Extended Loans Clause Samples
The Extended Loans clause defines the terms under which a loan period may be prolonged beyond its original end date. Typically, this clause outlines the conditions that must be met for an extension, such as timely request by the borrower, continued compliance with the loan agreement, and possible adjustments to interest rates or repayment schedules. Its core practical function is to provide flexibility for borrowers who need more time to fulfill their obligations, while also protecting the lender by setting clear rules for such extensions.
Extended Loans. (a) The Borrower may at any time and from time to time, by making an offer on a pro rata basis to each of the Lenders of the applicable Class, request that all or a portion of the Term Loans of any Class (for any such Class, the “Existing Term Loans”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Existing Term Loans (any such Existing Term Loans which have been so converted, the “Extended Term Loans”) and to provide for other terms consistent with this Section 2.16. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (whereupon the Administrative Agent shall promptly make a copy of such notice available to each of the Lenders of such Existing Term Loans) (a “Term Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be substantially similar to the Existing Term Loans from which they are to be converted, except that (i) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to dates later than the scheduled amortization date of such Existing Term Loans (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in Section 2.07, the Incremental Term Facility Amendment, or the Refinancing Amendment, as the case may be, with respect to such Existing Term Loans, in each case as set forth in paragraph (d) of this Section 2.16 below), (ii) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for such Existing Term Loans and (iii) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (ii), in each case, to the extent provided in the applicable Extension Amendment. No Lender shall have any obligation to agree to have any of its Existing Term Loans converted into Extended Term Loans pursuant to any Extension Request. The Extended Term Loans shall constitute a separate Class of Term Loans from the Existing Term Loans from which they were converted.
(b) The Borrower may at any time and from time to time request, by making an offer on a pro rata basis to each of the Lenders of the applicable Class, that all or a portion of the Revolvi...
Extended Loans. The Borrower shall repay the aggregate outstanding principal amount of each Extended Loan (if any) as determined pursuant to, and in accordance with, Section 2.5 and the applicable Extension Amendment.
Extended Loans. (a) Subject to the terms and conditions set forth herein, each Extending Lender agrees (i) (x) to convert 100% of its existing Commitment into a 2016 Commitment (as defined below) (an “Extended Commitment”) and any outstanding Loans into Loans under the Amended and Restated Credit Agreement, and as applicable, (y) to increase its existing commitment by the amount set forth on Schedule 1.1A to Exhibit A hereto (any such increase to its existing commitment, an “Additional Commitment”), (ii) that the amount of its aggregate 2016 Commitment as of the Amendment Effective Date shall be as set forth in Schedule 1.1A to Exhibit A hereto under the heading “2016 Commitment”.
(b) The Commitments of a Lender that is not a 2016 Lender shall be replaced with an Additional Commitment of an Extending Lender and/or with a New Commitment of a New Lender, at the discretion of the Administrative Agent, and the Original Commitments of such Lender shall terminate as of the Amendment Effective Date and the Borrower shall pay any and all amounts owing to such Lender under the Original Credit Agreement in accordance with the Original Credit Agreement on the Amendment Effective Date.
Extended Loans. 105 #99361848v2 (a) The Borrower may at any time and from time to time, by making an offer on a pro rata basis to each of the Lenders of the applicable Class, request that all or a portion of the Term Loans of any Class (for any such Class, the “Existing Term Loans”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Existing Term Loans (any such Existing Term Loans which have been so converted, the “Extended Term Loans”) and to provide for other terms consistent with this Section 2.
Extended Loans. (a) The Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the Maturity Date of all or any portion of any class of Loans to the extended maturity date specified in such request. Such notice shall set forth (i) the amount of the applicable class of Loans to be extended (the “Extended Loans”) (which shall be in a minimum amount of $5,000,000), (ii) the date on which such Extension is requested to become effective (which shall be not less than ten (10) Business Days nor more than sixty
Extended Loans. AMERICAS 112057218 v3 104 [AM_ACTIVE 404836320_6] #99361848v2 (a) The Borrower may at any time and from time to time, by making an offer on a pro rata basis to each of the Lenders of the applicable Class, request that all or a portion of the Term Loans of any Class (for any such Class, the “Existing Term Loans”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Existing Term Loans (any such Existing Term Loans which have been so converted, the “Extended Term Loans”) and to provide for other terms consistent with this Section 2.
Extended Loans. If, on the Initial Maturity Date, (i) the Initial Loans have not been repaid in full or exchanged in full for Exchange Securities pursuant to Section 2.04 (Exchange Securities) and (ii) each of the conditions precedent set forth in Section 5.03 (Conditions Precedent to Extended Loans) have been satisfied, then the Initial Loans of each Lender then outstanding shall be deemed converted on the Initial Maturity Date into Loans ("Extended Loans") of such Lender, having the same principal amount as such outstanding Initial Loans. The Borrower promises to repay the entire principal amount of all Extended Loans on the Final Maturity Date (or earlier, if required by the terms hereof).
Extended Loans. Commitments shall be established pursuant to an amendment (an “Extension Agreement”) to this Agreement (which, except to the extent expressly contemplated by the penultimate sentence of this Section 2.15(c) and notwithstanding anything to the contrary set forth in Section 13.1, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Loans/Commitments established
Extended Loans i. Notwithstanding anything to the contrary in this Agreement, the Borrower may at any time and from time to time request that all or a portion of a class of Loans (an “Existing Loan Facility”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Loans (any such Loans which have been so converted, “Extended Loans”) and to provide for other terms consistent with this Section 2.27. In order to establish any Extended Loans, 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 Loan Facility) (an “Extension Request”) setting forth the proposed terms of the Extended Loans to be established which shall be identical to the class of Loans from which such Extended Loans are to be converted except that:
1. all or any of the scheduled amortization payments of principal of the Extended Loans may be delayed to later dates than the scheduled amortization payments of principal of the class of Loans being converted to the extent provided in the applicable Loan Extension Amendment;
2. the interest margins with respect to the Extended Loans may be different from the interest margins for the class of Loans being converted and upfront fees may be paid to the Extending Lenders, in each case, to the extent provided in the applicable Loan Extension Amendment;
3. the Loan Extension Amendment may provide for other covenants and terms that apply solely to any period after the latest final maturity of all classes of Loans in effect on the effective date of the Loan Extension Amendment immediately prior to the establishment of such Extended Loans; and