Extension of Revolving Credit Commitments Clause Samples
The Extension of Revolving Credit Commitments clause allows borrowers and lenders to agree to extend the maturity date or availability period of a revolving credit facility. Typically, this clause outlines the process for requesting an extension, such as notice requirements and lender consent thresholds, and may specify any conditions or fees associated with the extension. Its core practical function is to provide flexibility for borrowers who need continued access to credit, while giving lenders a structured process to evaluate and approve such extensions, thereby reducing uncertainty and facilitating ongoing financing arrangements.
Extension of Revolving Credit Commitments. The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments of a given Class (each, an “Existing Revolver Tranche”) be amended to extend the Maturity Date with respect to all or a portion of any principal amount of such Revolving Credit Commitments (any such Revolving Credit Commitments which have been so amended, “Extended Revolving Credit Commitments”) and to provide for other terms consistent with this Section 2.16. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Revolver Tranche) (each, a “Revolver Extension Request”) setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which shall (x) be identical as offered to each Lender under such Existing Revolver Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Revolver Tranche and (y) be identical to the Revolving Credit Commitments under the Existing Revolver Tranche from which such Extended Revolving Credit Commitments are to be amended, except that: (i) the Maturity Date of the Extended Revolving Credit Commitments may be delayed to a later date than the Maturity Date of the Revolving Credit Commitments of such Existing Revolver Tranche, to the extent provided in the applicable Extension Amendment; (ii) the Effective Yield with respect to extensions of credit under the Extended Revolving Credit Commitments (whether in the form of interest rate margin, upfront fees, commitment fees, original issue discount or otherwise) may be different than the Effective Yield for extensions of credit under the Revolving Credit Commitments of such Existing Revolver Tranche, in each case, to the extent provided in the applicable Extension Amendment; (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Revolving Credit Commitments); and (iv) all borrowings under the applicable Revolving Credit Commitments (i.e., the Existing Revolver Tranche and the Extended Revolving Credit Commitments of the applicable Revolver Extension Series) and repayments thereunder shall be made on a pro...
Extension of Revolving Credit Commitments. The Borrower may at any time and fromtime to time, in its sole discretion, request that all or a portion of the Revolving Credit Commitments orIncremental Revolving Credit Commitments of a given Class (or series or tranche thereof) (each, an“Existing Revolver Tranche”) be amended to extend the Maturity Date with respect to all or a portion ofany principal amount of such Revolving Credit Commitments or Incremental Revolving CreditCommitments (any such Revolving Credit Commitments or Incremental Revolving Credit Commitmentswhich have been so amended, “Extending Revolving Credit Commitments”) and to provide for otherterms consistent with this Section
Extension of Revolving Credit Commitments. (a) The Borrowers may at any time and from time to time request that all or a portion of the U.S. Revolving Credit Commitments and/or the Foreign Revolving Credit
Extension of Revolving Credit Commitments. Upon prior written notice (an "Extension Notice") to the Paying Agent delivered not less than 30 nor more than 60 days prior to the date that is 18 months after the date of the initial Acquisition Borrowing (the "Original Revolving Credit Maturity Date"), the Borrower may elect to extend the Original Revolving Credit Maturity Date to the date that is 30 months after the date of the initial Acquisition Borrowing, without the consent of the Paying Agent or any Lender, if all of the following conditions are satisfied:
(a) No Default or Event of Default shall have occurred and be continuing on the date of the Extension Notice or on the Original Revolving Credit Maturity Date;
(b) All the Term Loans and FRNs shall have been paid in full on or prior to the Original Revolving Credit Maturity Date;
(c) Each of Standard & Poor's Ratings Services and ▇▇▇▇▇'▇ Investors Service, Inc. shall have in place a credit rating for the facilities under this Agreement that shall be at least as high as the rating such rating agency had for such facilities on the date of the initial Acquisition Borrowing; and
(d) The Borrower shall have paid to the Paying Agent on the Original Revolving Credit Maturity Date, for the account of each Revolving Credit Lender, a fee (an "Extension Fee") equal to 0.50% of the Revolving Credit Commitment of such Lender as in effect on the Original Revolving Credit Maturity Date (after giving effect to any reduction in such Revolving Credit Commitment effective on the Original Revolving Credit Maturity Date).
Extension of Revolving Credit Commitments. The Borrower may at any time and from time to time request that all or a portion of the Revolving Commitments of a given Class (each, an “Existing Revolver Tranche”) be amended to extend the Revolving Commitment Termination Date with respect to all or a portion of any principal amount of such Revolving Commitments (any such Revolving Commitments which have been so amended, “Extended Revolving Credit Commitments”, and any Loans made pursuant thereto, “Extended Revolving Loans”) and to provide for other terms consistent with this Section 2.
Extension of Revolving Credit Commitments. The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments of any Class (each, an “Existing Revolving Credit Class”) be converted or exchanged to extend the scheduled Maturity Date(s) of any portion of such Revolving Credit Commitments (any such Revolving Credit Commitments which have been so extended, “Extended Revolving Credit Commitments”) and to provide for other terms consistent with this Section 2.25. Prior to entering into any Extension Amendment with respect to any Extended Revolving Credit Commitments, the
Extension of Revolving Credit Commitments. Solely with respect to the amendments to the Credit Agreement relating to Extending Revolving Credit Commitments, the Banks (including new financial institutions, if any, agreeing to join into the Credit Agreement in connection with the Fourth Amendment) shall have agreed to provide no less than $400,000,000 in the aggregate of Extending Revolving Credit Commitments; provided however that if less than $400,000,000 of Extending Revolving Credit Commitments have been offered to the Borrower, on the date hereof, the Borrower shall have the option to waive this condition precedent and all other amendments contained in this Fourth Amendment (excluding those amendments related to the Extending Revolving Credit Commitments) shall become effective. For the avoidance of doubt, the amendment to Section 7.2.10 [Maximum Leverage Ratio] of the Credit Agreement contained herein shall become effective upon Required Lender approval if less than $400,000,000 of Extending Revolving Credit Commitments are offered to the Borrower and the Borrower elects to close the Fourth Amendment without accepting the Extending Revolving Credit Commitments.
Extension of Revolving Credit Commitments. (a) The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments existing at the time of such request (each, an “Existing Revolving Credit Commitment” and any related Revolving Credit Loans thereunder, “Existing Revolving Credit Loans”) be converted to extend the Maturity Date thereof (any such Existing Revolving Credit Commitments which have been so extended, “Extended Revolving Credit Commitments” and any related Revolving Credit Loans, “Extended Revolving Credit Loans”) and to provide for other terms consistent with this Section 2.
Extension of Revolving Credit Commitments. The Borrowers may at any time and from time to time request that all or a portion of the Revolving Credit Commitments of a given Class (each, an “Existing Revolver Tranche”) be amended to extend the Maturity Date with respect to all or a portion of any principal amount of such Revolving Credit Commitments (any such Revolving Credit Commitments which have been so amended, “Extended Revolving Credit Commitments”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Revolving Credit Commitments, the Borrowers shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Revolver Tranche) (each, a
Extension of Revolving Credit Commitments. The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments of