Extension of Credit Facility Termination Date Sample Clauses

The 'Extension of Credit Facility Termination Date' clause allows the borrower and lender to agree to extend the maturity date of a credit facility beyond its original termination date. Typically, this process involves the borrower submitting a formal request for extension within a specified timeframe before the current maturity date, and the lender may require certain conditions to be met, such as payment of an extension fee or compliance with financial covenants. This clause provides flexibility for borrowers who need continued access to credit and helps both parties avoid the disruption of refinancing or negotiating a new facility, thereby ensuring continuity of funding and reducing administrative burdens.
Extension of Credit Facility Termination Date. Borrower shall have the right to extend the Credit Facility Termination Date for one (1) five (5) year period ("EXTENSION") upon satisfaction of each of the following conditions: (a) Borrower provides written notice requesting the Extension ("EXTENSION NOTICE") to Lender not less than one hundred eighty (180) nor more than two hundred ten (210) days prior to the then effective Credit Facility Termination Date. Within thirty (30) days of receipt of the Extension Notice, Lender shall provide Borrower the terms under which the Credit Facility Termination Date shall be extended for one (1) five (5) year period such as conversion of Revolving Facility Advances to Base Facility Advances, additions of Mortgaged Properties to the Collateral Pool, releases of Mortgaged Properties from the Collateral Pool, expansion of the Commitment, interest rate cap requirements, Fees and other provisions of the Loan Documents determined by Lender, Borrower shall then have thirty (30) days to accept the terms of the Extension or reject the terms and the Credit Facility shall terminate as set forth in the Master Agreement. (b) No Event of Default or Potential Event of Default exists on either the date the Extension Notice is given or on the then effective Credit Facility Termination Date. (c) All of the representations and warranties of the Borrowers contained in this Agreement and the other Loan Documents are true and correct in all material respects on the date the Extension Notice is given and on the then effective Credit Facility Termination Date. (d) The Borrowers are in compliance with all of the covenants contained in Article XIII on the date the Extension Notice is given and on the then effective Credit Facility Termination Date.
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Extension of Credit Facility Termination Date 
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Related to Extension of Credit Facility Termination Date

  • Termination of Credit Facility (a) The Credit Facility shall terminate upon the earliest to occur of: (i) the termination of the Credit Facility in accordance with Section 13.1; (ii) the date on which the Credit Facility has been permanently reduced to zero pursuant to Section 2.3; and (iii) the Maturity Date. (b) Upon the termination of the Credit Facility, the right of the Borrower to obtain any credit thereunder and all of the obligations of the Lenders to extend credit thereunder shall automatically terminate.

  • Extension of Facility Termination Date The Seller may advise any Managing Agent in writing of its desire to extend the Facility Termination Date for an additional period not exceeding 364 days, provided such request is made not more than 90 days prior to, and not less than 60 days prior to, the then current Facility Termination Date. Each Managing Agent so advised by the Seller shall promptly notify each Committed Purchaser in its related Purchaser Group of any such request and each such Committed Purchaser shall notify its related Managing Agent, the Collateral Agent and the Seller of its decision to accept or decline the request for such extension no later than 30 days prior to the then current Facility Termination Date (it being understood that each Committed Purchaser may accept or decline such request in its sole discretion and on such terms as it may elect, and the failure to so notify its Managing Agent, the Collateral Agent and the Seller shall be deemed an election not to extend by such Committed Purchaser). In the event that at least one Committed Purchaser agrees to extend the Facility Termination Date, the Seller Parties, the Collateral Agent, the extending Committed Purchasers and the applicable Managing Agent or Managing Agents shall enter into such documents as such extending Committed Purchasers may deem necessary or appropriate to reflect such extension, and all reasonable costs and expenses incurred by such Committed Purchasers, the Managing Agents and the Collateral Agent (including reasonable attorneys’ fees) shall be paid by the Seller. In the event that any Committed Purchaser (a) declines the request to extend the Facility Termination Date or (b) is in a Purchaser Group with respect to which the Seller did not seek an extension of the Facility Termination Date (each such Committed Purchaser being referred to herein as a “Non-Renewing Committed Purchaser”), and, in the case of a Non-Renewing Committed Purchaser described in clause (a), the Commitment of such Non-Renewing Committed Purchaser is not assigned to another Person in accordance with the terms of this Article XI prior to the then current Facility Termination Date, the Purchase Limit shall be reduced by an amount equal to each such Non-Renewing Committed Purchaser’s Commitment on the then current Facility Termination Date.

  • Extension of Commitment Termination Date The Borrower may, no more frequently than once each year by delivering written notice to the Managing Agents (with a copy to the Program Agent), request the Lenders to extend the Commitment Termination Date for an additional 364 days past the then applicable Commitment Termination Date, with such extension to become effective with respect to any Lender Group, as of the date one or more Committed Lenders having Commitments equal to 100% of such Lender Group’s Lender Group Limit shall in their sole discretion consent to such extension (the Lenders in such a Lender Group, “Extending Lenders”). Any such request shall be subject to the following conditions: (i) at no time will any Commitment have a term of more than 364 days and, if any such request would result in a term of more than 364 days, such request shall be deemed to have been made for such number of days so that, after giving effect to such extension on the date requested, such term will not exceed 364 days, (ii) none of the Lenders will have any obligation to extend any Commitment, (iii) any such extension of the Commitment Termination Date will be effective only upon the written agreement of at least one Committed Lender and the Borrower and (iv) any request for such extension shall be made at least sixty (60) days prior to the then current Commitment Termination Date. The Managing Agent for each applicable Committed Lender will respond to any such request within thirty (30) days (with a copy to the Paying Agent) but in any event no earlier than thirty (30) days prior to the then current Commitment Termination Date, provided that any Managing Agent’s failure to respond within such period shall be deemed to be a rejection of the requested extension.

  • Termination of Revolving Credit Facility The Revolving Credit Facility and the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date.

  • Commitment Termination Date the earliest to occur of (a) the Revolver Termination Date; (b) the date on which Borrowers terminate the Revolver Commitments pursuant to Section 2.1.4; or (c) the date on which the Revolver Commitments are terminated pursuant to Section 11.2.