Extension Requests. The Company may, by written notice to the Administrative Agent (which shall promptly deliver a copy thereof to each Lender) given not less than thirty (30) days and not more than ninety (90) days prior to each of the first and second anniversaries of the Effective Date, request a one-year extension of the Maturity Date then in effect (the Maturity Date then in effect being called the “Existing Termination Date”). Each Lender shall, by written notice to the Company and the Administrative Agent given not later than the twentieth (20th) day after the Administrative Agent’s receipt of the applicable extension request, advise the Company and the Administrative Agent whether it agrees to such extension (each Lender agreeing to the applicable requested extension being called an “Extending Lender”, and each Lender declining to agree to the applicable requested extension being called a “Non-Extending Lender”). Any Lender that has not so advised the Company and the Administrative Agent by such day shall be deemed to have declined to agree to such extension and shall be a Non-Extending Lender. If Required Lenders (including, for purposes of this calculation, each Lender that agrees to replace a Non-Extending Lender in accordance with Section 2.24(b)) agree to the applicable extension request, then the Maturity Date shall, as to the Extending Lenders, be extended to the first anniversary of the Existing Termination Date. The decision of any Lender to agree or withhold agreement to either such extension request shall be at the sole discretion of such Lender.
Appears in 3 contracts
Sources: Credit Agreement (Cabot Corp), Credit Agreement (Cabot Corp), Credit Agreement (Cabot Corp)
Extension Requests. The Company may, by written notice to the Administrative Agent (which shall promptly deliver a copy thereof to each Lender) given not less than thirty (30) days and not more than ninety (90) days prior to each of the first and second anniversaries of the Effective Date, Borrower may request a one-year extension of the Facility Maturity Date by submitting a request for an extension to Administrative Agent no more than 48 months nor less than 46 months prior to the then in effect scheduled Facility Maturity Date. At the time of or prior to the delivery of such request, Borrower shall propose to Administrative Agent the amount of the fees that Borrower agrees to pay with respect to such one-year extension if approved by Lenders (such request for an extension, together with the Maturity Date then in effect fee proposal, being called herein referred to as the “Existing Termination Date”"Extension Request"). Promptly upon (but not later than five (5) Business Days after) receipt of the Extension Request, Administrative Agent shall notify each Lender of the contents thereof and shall request each Lender to approve the Extension Request. Each Lender shallapproving the Extension Request shall deliver its written approval no later than sixty (60) days after the date of the Extension Request. If the approval of all Lenders is received by Administrative Agent within sixty (60) days after the date of the Extension Request (or as otherwise provided in Section 2.21(b)), by written notice to the Company Administrative Agent shall promptly so notify Borrower and each Lender, and the Administrative Agent given not later than the twentieth Facility Maturity Date shall be extended by one (20th1) day after the Administrative Agent’s receipt year, and in such event Borrower may thereafter request further extension(s) of the applicable extension request, advise the Company and the Administrative Agent whether it agrees to such extension (each Lender agreeing to the applicable requested extension being called an “Extending Lender”, and each Lender declining to agree to the applicable requested extension being called a “Non-Extending Lender”). Any Lender that has not so advised the Company and the Administrative Agent by such day shall be deemed to have declined to agree to such extension and shall be a Non-Extending Lender. If Required Lenders (including, for purposes of this calculation, each Lender that agrees to replace a Non-Extending Lender then scheduled Facility Maturity Date in accordance with this Section 2.24(b)2.21. If any Lender does not deliver to Administrative Agent such Lender's written approval to any Extension Request within sixty (60) agree to days after the applicable extension requestdate of such Extension Request, then the Facility Maturity Date shallshall not be extended, except as to the Extending Lenders, be extended to the first anniversary of the Existing Termination Date. The decision of any Lender to agree otherwise provided in Section 2.21(b) or withhold agreement to either such extension request shall be at the sole discretion of such Lender2.21(c).
Appears in 2 contracts
Sources: Credit Agreement (MDC Holdings Inc), Credit Agreement (MDC Holdings Inc)
Extension Requests. The Company mayBorrower may request, by written notice to the Administrative Agent (which shall promptly deliver a copy thereof to each Lender) given not less than thirty (30) days and but not more than ninety (90) days prior to once in each fiscal year of the first and second anniversaries of the Effective DateBorrower, request a one-year extension of the Facility Maturity Date then in effect (by submitting a request for an extension to Administrative Agent, provided that the extended Facility Maturity Date then in effect may not be more than five (5) years after the Extension Request. At the time of or prior to the delivery of such request, Borrower shall propose to Administrative Agent the amount of the fees that Borrower agrees to pay with respect to such one-year extension if approved by Lenders (such request for an extension, together with the fee proposal, being called herein referred to as the “Existing Termination DateExtension Request”). Each Lender shall, by written notice to the Company and the Administrative Agent given Promptly upon (but not later than the twentieth five (20th5) day after the Administrative Agent’s Business Days after) receipt of the applicable extension requestExtension Request, advise Administrative Agent shall notify each Lender of the Company contents thereof and shall request each Lender to approve the Extension Request. Each Lender approving the Extension Request shall deliver its written approval no later than sixty (60) days after the date of the Extension Request. If the approval of all Lenders is received by Administrative Agent within sixty (60) days after the date of the Extension Request (or as otherwise provided in Section 2.21(b)), Administrative Agent shall promptly so notify Borrower and each Lender, and the Administrative Agent whether it agrees to such extension Facility Maturity Date shall be extended by one (each Lender agreeing to the applicable requested extension being called an “Extending Lender”1) year, and each Lender declining to agree to in such event Borrower may thereafter request further extension(s) of the applicable requested extension being called a “Non-Extending Lender”). Any Lender that has not so advised the Company and the Administrative Agent by such day shall be deemed to have declined to agree to such extension and shall be a Non-Extending Lender. If Required Lenders (including, for purposes of this calculation, each Lender that agrees to replace a Non-Extending Lender then scheduled Facility Maturity Date in accordance with this Section 2.24(b)2.21. If any Lender does not deliver to Administrative Agent such Lender’s written approval to any Extension Request within sixty (60) agree to days after the applicable extension requestdate of such Extension Request, then the Facility Maturity Date shallshall not be extended, except as to the Extending Lenders, be extended to the first anniversary of the Existing Termination Date. The decision of any Lender to agree otherwise provided in Section 2.21(b) or withhold agreement to either such extension request shall be at the sole discretion of such Lender2.21(c).
Appears in 1 contract
Sources: Credit Agreement (MDC Holdings Inc)
Extension Requests. The Company may, by written notice to the Administrative Agent (which shall promptly deliver a copy thereof to each Lender) given not less than thirty (30) days and not more than ninety (90) days prior to each of the first and second anniversaries of the Effective Date, Borrower may request a one-year extension of the Maturity Scheduled Revolving Credit Termination Date by submitting a request for an extension to the Administrative Agent no more than 120 days nor less than 90 days prior to the Scheduled Revolving Credit Termination Date then in effect effect. At the time of or prior to the delivery of such request, the Administrative Borrower shall propose to the Administrative Agent the amount of the fees that the Borrowers agree to pay with respect to such one-year extension if approved by Lenders (such request for an extension, together with the Maturity Date then in effect fee proposal, being called herein referred to as the “Existing Termination DateExtension Request”). Each Lender shallPromptly upon (but not later than five (5) Business Days after) receipt of the Extension Request, by written notice to the Company and the Administrative Agent given not shall notify each Lender of the contents thereof and shall request each Lender to approve the Extension Request. Each Lender approving the Extension Request (the “Consenting Lenders”) shall deliver its written approval no later than the twentieth sixty (20th60) day days after the Administrative Agent’s receipt date of the applicable extension request, advise Extension Request. If the Company and approval of all Lenders is received by the Administrative Agent whether it agrees to such extension within sixty (each Lender agreeing to 60) days after the applicable requested extension being called an “Extending Lender”date of the Extension Request (or as otherwise provided in Section 2.17(b)), and each Lender declining to agree to the applicable requested extension being called a “Non-Extending Lender”). Any Lender that has not so advised the Company and the Administrative Agent by such day shall promptly so notify the Administrative Borrower and each Lender, and the Scheduled Revolving Credit Termination Date shall be deemed to have declined to agree to extended by one (1) year, and in such extension and shall be a Non-Extending Lender. If Required Lenders (including, for purposes event the Administrative Borrower may thereafter request further extension(s) of this calculation, each Lender that agrees to replace a Non-Extending Lender the then scheduled Scheduled Revolving Credit Termination Date in accordance with this Section 2.24(b)) agree 2.17. If any Lender does not deliver to the applicable extension request, then Administrative Agent such Lender’s written approval to any Extension Request within sixty (60) days after the Maturity Date shall, as to the Extending Lenders, be extended to the first anniversary of the Existing Termination Date. The decision of any Lender to agree or withhold agreement to either such extension request shall be at the sole discretion date of such LenderExtension Request, the Scheduled Revolving Credit Termination Date shall not be extended, except as otherwise provided in Section 2.17(b) or 2.17(c).
Appears in 1 contract
Sources: Amendment Agreement (Tousa Inc)
Extension Requests. The Company may, by written notice to the Administrative Agent (which shall promptly deliver a copy thereof to each Lender) given not less than thirty (30) days and not more than ninety (90) days prior to each of the first and second anniversaries of the Effective Date, Borrower may request a one-year extension of the Maturity Scheduled Termination Date then in effect by submitting a request for an extension to the Administrative Agent no more than 120 days nor less than 90 days prior to each anniversary of the Effective Date. At the time of or prior to the delivery of such request, the Borrower shall propose to the Administrative Agent the amount of the fees that the Borrower agrees to pay with respect to such one-year extension if approved by Lenders (such request for an extension, together with the Maturity Date then in effect fee proposal, being called herein referred to as the “Existing Termination DateExtension Request”). Each Lender shallPromptly upon (but not later than five (5) Business Days after) receipt of the Extension Request, by written notice to the Company and the Administrative Agent given not shall notify each Lender of the contents thereof and shall request each Lender to approve the Extension Request. Each Lender approving the Extension Request (the “Consenting Lenders”) shall deliver its written approval no later than the twentieth sixty (20th60) day days after the Administrative Agent’s receipt date of the applicable extension request, advise Extension Request. If the Company and approval of all Lenders is received by the Administrative Agent whether it agrees to such extension within sixty (each Lender agreeing to 60) days after the applicable requested extension being called an “Extending Lender”date of the Extension Request (or as otherwise provided in Section 2.17(b)), and each Lender declining to agree to the applicable requested extension being called a “Non-Extending Lender”). Any Lender that has not so advised the Company and the Administrative Agent by such day shall promptly so notify the Borrower and each Consenting Lender, and the Scheduled Termination Date shall be deemed to have declined to agree to extended by one (1) year, and in such extension and shall be a Non-Extending Lender. If Required Lenders (including, for purposes event the Borrower may thereafter request further extension(s) of this calculation, each Lender that agrees to replace a Non-Extending Lender the then scheduled Scheduled Termination Date in accordance with this Section 2.24(b)) agree 2.17. If any Lender does not deliver to the applicable extension request, then Administrative Agent such Lender’s written approval to any Extension Request within sixty (60) days after the Maturity Date shall, as to the Extending Lenders, be extended to the first anniversary of the Existing Termination Date. The decision of any Lender to agree or withhold agreement to either such extension request shall be at the sole discretion date of such LenderExtension Request, the Scheduled Termination Date shall not be extended, except as otherwise provided in Section 2.17(b) or 2.17(c).
Appears in 1 contract