Extension of Availability Period Sample Clauses
The Extension of Availability Period clause allows for the extension of the timeframe during which a borrower can draw down funds or utilize a facility under a loan agreement. Typically, this clause outlines the conditions under which an extension may be requested, such as requiring written notice from the borrower and lender approval, and may specify limits on the number or length of extensions permitted. Its core practical function is to provide flexibility for borrowers who may need additional time to access funds, thereby accommodating unforeseen delays or changes in project timelines.
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Extension of Availability Period. (a) The Borrower may, by notice to the Administrative Agent not later than thirty (30) days prior to the end of the Availability Period End Date then in effect hereunder, request that the Administrative Agent and the Lenders extend the Availability Period End Date then in effect for an additional period of thirty-six months such that the new Availability Period End Date under this Agreement will be the Monthly Payment Date occurring in the thirty-sixth month after the month in which the Borrower’s extension request is granted by the Administrative Agent (if so granted). There shall be no limit on the Borrower’s ability to submit multiple requests for extension of the Availability Period End Date then in effect as it is the parties’ intent that this Agreement may be renewed for successive thirty-six month periods.
(b) The Administrative Agent, with the written consent of each Lender (other than any Defaulting Lender), shall advise the Borrower whether the Lenders agree to any requested extension of the Availability Period End Date within thirty (30) days after the Borrower has given notice to the Administrative Agent that it requests an extension of the Availability Period End Date; provided, that if the Lenders do not agree to any requested extension, the Borrower may renew its request for an extension at any time or from time to time prior to the end of the Availability Period End Date then in effect; provided further, that the Administrative Agent’s failure to respond within such period shall constitute the Administrative Agent’s denial of the requested extension.
(c) Any such request to extend the Availability Period End Date shall be subject to the following conditions: (i) any such extension of the Availability Period End Date will be effective only upon the written agreement of the Administrative Agent, the Lenders and the Borrower, and (ii) the Administrative Agent shall have received payment in full of the Loan Extension Fee on or prior to the then applicable Availability Period End Date. Upon satisfaction of the foregoing conditions, the date referenced in the definition of “Availability Period End Date” shall be automatically extended for an additional thirty-six months after the date that the Borrower’s extension request is granted by the Administrative Agent. This Section shall supersede any provisions in Section 10.2 to the contrary.
Extension of Availability Period. (a) The Borrower may, by notice to the Administrative Agent following the two year anniversary of the Closing Date, request the Administrative Agent to extend the Availability Period End Date.
(b) The Administrative Agent, with the written consent of each Lender (other than any Defaulting Lender), shall advise the Borrower whether the Lenders agree to any requested extension of the Availability Period End Date within thirty (30) days after the Borrower has given notice to the Administrative Agent that it requests an extension of the Availability Period End Date; provided, that if the Lenders do not agree to any requested extension, the Borrower may renew its request for an extension at any time or from time to time prior to the end of the Availability Period End Date then in effect; provided further, that the Administrative Agent’s failure to respond within such period shall constitute the Administrative Agent’s denial of the requested extension.
(c) Any such request to extend the Availability Period End Date shall be effective only upon the written agreement of the Administrative Agent, the Lenders, the Borrower, and the Guarantor. Upon entering into such written agreement, the date referenced in the definition of “Availability Period End Date” shall be automatically extended for the amount of time agreed to by the Administrative Agent, the Lenders, the Borrower, and the Guarantor. This Section shall supersede any provisions in Section 10.2 to the contrary.
Extension of Availability Period. The Borrower shall have the option to extend, not more than one (1) time, the Availability Period then in effect for one (1) additional one hundred and eighty (180) day period, subject to satisfaction of the following conditions precedent:
(a) the Borrower shall have paid, or caused to be paid, the Extension Fee to the Administrative Agent for the benefit of the extending Lenders;
(b) no Event of Default shall have occurred and be continuing on the date on which an Extension Request is given;
(c) all representations and warranties of the Loan Parties under the Loan Documentation are true and correct in all material respects on and as of the date of the extension, with the same force and effect as if made on and as of such date (except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); provided that if any such representation and warranty is qualified as to materiality, with respect to such representation and warranty, the materiality qualifier set forth above shall be disregarded for the purposes of this condition; and
(d) the Borrower shall have delivered an Extension Request with respect to the Availability Period to the Administrative Agent not more than sixty (60) days and not less than thirty (30) days prior to the expiration of the Availability Period then in effect.
Extension of Availability Period. The Availability Period shall expire automatically unless the Borrower makes a written request to the Bank not later than 90 days prior to expiration of the Availability Period requesting an extension of the Availability Period and such request is approved by the Bank prior to expiration of the Availability Period. The right of the Bank not to extend the Availability Period shall be unconditional and within its sole discretion, notwithstanding that no Event of Default exists under this Agreement.
Extension of Availability Period. The Borrower may, by notice to the Administrative Agent following the two year anniversary of the Closing Date, request the Administrative Agent to extend the Availability Period End Date.
Extension of Availability Period. Section 1.2 of the Agreement is amended as follows:
Extension of Availability Period. (a) The Administrative Borrower may by written notice to the Administrative Agent (no later than 10 Business Days prior to the expiration of the original Availability Period) extend the Availability Period to March 23, 2025 or such later date as may be agreed upon by the Lenders (such date, the “Availability Period Extension Date”, and such election, an “Availability Period Extension”).
(b) Notwithstanding the foregoing, the extension of the Availability Period pursuant to this Section 2.17 shall not be effective with respect to any Lender unless: (i) on or prior to the date the Administrative Borrower requests an Availability Period Extension, the Co‐Borrowers shall have paid in full any and all accrued and unpaid interest and all costs and expenses of the Secured Parties that are due and payable under this Agreement;
Extension of Availability Period. The last day of the then current Availability Period shall be extended for a period of not more than six (6) Months, if the Borrower provides the Lender with a written request for such extension by no later than the date falling five (5) Business Days prior to the end of the then current Availability Period, but so that the last day of the Availability Period shall not, in any case, extend beyond the earlier of (a) the date falling 12 Months from the date of this Agreement and (b) 30
Extension of Availability Period. (a) The Administrative Borrower may by written noticerequest to the Administrative Agent (no later than 10 Business Days prior to the expiration of the original Availability Period) extend the Availability Period to March 23, 2025 or such latera date as may be agreed upon by the Lenders (such date, the “Availability Period Extension Date”, and such election, an “Availability Period Extension”).
(b) Notwithstanding the foregoing, the extension of the Availability Period pursuant to this Section 2.17 shall not be effective with respect to any Lender unless: (i) on or prior to the date the Administrative Borrower requests an Availability Period Extension, the Co‐Borrowers shall have paid in full any and all accrued and unpaid interest and all costs and expenses of the Secured Parties that are due and payable under this Agreement; (ii) no Event of Default or any other Market Trigger Event shall have occurred and be continuing on the date of such extension and immediately after giving effect thereto; (iii) the Co‐Borrowers shall pay to the Administrative Agent for the account of each Lender an extension fee equal 0.25% of such Lender’s Pro Rata Share of the Maximum Facility Amount; and -69- USActive 58806140.10 -69-60444631.4 SK 28388 0001 10656366 v3
Extension of Availability Period. To reflect the agreement of the parties to extend the period during which Revolving Loans will be made and Letters of Credit will be issued under the Credit Agreement, effective as of the Effective Date (as defined in Paragraph 6 below), the definition of the term "Revolving Loan Maturity Date" set forth in the Glossary is hereby amended to delete the date "July 31, 2000" appearing in subparagraph (a) thereof and to replace the same with the date "June 1, 2002."