Agent Extension Clause Samples

Agent Extension. The Term Loan B Agent, in its sole discretion, may extend, and hereby is authorized to extend, the Maturity Date for a period of up to an additional 30 days without further action by the Lenders so long as the following conditions are satisfied (or waived by) the Term Loan B Agent in its sole discretion: (i) Borrowers shall have filed a Section 1113(e) motion with the Bankruptcy Court for interim relief seeking to reduce, and the Bankruptcy Court shall have granted interim relief reducing, under the applicable provisions of the Bankruptcy Code, wages and/or benefits by, in the aggregate, approximately ten percent (10%) of wages per month for the U.S. employees of Allied Systems and certain other Subsidiaries of Allied Holdings who are represented by the International Brotherhood of Teamsters and affiliated local unions under the applicable national collective bargaining agreement; (ii) Borrowers shall have obtained a commitment letter and a term sheet in form and substance reasonably acceptable to the Term Loan B Agent for at least $20,000,000 of new funding to be provided on a basis junior to the Revolving Loans (the "Additional Financing") on or before May 18, 2006; and (iii) Borrowers shall have made reasonably satisfactory progress, as determined by the Term Loan B Agent in its sole discretion, in implementing the liquidity plan previously delivered to the Lenders.