Common use of Extension of the Commitment Termination Date Clause in Contracts

Extension of the Commitment Termination Date. The Borrowers may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 30 days prior to the first anniversary of the Effective Date, from time to time jointly request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended by delivering to the Agent a copy of an extension request signed by both Borrowers (an "Extension Request") in substantially the form of Exhibit D hereto. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrowers of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrowers on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrowers, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the Borrowers, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

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Extension of the Commitment Termination Date. The Borrowers Borrower may, not later than 30 days days, and not earlier than 60 days, prior to each applicable anniversary of the Effective Date during the term of this Agreement (as may be extended from time to time pursuant to this Section 2.16) (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 30 days prior to the first anniversary of the Effective Date, from time to time jointly request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Agent a copy of an extension request signed by both Borrowers the Borrower (an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default has occurred and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrowers Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunderhereunder from the Commitment Termination Date in effect prior to such extension. Any Eligible Lender that shall fail to so notify the Agent and the Borrowers Borrower, on or prior to the Determination Date Date, shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrowers, and, subject to execution of documentation evidencing such extension Borrower and consents, the Commitment Termination Date of each such consenting Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers Borrower pursuant to Section 2.14 hereof, shall at all times refer to such datedate indicated in the Extension Request, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible or a Consenting Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately then in effect prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the BorrowersBorrower, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's ’s Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's ’s Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrowers Borrower may, upon not later less than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and but not more than once 45 days) notice prior to the then current Commitment Termination Date to the Administrative Agent (which shall notify each Lender of receipt of such request), propose to extend the Commitment Termination Date for an additional 364 days measured from the Commitment Termination Date then in any calendar yeareffect. Each Lender shall endeavor to respond to such request, commencing not later whether affirmatively or negatively (such determination to be in the sole discretion of such Lender), by notice to the Borrower and the Administrative Agent no earlier than 30 days prior to the first anniversary of the Effective Date, from time to time jointly request that the then current Commitment Termination Date for all Eligible Lenders (as defined below) be extended by delivering but in any event no later than 20 days prior to the then current Commitment Termination Date). Subject to the execution by the Borrower, the Administrative Agent and such Lenders of a copy of an extension request signed by both Borrowers (an "duly completed Extension Request") Agreement in substantially the form of Exhibit D F hereto. The , the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Borrower and the Administrative Agent shall promptly notify each be extended for the period specified above; provided that no Commitment Termination Date of any Lender of its receipt of such Extension Request. On or shall be extended unless by the date 10 days prior to the fifteenth day (Termination Date then in effect Lenders having more than 51% in aggregate amount of the "Determination Date") 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 10 days prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrowers of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrowers on or prior to the Determination Date then in effect shall be deemed to have declined elected not to so extend. In extend as requested, and the event that, Commitment of each non-extending Lender shall terminate on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in its Termination Date determined without giving effect shall consent to such requested extension, the Agent shall so advise the Lenders and the Borrowers, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the Borrowers, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Hormel Foods Corp /De/

Extension of the Commitment Termination Date. The Borrowers mayCommitment ------------------------------------------------- Termination Date may be extended in the manner set forth in this Section 2.01(b), in each case for a period of 364 days measured from the Commitment Termination Date then in effect (subject to the definition of Commitment Termination Date). If the Borrower wishes to request an extension of the Commitments, it shall give notice to that effect to the Documentation Agent not later less than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and not nor more than once in any calendar year, commencing not later than 30 45 days prior to the first anniversary of the Effective Date, from time to time jointly request that the Commitment Termination Date for all Eligible Lenders then in effect (as defined below) be extended by delivering to but only if the Agent a copy of an extension request signed by both Borrowers (an "Extension Request") in substantially Term Loan Election shall not have been made), whereupon the form of Exhibit D hereto. The Documentation Agent shall promptly notify each Lender of its receipt the Banks of such Extension Requestrequest. On Each Bank will use its best efforts to respond to such request, whether affirmatively or negatively, as it may elect in its discretion, not less than 20 days prior to the fifteenth day (Commitment Termination Date then in effect. If less than all Banks respond affirmatively to such request by such 20th day, then the "Determination Date") prior Borrower shall have the right to the Current Anniversary Date, replace each Eligible Lender shall notify the Agent and the Borrowers of its willingness or unwillingness such Bank that does not elect to extend its Commitment Termination Date hereunder. Any Eligible Lender with a substitute bank or banks that shall fail will agree to so notify assume or extend such Commitment (which may be one or more of the Agent Banks), which will purchase the Note and assume the Borrowers on or Commitment of such non-extending Bank pursuant to Section 9.06(c) no later than 15 days prior to the Determination Commitment Termination Date then in effect. Any Bank which declines to extend its Commitment (including by its failure to respond, which shall be deemed to have declined be a non-extension) hereby agrees promptly to execute an Assignment and Assumption Agreement substantially in the form of Exhibit G hereto with any substitute Bank or Banks so extenddesignated by the Borrower (and the Borrower agrees that it will pay the $2,000 administrative fee referred to in Section 9.06(c) with respect to each such Assignment and Assumption Agreement). In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50If Banks holding at least 51% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to (including such extensionAssignees and excluding their respective transferor Banks) respond affirmatively (such Banks, the Agent shall so advise "Continuing Banks"; and any other Banks, the Lenders and the Borrowers"Non-Continuing Banks"), andthen, subject to execution receipt by the Documentation Agent of documentation evidencing such extension counterparts of an Extension Agreement in substantially the form of Exhibit K hereto duly completed and consentssigned by all of the parties hereto other than the Non-Continuing Banks (and only if the Term Loan Election shall not have been made), the Commitments of the Continuing Banks shall be extended for the period specified above (and the Commitment of each Non- Continuing Bank shall terminate on the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or theretofore in effect for such Bank). Such Extension Agreement shall be executed and delivered no earlier than 20 days prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein Date then in effect, and in any promissory note executed and delivered by no extension of the Borrowers pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended Commitments pursuant to this Section 2.16, 2.01(b) shall be legally binding on any party hereto unless and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of until such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall Agreement is so advise the Lenders executed and the Borrowers, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16delivered.

Appears in 1 contract

Samples: Credit Agreement (Dean Witter Discover & Co)

Extension of the Commitment Termination Date. The Borrowers may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 30 days prior to the first anniversary of the Effective Date, from time to time jointly request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended by delivering to the Agent a copy of an extension request signed by both Borrowers (an "Extension Request") in substantially the form of Exhibit D E hereto. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth tenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrowers of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrowers on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing 66-2/3% or more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrowers, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50less than 66-2/3% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the Borrowers, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrowers Borrower may, not later earlier than 30 45 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing but not later than 30 days prior to the first anniversary of then current Commitment Termination Date (the Effective "Current Termination Date"), from time propose to time jointly request that extend the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for an additional 364 days by delivering to the Agent a copy of an extension request signed by both Borrowers the Borrower (an "Extension Request") in substantially the form of Exhibit D hereto. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day Not earlier than 30 days but not later than 15 days (the "Determination Date") prior to the Current Anniversary Termination Date, each Eligible Lender shall notify the Agent and the Borrowers Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrowers Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the BorrowersBorrower, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Requestby 364 days. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers Borrower pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the BorrowersBorrower, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrowers may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and Borrower may not more than once in any calendar year, commencing year and not later than 30 45 days prior to the first an anniversary of the Effective Date, from time to time jointly request that the Commitment Termination Date for of all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Administrative Agent a signed copy of an 42 extension request signed by both Borrowers (an "Extension Request") in substantially the form of Exhibit D EXHIBIT E hereto. The Administrative Agent shall promptly notify each Eligible Lender of its receipt of such Extension Request. On or prior to ten days prior to the fifteenth day applicable anniversary of the Effective Date in each calendar year in which there has been an Extension Request (the "Determination Date") prior to the Current Anniversary Date), each Eligible Lender shall notify the Administrative Agent and the Borrowers Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Administrative Agent and the Borrowers Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing 66-2/3% or more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, upon confirmation by the Administrative Agent of such consent, the Administrative Agent shall so advise the Lenders and the BorrowersBorrower, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated one year after the Commitment Termination Date of such Eligible Lender in existence on the date of the related Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Administrative Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50less than 66-2/3% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, and the Agents confirm the same, the Administrative Agent shall so advise the Lenders and the BorrowersBorrower, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent Agents of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent Agents of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16. 43 SECTION 2.17.

Appears in 1 contract

Samples: Credit Agreement (Viad Corp)

Extension of the Commitment Termination Date. The Borrowers may, not later earlier than 30 45 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing but not later than 30 days prior to the first anniversary of then current Commitment Termination Date (the Effective "Current Termination Date"), from time propose to time jointly request that extend the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for an additional 364 days by delivering to the Agent a copy of an extension request signed by both Borrowers (an "Extension Request") in substantially the form of Exhibit D hereto. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day Not earlier than 30 days but not later than 15 days (the "Determination Date") prior to the Current Anniversary Termination Date, each Eligible Lender shall notify the Agent and the Borrowers of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrowers on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrowers, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Requestby 364 days. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the Borrowers, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrowers may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and Borrower may not more than once in any calendar year, commencing year and not later than 30 45 days prior to the first an anniversary of the Effective Date, from time to time jointly request that the Commitment Termination Date for of all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Administrative Agent a signed copy of an extension request signed by both Borrowers (an "Extension Request") in substantially the form of Exhibit D EXHIBIT E hereto. The Administrative Agent shall promptly notify each Eligible Lender of its receipt of such Extension Request. On or prior to ten days prior to the fifteenth day applicable anniversary of the Effective Date in each calendar year in which there has been an Extension Request (the "Determination Date") prior to the Current Anniversary Date), each Eligible Lender shall notify the Administrative Agent and the Borrowers Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Administrative Agent and the Borrowers Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing 66-2/3% or more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, upon confirmation by the Administrative Agent of such consent, the Administrative Agent shall so advise the Lenders and the BorrowersBorrower, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated one year after the Commitment Termination Date of such Eligible Lender in existence on the date of the related Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Administrative Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50less than 66-2/3% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, and the Agents confirm the same, the Administrative Agent shall so advise the Lenders and the BorrowersBorrower, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent Agents of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent Agents of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Viad Corp)

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Extension of the Commitment Termination Date. The Borrowers Borrower may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 30 60 days prior to the first anniversary of the Effective Date, from time to time jointly request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Agent a copy of an extension request signed by both Borrowers the Borrower (an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrowers Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrowers Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrowers, Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers Borrower pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the Borrowers, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.at

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrowers Borrower may, not later than 30 days days, and not earlier than 60 days, prior to each applicable anniversary of the Effective Date during the term of this Agreement (as may be extended from time to time pursuant to this Section 2.16) (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 30 60 days prior to the first anniversary of the Effective Date, from time to time jointly request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Agent a copy of an extension request signed by both Borrowers the Borrower (an "Extension Request") in substantially the form of Exhibit D hereto; provided that at the time of such request and as of the date of any such extension of the Commitment Termination Date, (i) the representations and warranties of the Borrower contained in Article IV are correct on and as of such date, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates only to an earlier date, in which case they were correct as of such earlier date, and (ii) no Event of Default or Potential Event of Default exists and is continuing. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrowers Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrowers Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrowers, Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers Borrower pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the BorrowersBorrower, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's ’s Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's ’s Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrowers Borrower may, not later than 30 days prior to each anniversary of the Second Amended and Restated Effective Date (the "Current Anniversary Date"), and not more than once in any calendar year, commencing not later than 30 days prior to the first anniversary of the Second Amended and Restated Effective Date, from time to time jointly request that the Commitment Termination Date for all Eligible Lenders (as defined below) be extended by delivering to the Agent a copy of an extension request signed by both Borrowers the Borrower (an "Extension Request") in substantially the form of Exhibit D hereto. The Agent shall promptly notify each Lender of its receipt of such Extension Request. On or prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrowers Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrowers Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrowers, Borrower and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers Borrower pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the BorrowersBorrower, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Computer Sciences Corp)

Extension of the Commitment Termination Date. The Borrowers Borrower may, upon not later less than 30 45 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and but not more than once 60 days) notice prior to the then current Commitment Termination Date to the Administrative Agent (which shall notify each Lender of receipt of such request), propose to extend the Commitment Termination Date for an additional 364 days measured from the Commitment Termination Date then in any calendar yeareffect. Each Lender shall endeavor to respond to such request, commencing not later whether affirmatively or negatively (such determination to be in the sole discretion of such Lender), by notice to the Administrative Agent no earlier than 30 days prior to the first anniversary of the Effective Date, from time to time jointly request that the then current Commitment Termination Date for all Eligible Lenders (as defined below) be extended by delivering but in any event no later than 20 days prior to the then current Commitment Termination Date). Subject to the execution by the Borrower, the Administrative Agent and such Lenders of a copy of an extension request signed by both Borrowers (an "duly completed Extension Request") Agreement in substantially the form of Exhibit D E hereto. The , the Commitment Termination Date applicable to the Commitment of each Lender so affirmatively notifying the Administrative Agent shall promptly notify each be extended for the period specified above; provided that if the Administrative Agent receives a Notice of Borrowing of the Term Loan pursuant to the provisions of Section 2.18 no Commitment Termination Date of any Lender shall be extended and the Term Loan shall be made in accordance with Section 2.18; and provided further that no Commitment Termination Date of its receipt any Lender shall be extended unless Lenders having more than 50% in aggregate amount of the original Commitments hereunder shall have elected so to extend their Commitments. Any Lender which does not give such Extension Request. On or notice to the Administrative Agent by the date 20 days prior to the fifteenth day (the "Determination Date") prior to the Current Anniversary Date, each Eligible Lender shall notify the Agent and the Borrowers of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Agent and the Borrowers on or prior to the Determination Date then in effect shall be deemed to have declined elected not to so extendextend as requested, and the Commitment of each non-extending Lender shall terminate on its Termination Date determined without giving effect to such requested extension. In The Administrative Agent shall notify the event that, on or Borrower in writing of each Lender's decision no later than 15 days prior to the Determination Date, Eligible Lenders representing more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, the Agent shall so advise the Lenders and the Borrowers, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated in the Extension Request. Thereafter, (i) for each Consenting Lender, the term "existing Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, the Agent shall so advise the Lenders and the Borrowers, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.

Appears in 1 contract

Samples: Credit Agreement (Viad Corp)

Extension of the Commitment Termination Date. The Borrowers may, not later than 30 days prior to each anniversary of the Effective Date (the "Current Anniversary Date"), and Borrower may not more than once in any calendar year, commencing year and not later than 30 45 days prior to the first an anniversary of the Effective Closing Date, from time to time jointly request that the Commitment Termination Date for of all Eligible Lenders (as defined below) be extended for a period of one year by delivering to the Administrative Agent a signed copy of an extension request signed by both Borrowers (an "Extension Request") in substantially the form of Exhibit D F hereto. The Administrative Agent shall promptly notify each Eligible Lender of its receipt of such Extension Request. On or prior to ten days prior to the fifteenth day applicable anniversary of the Closing Date in each calendar year in which there has been an Extension Request (the "Determination Date") prior to the Current Anniversary Date), each Eligible Lender shall notify the Administrative Agent and the Borrowers Borrower of its willingness or unwillingness to extend its Commitment Termination Date hereunder. Any Eligible Lender that shall fail to so notify the Administrative Agent and the Borrowers Borrower on or prior to the Determination Date shall be deemed to have declined to so extend. In the event that, on or prior to the Determination Date, Eligible Lenders representing 66-2/3% or more than 50% of the aggregate amount of the Commitments of all Eligible Lenders then in effect shall consent to such extension, upon confirmation by the Administrative Agent of such consent, the Administrative Agent shall so advise the Lenders and the BorrowersBorrower, and, subject to execution of documentation evidencing such extension and consents, the Commitment Termination Date of each Eligible Lender (each a "Consenting Lender") that has consented on or prior to the Determination Date to so extend shall be extended to the date indicated one year after the Commitment Termination Date of such Eligible Lender in existence on the date of the related Extension Request. Thereafter, (i) for each Consenting Lender, the term "Commitment Termination Date" as used herein and in any promissory note executed and delivered by the Borrowers pursuant to Section 2.14 hereof, shall at all times refer to such date, unless it is later extended pursuant to this Section 2.16, and (ii) for each Lender that is not an Eligible Lender and for each Eligible Lender that either has declined on or prior to the Determination Date to so extend or is deemed to have so declined, the term "Commitment Termination Date" shall at all times refer to the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Administrative Agent of such Extension Request. In the event that, as of the Determination Date, the Consenting Lenders represent 50less than 66-2/3% or less of the aggregate amount of the Commitments of all Eligible Lenders then in effect, and the Agents confirm the same, the Administrative Agent shall so advise the Lenders and the BorrowersBorrower, and none of the Lenders' Commitment Termination Dates shall be extended to the date indicated in the Extension Request and each Lender's Commitment Termination Date shall continue to be the date which was the Commitment Termination Date of such Lender immediately prior to the delivery to the Agent of such Extension Request. For purposes of this Section 2.16, the term "Eligible Lenders" means, with respect to any Extension Request, (i) all Lenders if no Lender's Commitment Termination Date had been extended pursuant to this Section 2.16 prior to the delivery to the Agent of such Extension Request, and (ii) in all other cases, those Lenders which had extended their Commitment Termination Date in the most recent extension of any Commitment Termination Date effected pursuant to this Section 2.16.Agents of

Appears in 1 contract

Samples: Credit Agreement (Dial Corp /New/)

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