Common use of Extension of Commitments Clause in Contracts

Extension of Commitments. (i) The Company may, so long as no Default then exists and the representations and warranties of the Borrowers contained herein are true and correct at the time of notice, upon notice to the Administrative Agent not less than 60 days but no more than 90 days prior to any anniversary of the Amendment Effective Date, propose to extend the Commitment Termination Dates for an additional one-year period measured from the Commitment Termination Dates then in effect; provided that there shall be no more than two such extensions. The Administrative Agent shall promptly notify the Lenders of receipt of such request. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination in the sole discretion of such Lender), by notice to the Company and the Administrative Agent within 30 days. Subject to the execution by the Borrowers, the Administrative Agent and such Lenders of a duly completed Extension Agreement in substantially the form of Exhibit E, the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Company and the Administrative Agent shall be extended for the period specified above; provided that no Commitment Termination Date of any Lender shall be extended unless Lenders having Commitments in an aggregate amount equal to at least 51% of the Commitments in effect at the time any such extension is requested shall have elected so to extend their Commitments.

Appears in 1 contract

Samples: Credit Agreement (Duke Energy Carolinas, LLC)

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Extension of Commitments. (i) The Company may, so long as no Default then exists and the representations and warranties of the Borrowers contained herein are true and correct at the time of notice, upon notice to the Administrative Agent not less than 60 days but no more than 90 days prior to any anniversary of ofat any time after the ThirdFourth Amendment Effective Date but prior to the then existing Commitment Termination Date (the “Existing Commitment Termination Date”), propose to extend the Existing Commitment Termination Dates DatesDate for an additional one-one- year period measured from the Existing Commitment Termination Dates then in effecteffectDate; provided that there shall be noin no event may the Company request more than two such extensionsextensions of the Commitment Termination Date pursuant to this Section 2.01(b)(i); and provided further that the Commitment Termination Date, after giving effect to any such extension, shall not be later than five years after the effective date of such extension. The Administrative Agent shall promptly notify the Lenders of receipt of such request. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination in the sole discretion of such Lender), by notice to the Company and the Administrative Agent within 30 days. Subject to the execution by the Borrowers, the Administrative Agent and such Lenders of a duly completed Extension Agreement in substantially the form of Exhibit E, the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Company and the Administrative Agent shall be extended for the period specified above; provided that no Commitment Termination Date of any Lender shall be extended unless Lenders having Commitments in an aggregate amount equal to at least 51% of the Commitments in effect at the time any such extension is requested shall have elected so to extend their Commitments.

Appears in 1 contract

Samples: Credit Agreement (Piedmont Natural Gas Co Inc)

Extension of Commitments. (i) The Company may, so long as no Default then exists and the representations and warranties of the Borrowers contained herein are true and correct at the time of notice, upon notice at any time after the Effective Date but prior to the Administrative Agent not less than 60 days but no more than 90 days prior to any anniversary of then existing Commitment Termination Date (the Amendment Effective “Existing Commitment Termination Date”), propose to extend the Existing Commitment Termination Dates Date for an additional one-one year period measured from the Existing Commitment Termination Dates then in effectDate; provided that there shall be in no event may the Company request more than two extensions of the Commitment Termination Date pursuant to this Section 2.01(b)(i); and provided further that the Commitment Termination Date, after giving effect to any such extensionsextension, shall not be later than five years after the effective date of such extension. The Administrative Agent shall promptly notify the Lenders of receipt of such request. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination in the sole discretion of such Lender), by notice to the Company and the Administrative Agent within 30 days. Subject to the execution by the Borrowers, the Administrative Agent and such Lenders of a duly completed Extension Agreement in substantially the form of Exhibit E, the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Company and the Administrative Agent shall be extended for the period specified above; provided that no Commitment Termination Date of any Lender shall be extended unless Lenders having Commitments in an aggregate amount equal to at least 51% of the Commitments in effect at the time any such extension is requested shall have elected so to extend their Commitments.

Appears in 1 contract

Samples: Credit Agreement (Duke Energy Florida, Llc.)

Extension of Commitments. (ia) The Company Borrower may, so long as no Default then exists and the representations and warranties of the Borrowers contained herein are true and correct at the time of notice, upon notice to the Administrative Agent not less than 60 days (but no more later than 90 45 days prior to any anniversary the then existing Termination Date) notice prior to the then current Termination Date to the Administrative Agent (which shall notify each Lender of the Amendment Effective Datereceipt of such request), propose to extend the Commitment Termination Dates Date for an additional one-one year period measured from the Commitment Termination Dates Date then in effect; provided that there shall be no more than two such extensions. The Administrative Agent shall promptly notify the Lenders of receipt of such request. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination to be in the individual and sole discretion of such Lender), by written notice to the Company and the Administrative Agent within no earlier than 30 daysdays prior to the then existing Termination Date (but in any event no later than 20 days prior to the then existing Termination Date). The Administrative Agent will notify the Borrower, in writing, of the Lenders' responses no later than 15 days prior to the then existing Termination Date. Subject to the execution by the BorrowersBorrower, the Administrative Agent and such Lenders of a duly completed Extension Agreement in substantially the form of Exhibit EE hereto, the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Company Borrower and the Administrative Agent shall (each a "Consenting Lender") shall, effective as at the Termination Date (the "Extension Date"), be extended for the period specified above; provided that no Commitment Termination Date of any Lender shall be extended unless by the date 15 days prior to the Termination Date then in effect Lenders having Commitments at least 50% in an aggregate amount equal to at least 51% of the Commitments in effect at the time any such extension is requested shall have elected so to extend their Commitments. Any Lender which does not give such notice to the Borrower and the Administrative Agent by the date 15 days prior to the Termination Date (each, a "Non-Consenting Lender") then in effect shall be deemed to have elected not to extend as requested, and the Commitment of each non-extending Lender shall terminate on its Termination Date determined without giving effect to such requested extension.

Appears in 1 contract

Samples: Credit Agreement (Massey Energy Co)

Extension of Commitments. (i) The Company may, so long as no Default then exists and the representations and warranties of the Borrowers contained herein are true and correct at the time of notice, upon notice to the Administrative Agent not less than 60 days but no more than 90 days prior to any anniversary of the Amendment Initial Effective Date, propose to extend the Commitment Termination Dates for an additional one-year period measured from the Commitment Termination Dates then in effect; provided that there shall be no more than two such extensions. The Administrative Agent shall promptly notify the Lenders of receipt of such request. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination in the sole discretion of such Lender), by notice to the Company and the Administrative Agent within 30 days. Subject to the execution by the Borrowers, the Administrative Agent and such Lenders of a duly completed Extension Agreement in substantially the form of Exhibit E, the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Company and the Administrative Agent shall be extended for the period specified above; provided that no Commitment Termination Date of any Lender shall be extended unless Lenders having Commitments in an aggregate amount equal to at least 51% of the Commitments in effect at the time any such extension is requested shall have elected so to extend their Commitments.

Appears in 1 contract

Samples: Credit Agreement (Duke Energy CORP)

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Extension of Commitments. (i) The Company mayBorrowers may request, so long in a notice given as no Default then exists and the representations and warranties of the Borrowers contained herein are true and correct at the time of notice, upon notice provided to the Administrative Agent and each of the Lenders at any time prior to the Maturity Date then in effect (the " Existing Maturity Date ") ( provided , that the Borrowers may make only one such request in any calendar year), that the Existing Maturity Date be extended for an additional one year, which notice shall specify a date (which shall be not less fewer than 60 days but no and not more than 90 days after the date of such notice) as of which the requested extension is to be effective (the " Effective Date "), and the new Maturity Date (which shall be the date one year after the Existing Maturity Date) to be in effect following such extension (the " Requested Maturity Date "). Each Lender, acting in its sole discretion, shall, not later than a date 30 days prior to any anniversary of the Amendment Effective Date, propose to extend the Commitment Termination Dates for an additional one-year period measured from the Commitment Termination Dates then in effect; provided that there shall be no more than two such extensions. The Administrative Agent shall promptly notify the Lenders of receipt of such request. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination in the sole discretion of such Lender), by notice to the Company Borrowers and the Administrative Agent within 30 daysof its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Subject to Any Lender which shall not timely notify the execution by the Borrowers, the Administrative Agent and such Lenders of a duly completed Extension Agreement in substantially the form of Exhibit E, the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Company Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be extended for deemed to have elected not to extend the period specified above; provided that no Existing Maturity Date with respect to its Commitment Termination Date (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend its Commitment and any Lender so deemed to have elected not to extend its Commitment being referred to as a " Terminating Lender "). The election of any Lender shall be extended unless Lenders having Commitments in an aggregate amount equal to at least 51% of the Commitments in effect at the time any agree to such extension is requested shall have elected so not obligate any other Lender to extend their Commitmentsagree.

Appears in 1 contract

Samples: Credit Facility Agreement (Mbna Corp)

Extension of Commitments. (i) The Company may, so long as no Default then exists and the representations and warranties of the Borrowers contained herein are true and correct at the time of notice, upon notice to the Administrative Agent not less than 60 days but no more than 90 days prior to any anniversary of the Second Amendment Effective Date, propose to extend the Commitment Termination Dates for an additional one-year period measured from the Commitment Termination Dates then in effect; provided that there shall be no more than two such extensions. The Administrative Agent shall promptly notify the Lenders of receipt of such request. Each Lender shall endeavor to respond to such request, whether affirmatively or negatively (such determination in the sole discretion of such Lender), by notice to the Company and the Administrative Agent within 30 days. Subject to the execution by the Borrowers, the Administrative Agent and such Lenders of a duly completed Extension Agreement in substantially the form of Exhibit E, the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Company and the Administrative Agent shall be extended for the period specified above; provided that no Commitment Termination Date of any Lender shall be extended unless Lenders having Commitments in an aggregate amount equal to at least 51% of the Commitments in effect at the time any such extension is requested shall have elected so to extend their Commitments.

Appears in 1 contract

Samples: Credit Agreement (Duke Energy Carolinas, LLC)

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