Extensions of Commitments Sample Clauses
The "Extensions of Commitments" clause defines the conditions under which a party's obligations or commitments under an agreement may be extended beyond their original term. Typically, this clause outlines the process for requesting an extension, such as providing written notice within a specified timeframe, and may set limits on the duration or number of allowable extensions. Its core practical function is to provide flexibility for parties who may need additional time to fulfill their obligations, thereby reducing the risk of default and ensuring the continuity of the contractual relationship.
Extensions of Commitments. (a) The Borrowers may from time to time, pursuant to the provisions of this Section 2.28 and with the consent of the Required Lenders, agree with one or more Revolving Lenders to extend by one year the termination date of the Revolving Commitments or any portion thereof (each such modification, an “Extension”) pursuant to one or more written offers (each, an “Extension Offer”) made from time to time by the Borrowers to all Revolving Lenders, in each case on a pro rata basis (based on their respective Pro Rata Shares) and on the same terms to each such Revolving Lender. The Borrowers shall not request more than two Extensions; the first Extension may be not be requested earlier than a date that is more than four years prior to the Facility Termination Date and the second Extension may be not be requested earlier than a date that is more than four years prior to the then Extended Termination Date. In connection with each Extension, the Borrowers will provide notification to the Administrative Agent (for distribution to the Lenders), no later than thirty (30) days prior to the Facility Termination Date of the requested new termination date for the extended Revolving Commitments (each an “Extended Termination Date”) and the due date for Lender responses. In connection with any Extension, each Lender wishing to participate in such Extension shall, prior to such due date, provide the Administrative Agent with a written notice thereof in a form reasonably satisfactory to the Administrative Agent. Any Lender that does not respond to an Extension Offer by the applicable due date shall be deemed to have rejected such Extension. The Outstanding Revolving Credit Exposure of any Lender that rejects an Extension shall be paid in full by the Borrowers (i) as to any Outstanding Revolving Credit Exposure for which there has been no prior Extension, on the Facility Termination Date, (ii) as to Outstanding Revolving Credit Exposure for which there shall have been a previous Extension, on the existing Extended Termination Date for such Outstanding Revolving Credit Exposure. The Borrowers shall not make any Extension Offer if (i) any Default or Event of Default shall have occurred and be continuing, or (ii) there shall have occurred since the Effective Date a change in the business, Property, liabilities (actual and contingent), operations, condition (financial or otherwise), results of operations or prospects of the Company and its Subsidiaries taken as a whole, which could r...
Extensions of Commitments. (a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, a “Extension Offer”) made from time to time by the Borrower Representative to all Lenders of a given Class of Commitments with the same Maturity Date on a pro rata basis (based on the aggregate amount of the respective Commitments of such Class) and on the same terms to each such Lender, the Borrower Representative may from time to time, with the consent of any Lender that shall have accepted such Extension Offer, extend the maturity date of the Commitments of each such Lender to a date that is no earlier than the then Latest Maturity Date of any other Commitment or Loan hereunder (each such transaction an “Extension”, any such Commitments so amended, “Extended Commitments”, and each group of Commitments as so extended, as well as the original Commitments not so extended, being a “Class”; any Extended Commitments shall constitute a separate Class of Commitments from the Class of Commitments from which they were converted), so long as the following terms are satisfied:
(i) no Default or Event of Default shall exist at the time the notice in respect of an Extension Offer is delivered to the Lenders, and no Default or Event of Default shall exist immediately prior to or after giving effect to the effectiveness of any Extended Commitments;
(ii) except as to interest rates, fees, final maturity date, and participation in prepayments (which shall, subject to Section 2.23(a)(iii), be determined by the Company and set forth in the relevant Extension Offer), the Extended Commitments of any Lender that agrees to an Extension Offer (each, an “Extending Lender”) shall have the same terms as the Class of Commitments subject to such Extension Offer;
(iii) the final maturity date of any Extended Commitments shall be no earlier than the then Latest Maturity Date of any other Commitment or Loan hereunder and at no time shall the Commitments (including Extended Commitments) have more than five different maturity dates;
(iv) if the aggregate principal amount of Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Commitments offered to be extended by the Borrowers pursuant to such Extension Offer, then the Commitments of such Lenders shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect t...
Extensions of Commitments. At any time prior to the Revolving Period Termination Date, the Borrower Representative, on behalf of the Borrowers, may request in a writing sent to the Agent and each Lender no more than ninety (90) nor fewer than sixty (60) days prior to the applicable Commitment Termination Date that each Lender extend the Commitment Termination Date for an additional period to a date specified in such request, which request will be granted or denied by each Lender in its sole discretion. Not later than thirty (30) days following receipt by the Lenders of any such request, each Lender shall notify the Borrower Representative of its willingness or refusal to so extend the Commitment Termination Date. If all Lenders shall have agreed to extend the Commitment Termination Date and no Event of Default shall have occurred and be continuing prior to the then-applicable Commitment Termination Date, the Commitment Termination Date then in effect with respect to the Commitment of each Lender shall be extended to the date specified in such request.
Extensions of Commitments. The Borrowers may, by notice to the Agent (which shall promptly notify the Lenders) not less than 60 days and not more than 120 days prior to each anniversary (each such anniversary, an "Anniversary Date") of the Amendment and Restatement Effective Date, request that each Lender extend the Termination Date to the date (the "New Termination Date") that is one year after the Termination Date then in effect (or if such date is not a Business Day, to the next succeeding Business Day thereafter). The Lenders, acting in their sole discretion, may, by written notice to SunAmerica and the Agent not less than 30 days after the date of such request, agree to such request and thereby extend the Termination Date to the New Termination Date; provided that no such extension shall be made unless each Lender, acting in its sole discretion, shall have so agreed to such extension.
Extensions of Commitments. So long as no Termination Event or Foreclosure Event has occurred, the Borrower may request in writing, no more than ninety (90) days nor fewer than sixty (60) days prior to the applicable Commitment Termination Date, through the Administrative Agent, that the Lender extend the Commitment Termination Date for an additional period to a date specified in such request, which request will be granted or denied by the Lender in its sole discretion. Upon receipt of any such request, the Administrative Agent shall promptly notify the Lender. Not later than 60 days following receipt by the Administrative Agent of any such request, the Lender shall notify the Administrative Agent of its willingness or refusal to so extend the Commitment Termination Date, and the Administrative Agent shall notify the Borrower of such willingness or refusal by the Lender. If the Lender shall have agreed to extend the Commitment Termination Date and no Termination Event or Foreclosure Event shall have occurred and be continuing prior to the then applicable Commitment Termination Date, the Commitment Termination Date then in effect shall be extended to the date agreed to by the Lender.
Extensions of Commitments. The Borrower shall have the right, exercisable one time, to request that the Administrative Agent and the Revolving Lenders agree to extend the Facility Termination Date by one year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 30 days but not more than 120 days prior to the current Facility Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Revolving Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Facility Termination Date shall be extended for one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the fee referred to in the following clause (b): (a) immediately prior to such extension and immediately after giving effect thereto, (i) no Default or Event of Default shall be in existence; (ii) no Material Adverse Change shall have occurred and (iii) the representations and warranties contained in Article V are (A) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (B) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date, (b) the Borrower shall have paid the fees payable under Section 2.5(c) and (c) the Borrower shall have delivered to the Administrative Agent a certificate from an Authorized Signatory of the Borrower certifying the matters referred to in the preceding clause (a). Once the foregoing conditions have been satisfied, the Administrative Agent shall promptly notify the Borrower and the Revolving Lenders of the new Facility Termination Date.