date (the “Notice Date”) 20 days prior to the Existing Commitment Termination such Anniversary Date, advise the Administrative Agent whether or not such Lender agrees to such extension (and each Lender that determines not to so extend its Commitment Termination Date (a “Non–-Extending Lender”) shall notify the Administrative Agent (which shall notify the other Lenders) of such fact promptly after such determination (but in any event no later than the Notice Date) and any Lender that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be aa Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so agree.
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