Common use of Notification by Lender Clause in Contracts

Notification by Lender. As soon as practicable after receipt of such request and all necessary information requested by the Lender to make such determination (but, in any event, no later than the date 30 days prior to the Existing RCC Maturity Date (or, if such date is not a Business Day, on the next preceding Business Day)), the Lender shall notify the Borrower whether or not the Lender agrees to such extension. If (and only if) the Lender has agreed so to extend the Maturity Date, then, effective as of the Existing RCC Maturity Date, the Maturity Date in respect of the Revolving Credit Commitment shall be extended to the date falling 364 days after the Existing RCC Maturity Date (except that, if such date is not a Business Day, such Maturity Date as so extended shall be the next preceding Business Day).

Appears in 1 contract

Sources: Credit Agreement (Western Capital Resources, Inc.)

Notification by Lender. As soon as practicable after receipt of such request and all necessary information requested by the Lender to make such determination (but, in any event, no later than the date 30 days prior to the Existing RCC AFC Maturity Date (or, if such date is not a Business Day, on the next preceding Business Day)), the Lender shall notify the Borrower whether or not the Lender agrees to such extension. If (and only if) the Lender has agreed so to extend the Maturity Date, then, effective as of the Existing RCC AFC Maturity Date, the Maturity Date in respect of the Revolving Credit Acquisition Facility Commitment of the Lender shall be extended to the date falling 364 days after the Existing RCC AFC Maturity Date (except that, if such date is not a Business Day, such Maturity Date as so extended shall be the next preceding Business Day).

Appears in 1 contract

Sources: Credit Agreement (Western Capital Resources, Inc.)