Current Expiration Date definition
Examples of Current Expiration Date in a sentence
If the conditions to extension set forth above have been met, then, on the Current Expiration Date, the Expiration Date shall be deemed to have been extended to, and shall be, the date specified in such Extension Request.
Each Purchasing Lender shall be deemed to have consented to the extension of the Current Expiration Date.
Such assignment shall be effected on the Current Expiration Date.
If the Rejected Amount does not exceed 50% of the Total Commitment, RenRe shall have the right, in consultation with and through the Administrative Agent, prior to the Current Expiration Date, as the case may be, to request one or more Lenders that have agreed to the requested extension (the “Accepting Lenders”) to increase their L/C Commitments by an aggregate amount not to exceed the Rejected Amount.
If the Issuing Bank and the Required Commitment Banks shall have consented to such Extension Request, then, on the Current Expiration Date, the Expiration Date shall be deemed to have been extended to, and shall be, the date specified in such Extension Request.
RenRe may, at its option, give the Administrative Agent and the Issuing Bank written notice (an “Extension Request”) at any time not more than 60 days, nor less than 30 days, prior to the Expiration Date in effect at such time (the “Current Expiration Date”) of the Credit Parties’ desire to extend the Expiration Date to a date which is not later than the first anniversary of the Current Expiration Date.
No extension shall become effective unless the express written consent thereto by the Required Commitment Banks and the Issuing Bank is received by the Administrative Agent on or before the thirtieth day prior to the Current Expiration Date.
If the Rejected Amount exceeds 50% of the Total Commitment (or if Wachovia shall be a Rejecting Lender), the Current Expiration Date shall not be extended.
Each Bank which agrees to such Extension Request shall deliver to the Administrative Agent its express written consent thereto no later than thirty days prior to the Current Expiration Date.
Such increase shall be effected on the Current Expiration Date by a pro rata assignment of a Rejecting Lender’s or Rejecting Lenders’ Letter of Credit Advances and L/C Commitment pursuant to Section 9.5 (without regard to the minimum assignment amount set forth therein), which each Rejecting Lender agrees to make.