Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer. (b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c). (c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent. (d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.
Appears in 9 contracts
Samples: Credit Agreement (Tempur Sealy International, Inc.), Credit Agreement (Tempur Sealy International, Inc.), Credit Agreement (Tempur Sealy International, Inc.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class class of Revolving Loans and/or Commitments and/or Term Loans to the extended maturity or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof25,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender in respect of the applicable Class any class of Loans shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender in respect of such Class class of Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Term Loans Revolving Commitments (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered Commitments requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, Commitments of Lenders of under the applicable Class class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 of the Borrower and in each other Loan Document Party contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (iii) the Issuing Lenders L/C Issuer and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and period, (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c)2.17(c) and (v) the Administrative Agent shall have received all flood hazard determination certifications, acknowledgements and evidence of flood insurance and other flood-related documentation as required by applicable Law and as reasonably required by the Administrative Agent.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that provided, that, (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date Maturity Date of the Class of Term Loans or Revolving Commitments being extendedsubject to such Extension Offer, (ii)(Aii) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the any Extended Revolving Loans and the Extended Term Loans will shall (A) rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and being extended, (B) none of be Guaranteed by the obligors or guarantors same Guarantors that guarantee the Revolving Loans being extended and (C) be secured by the Collateral on an equal and ratable basis with respect thereto shall be a Person that is not a Loan Partythe Revolving Loans being extended, and (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iviii) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Notwithstanding anything herein to the contrary, any Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit any L/C Obligations or obligations under Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.17).
Appears in 4 contracts
Samples: Credit Agreement (Coeur Mining, Inc.), Credit Agreement (Coeur Mining, Inc.), Credit Agreement (Coeur Mining, Inc.)
Amend and Extend Transactions. (a) The Parent Borrower mayAt any time after the Third Amendment Effective Date, the Borrowers and any Lender may agree, by written notice to the Administrative Agent from time to time, request an extension (eacheach such notice, an “ExtensionExtension Notice”) ), to extend the Maturity Date of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans such Lender’s Commitment to the extended maturity or termination date specified in such notice. Such notice shall set forth Extension Notice; provided, that (ia) the amount of Borrowers shall have offered to all Lenders the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension extension on a pro rata basis and on the same terms and conditions as to each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
Lender; (b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately or after giving effect to any such Extensionextension; (c) except as to interest rates, (ii) fees and final maturity date, the representations and warranties set forth in Section 4 and in each other Loan Document extended Commitments shall be true and correct in all material respects on and have the same terms as the Commitments as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and Notice; (iv) the terms of after giving effect to any such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedextension, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter more than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu two separate Maturity Dates in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security effect for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving all Commitments, as applicable ; and (v) to the extent the terms all documentation in respect of the Extended Term Loans or the Extended Revolving Commitments are inconsistent such extension shall be consistent with the terms set forth herein (except as set forth foregoing and in clauses (i) through (iv) above), such terms shall be reasonably form and substance satisfactory to the Administrative Agent.
(d) Agent and the Borrowers. In connection with any Extensionsuch extension, the Borrowers, Borrowers and the Administrative Agent and each applicable Agent, with the approval of the extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment mayLenders, without the consent of any other Lender, may effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerAgent, to implement establish new tranches or sub-tranches in respect of the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, so extended and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class tranches or tranche sub-tranches (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranchetranches), in each case on terms not inconsistent consistent with this Section 2.2810.23. Any extension of the Commitments shall require the consent of each L/C Issuer, the Swing Line Lender and the Alternative Currency Fronting Lender to the extent that such extension provides for the issuance of Letters of Credit, the borrowing of Swing Line Loans or the extension of credit in an Alternative Currency at any time during such extended period.
Appears in 4 contracts
Samples: Credit Agreement (Global Partners Lp), Credit Agreement (Global Partners Lp), Credit Agreement (Global Partners Lp)
Amend and Extend Transactions. (a1) The Parent Borrower Open Text may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Term Loan Repayment Date of any Class of Revolving Advance and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall shall:
(a) set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of U.S. $1,000,000 and a minimum amount of U.S. $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), ;
(iib) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)); and
(c) and (iii) identifying identify the relevant Class of Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered requested to be extended by the Parent Borrower Open Text pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b2) It shall be a condition precedent to the effectiveness of any Extension that (ia) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iib) the representations and warranties set forth in Section 4 Article 5 and in each other Loan Credit Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (ivc) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.13(3).
(c3) The terms of each Extension shall be determined by the Parent Borrower Open Text and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (ia) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan Repayment Date, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (Bb) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of existing Term Loans being extendedLoans, (iiic) the Extended Revolving Loans and the Extended Term Loans will rank pari passu (or more junior) in right of payment and with respect to security with the Revolving Term Loans and the borrower and guarantors of the Extended Term Loans and (A) there Loans, shall be no additional Collateral the same as the Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Term Loans, (ivd) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) Loan shall be determined by the Parent Borrower Open Text and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable extending Lender and (ve) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (ia) through (ivd) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d4) In connection with any Extension, the BorrowersOpen Text, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerOpen Text, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Open Text in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Term Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.13).
Appears in 3 contracts
Samples: Credit Agreement (Open Text Corp), Credit Agreement (Open Text Corp), Credit Agreement (Open Text Corp)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Stated Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of Commitments that will be subject to the applicable Class of Revolving Commitments and/or Term Loans to be extended Extension (which request shall be in minimum increments of $1,000,000 1 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten Business Days nor more than 60 sixty days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class The Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class 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 to which such Lenders have accepted such Extension Offer. Notwithstanding anything to the contrary in this Agreement, any individual Lender’s agreement to extend its Commitments, in whole or in part, pursuant to this Section 2.25 shall be in such Lender’s sole discretion.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with clause (c) of this Section 2.28(c)2.25.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedStated Maturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and security with the existing Loans and the borrower, guarantors and collateral of the Extended Commitments shall be the same as the borrower, Loan Guarantors and Collateral with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts margin and premiums any fees applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vi) any other terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agentherein.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or separate tranche of Term Loans or Revolving Commitments, as applicable, Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.25.
Appears in 3 contracts
Samples: Credit Agreement (Integral Ad Science Holding Corp.), Credit Agreement (Datto Holding Corp.), Credit Agreement (Jamf Holding Corp.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of the Loans of any Class of Revolving Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the principal amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof), 25,000,000) and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 ninety (90) days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the each applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) . It shall be a condition precedent to the effectiveness of any Extension that (ia) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iib) the representations and warranties set forth in Section 4 Article 3 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such ExtensionExtension with the same effect as if made on and as of such date (unless such representation or warranty is made only as of a specific date, (iiiin which event such representation or warranty shall be true and correct in all material respects as of such specific date) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (ivc) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.24(b).
(cb) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date Maturity Date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (Bii) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving existing Loans and the borrower and guarantors of the Extended Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations same as the borrower and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyto the Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) Loan shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable extending Lender and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be identical to the existing Loans or otherwise reasonably satisfactory to the Administrative Agent.
(dc) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class class or tranche of Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche)tranches, in each case on terms not inconsistent consistent with this Section 2.282.24).
(d) This Section 2.24 shall supersede anything in Section 10.09 to the contrary.
Appears in 3 contracts
Samples: Term Loan and Guaranty Agreement (Tower International, Inc.), Term Loan and Guaranty Agreement (Tower International, Inc.), Term Loan and Guaranty Agreement (Tower International, Inc.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving CommitmentsLoans, as applicable, offered requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer. The Borrower may effect no more than four Extensions pursuant to this Section 2.23.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, Extension and (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.23(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date Latest Maturity Date at the time of the Class of Term Loans or Revolving Commitments being extendedextension, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (Bii) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of existing Term Loans being extendedextended thereby, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu (or more junior) in right of payment payment, guarantee and with respect to security with the Revolving existing Term Loans and the borrower and guarantors of the Extended Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations same as the borrower and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyto the existing Term Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) Loan shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable extending Lender and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicableLoans, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranchetranches), in each case on terms not inconsistent consistent with this Section 2.282.23).
Appears in 3 contracts
Samples: Credit Agreement (School Specialty Inc), Credit Agreement (School Specialty Inc), Credit Agreement (School Specialty Inc)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of Commitments that will be subject to the applicable Class of Revolving Commitments and/or Term Loans to be extended Extension (which request shall be in minimum increments of $1,000,000 1 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class The Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with clause (c) of this Section 2.28(c)2.22.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Credit Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCredit Commitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and security with the existing Loans and the borrower, guarantors and collateral of the Extended Revolving Credit Commitments shall be the same as the borrower, Guarantors and Collateral with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts margin and premiums any fees applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Revolving Credit Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vi) the terms of the Extended Term Loans or the Extended Revolving Credit Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agentherein.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Credit Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.22.
Appears in 3 contracts
Samples: Credit Agreement (ExlService Holdings, Inc.), Credit Agreement (ExlService Holdings, Inc.), Credit Agreement
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class of Revolving Loans (and, as applicable, the Commitments and/or Term Loans relating thereto) to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 5,000,000 and a minimum amount of $5,000,000 25,000,000 or, in the case of Foreign Currency Loansif less, the Dollar Equivalent thereofremaining outstanding amount of Revolving Commitments and/or Term Loans), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of holding the applicable Class relevant Commitments and/or Loans to be extended shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments and/or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments and/or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Commitments and/or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth contained in Section 4 Article VI and in each the other Loan Document shall be Credit Documents are true and correct in all material respects (or, if qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of the effective date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, if qualified by materiality or reference to Material Adverse Effect, in all respects) as of such earlier date, (iii) the Issuing Lenders L/C Issuers and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, in each case to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period period, and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.18(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Maturity Date for the Revolving Commitments so extended or termination date of the Class of Term Loans or Revolving Commitments being so extended, as applicable, (ii)(Aii) (A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments Commitments, and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being so extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Revolving Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrower and Guarantors with respect thereto not constituting security for to the Obligations existing Revolving Loans and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Term Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to the extent the terms of the Extended Revolving Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as Amendment. Notwithstanding anything to the contrary in Section 11.01, the Lenders hereby authorize the Administrative Agent to enter into, and the Lenders agree that this Credit Agreement and the other Credit Documents shall reasonably specify be amended by, any Extension Amendment entered into in connection with any Extension to evidence the extent (and only to the extent) the Administrative Agent deems necessary in order to (i) reflect the existence and terms of such Extension, (ii) make such other changes to this Credit Agreement and the other Credit Documents consistent with the provisions and intent of such Extension, and (iii) effect such other amendments to this Credit Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.18. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each ExtensionExtension Amendment. Any Additional Credit The effectiveness of any Extension Amendment mayshall be subject to the receipt by the Administrative Agent of (A) to the extent requested by the Administrative Agent, without customary opinions of legal counsel to the consent of any other LenderCredit Parties, effect such amendments addressed to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and each Lender (including each Person providing any portion of such Extension) dated as of the Parent Borrower, to implement the terms effective date of any such Extension, including any amendments and (ii) such other documents and certificates it may reasonably request relating to the necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicableauthority for such Extension, and such any other technical amendments as may be necessary or appropriate matters relevant thereto, all in the reasonable opinion of form and substance reasonably satisfactory to the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28Agent.
Appears in 3 contracts
Samples: Credit Agreement (Dycom Industries Inc), Credit Agreement (Dycom Industries Inc), Credit Agreement (Dycom Industries Inc)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Credit Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) the date on which such Extension Extensions are requested to become effective (which shall be not less than 10 five (5) Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall reasonably agree)) and (iii) identifying the relevant Class of Revolving Credit Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Credit Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article 6 and in each other Loan Credit Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders L/C Issuer and the Swingline Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.19(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Credit Commitments being extended, (ii)(Aii) (A) there shall be no scheduled amortization or mandatory commitment reduction of the Extended Revolving Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Credit Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for guaranteed by the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan PartyGuarantors, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable applicable, (v) none of the obligors or guarantors with respect to such Extended Term Loans or Extended Revolving Commitments shall be a Person that is not a Credit Party and (vvi) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit amendment (an “Extension Amendment Amendment”) and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Credit Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or trancheClass), in each case on terms not inconsistent with this Section 2.282.19).
Appears in 2 contracts
Samples: Credit Agreement (Mercury Systems Inc), Credit Agreement (Mercury Systems Inc)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments Commitment Termination Date and/or the Term Loans Loan A Maturity Date to the extended maturity or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 5,00,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Appropriate Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Appropriate Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Appropriate Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Revolving Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Appropriate Lenders of the applicable Class 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 to which such Appropriate Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth contained in Section 4 6 and in each the other Loan Document Documents shall be true and correct in all material respects (or, in all respects, if already qualified by materiality) on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or, in all respects, if already qualified by materiality) as of such earlier date, (iii) the Issuing Lenders Bank and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.19(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; Amendment; provided that (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Revolving Commitment Termination Date or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan A Maturity Date, respectively, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being extendedLoans, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans being extended and (A) there the borrower and guarantors of the Extended Revolving Commitments or Extended Term Loans, as applicable, shall be no additional Collateral with respect thereto not constituting security for the Obligations same as the borrower and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyto the Revolving Loans or applicable Term Loans being extended, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable extending Lenders and (v) to the extent the terms of the Extended Revolving Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the such Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Notwithstanding anything herein to the contrary, any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Revolving Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans revolving commitments or Revolving Commitmentsterm loans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in any obligations under Swing Line Loans or Letters of Credit or Swingline Loans (including Letter of Credit Obligations) upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.19).
Appears in 2 contracts
Samples: Credit Agreement (AdaptHealth Corp.), Credit Agreement (AdaptHealth Corp.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Loan Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 5,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof), 10,000,000) and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Term Loan Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Term Loan Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Term Loan Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class Term Loan 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 to which such Term Loan Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article VII and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, and (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Term Loan Lenders and set forth in an Additional Credit Extension Amendmentamendment to this Agreement effecting such Extension; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan Maturity Date, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (Bii) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrower and Guarantors with respect thereto not constituting security for to the Obligations existing Revolving Loans and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such applicable extending Term Loan Lenders, (v) the Extended Term Loans may participate on a pro rata or Extended Revolving Commitments, as applicable less than pro rata (but not greater than pro rata) basis in voluntary or mandatory prepayments with the other Term Loans and (vvi) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Term Loan Lender shall execute and deliver to the Administrative Agent an Additional Credit amendment to this Agreement effecting such Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Term Loan Lender as to the effectiveness of each Extension. Any Additional Credit amendment to this Agreement effecting such Extension Amendment may, without the consent of any other Term Loan Lender or any Revolving Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranchetranches), in each case on terms not inconsistent consistent with this Section 2.28Section.
Appears in 2 contracts
Samples: Credit Agreement (Exterran Corp), Credit Agreement (Exterran Holdings Inc.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, time request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 500,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 Business Days thirty (30) days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article V and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, Extension and (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with clause (d) of this Section 2.28(c2.14.
(c) The Borrower shall have the right to replace each Lender that determines not to so extend its maturity date (a “Non-Extending Lender”) with, and add as “Term Lenders” under this Agreement in place thereof, one or more Eligible Assignees (each, an “Additional Commitment Lender”) as provided in Section 10.13; provided that each of such Additional Commitment Lenders shall enter into an Assignment and Assumption pursuant to which such Additional Commitment Lender shall, effective as of the existing Maturity Date, undertake a Commitment (and, if any such Additional Commitment Lender is already a Term Lender, its Commitment shall be in addition to any other Commitment of such Lender hereunder on such date).
(cd) The terms of each Extension shall be determined by the Parent Administrative Agent, the Borrower and the applicable extending Extending Lenders and set forth in an Additional Credit amendment to this Agreement (an “Extension Amendment”); provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (Bii) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving existing Term Loans and the borrower and guarantors of the Extended Term Loans and (A) there shall be no additional Collateral the same as the Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Term Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such applicable Extending Lenders, (v) the Extended Term Loans may participate on a pro rata or Extended Revolving Commitments, as applicable less than pro rata (but not greater than pro rata) basis in voluntary or mandatory prepayments with the Class of Term Loans and (vvi) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(de) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranchetranches), in each case on terms not inconsistent consistent with this Section 2.282.14. This Section 2.14 shall supersede any provisions in Section 2.13 or 10.01 to the contrary.
Appears in 2 contracts
Samples: Credit Agreement (Callaway Golf Co), Credit Agreement (Callaway Golf Co)
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class tranche of Revolving Credit Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class tranche of Revolving Credit Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class tranche of Revolving Credit Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class tranche shall be offered (an “Extension Offer”) an opportunity opportunity, but shall be under no obligation, to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class tranche pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, offered to be extended by the Parent Borrower Company pursuant to such Extension Offer, then the Term Loans or Revolving Credit Commitments, as applicable, of Lenders of the applicable Class tranche accepting such Extension Offer 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article V and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders each L/C Issuer and the Swingline Lender shall have consented to any Extension of the Multicurrency Revolving Credit Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.14(c).
(c) The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class tranche of Term Loans or Revolving Credit Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class tranche of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Credit Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower Company and the lenders Lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable applicable, and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerCompany, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Credit Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Company in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.282.14).
Appears in 2 contracts
Samples: Credit Agreement (Arris Group Inc), Credit Agreement (Arris Group Inc)
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, the Borrower mayand any Lender (any such Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timethe Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Revolving Commitments of a Class (which term, for purposes of this provision, shall also include any Class of Revolving Commitments and/or Term outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.19, any Class of Incremental Revolving Loans or any commitments under any Incremental Revolving Facility (the “Existing Revolving Commitment Class,” the Revolving Loans thereunder, the “Existing Revolving Loans” and the Revolving Commitments thereunder, the “Existing Revolving Commitments”) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche of Revolving Commitments so extended, in each case as well as the original Revolving Commitments not so extended, being deemed a separate Class; any Extended Revolving Credit Commitments shall set forth constitute a separate Class of Revolving Commitments from the Class of Revolving Commitments from which they were converted and any Class of Revolving Commitments the maturity of which shall have been extended pursuant to this Section 2.19, “Extended Revolving Credit Commitments”); provided, that (i) the amount Borrower shall have offered to all Lenders under the applicable Credit Facility that is the subject of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in proposed Extension the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Lender (each such offer, an “Extension Offer”), (ii) except as each other Lender of such Class pursuant to procedures established byinterest rates, or reasonably acceptable torate floors, fees, original issue discounts, premiums, final maturity date (subject to the following clause (v), which shall be determined by the Borrower and set forth in the applicable Extension Offer), the Administrative Agent. If Extended Revolving Credit Commitments shall have the same terms as the Class or Class of Revolving Commitments that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other covenants and terms that apply to any period after the Latest Maturity Date then in effect, (iii) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, Commitments offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, Commitments of such Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) all documentation in respect of such Extension Offer (including any Extension Notice any amendment to this Agreement implementing the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(cExtension Offer (each such amendment, an “Extension Amendment”).
(c) The terms of each Extension shall be determined by consistent with the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedforegoing, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (ivv) the interest rate marginrates, rate floors, fees, original issue discounts discounts, premiums, final maturity date and premiums optional and mandatory prepayments (subject to the limitations set forth in clause (ii) of this Section 2.19) applicable to any Extended Term Loans or Extended Revolving Credit Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Credit Commitments, as applicable and (vvi) to all Borrowings under the extent applicable Revolving Commitments (i.e., the terms of the Extended Term Loans or Existing Revolving Commitment Class and the Extended Revolving Credit Commitments are inconsistent with of the terms set forth herein applicable Extension Series) and repayments thereunder shall be made on a pro rata basis (except as set forth in clauses for (iI) through payments of interest and fees at different rates on Extended Revolving Credit Commitments (ivand related outstandings) aboveand (II) repayments required upon the Maturity Date of the non-extending Revolving Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) . In connection with any such Extension, the Borrowers, Borrower and the Administrative Agent and each Agent, with the approval of the Extending Lenders of the applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment maySeries, without the consent of any other Lender, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans new Classes, tranches or Extended sub-tranches in respect of the Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, so extended and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class tranches or tranche sub-tranches (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline LC Outstandings, Swing Loans and Swing Loan Participations upon the expiration or termination of the commitments under any Class tranche or sub-tranche), in each case on terms not inconsistent with this Section 2.282.19. Any Extension of the Revolving Commitments shall require the consent of any LC Issuer and any Swing Line Lender to the extent that such Extension provides for issuance of Letters of Credit by such LC Issuer or the Borrowing of Swing Loans from such Swing Lender at any time during such extended period. Notwithstanding the conversion of any Existing Revolving Commitment Class into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to the Existing Revolving Commitment Class of the applicable Extension Series for purposes of the obligations of a Revolving Lender in respect of Swing Loans under Section 2.04(a) and Letters of Credit under Section 2.05, except that the applicable Extension Amendment may provide that the Swing Line Maturity Date and/or the last day for issuing Letters of Credit may be extended and the related obligations to make Swing Loans and issue Letters of Credit may be continued (pursuant to mechanics to be specified in the applicable Extension Amendment) so long as the applicable Swing Line Lender and/or the applicable LC Issuer, as applicable, have consented to such extensions (it being understood that no consent of any other Lender shall be required in connection with any such extension).
Appears in 2 contracts
Samples: Credit Agreement (Builders FirstSource, Inc.), Credit Agreement (Builders FirstSource, Inc.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension” and each such notice, an “Extension Request”) of the maturity or termination date L/C Commitments of a Class (which term, for purposes of this provision, shall also include any Class tranche of Revolving L/C Commitments outstanding hereunder pursuant to a previous Amend and Extend Transaction) and/or Term Loans of a Class (which term, for purposes of this provision, shall also include any term loans outstanding hereunder pursuant to a previous Amend and Extend Transaction or any Refinancing Term Loans) to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving L/C Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request Request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class or Classes of Revolving L/C Commitments and/or Term Loans to which the Extension request Request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving L/C Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving L/C Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving L/C Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article 3 and in each other Loan Credit Document shall be true and correct in all material respects on and as of the date of such Extension, Extension and (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving L/C Commitments and Extended Term Loans shall comply with Section 2.28(c2.26(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving L/C Commitment shall be no earlier than the maturity or termination date of then Latest Maturity Date applicable to the Class of original Term Loans or Revolving Commitments being extendedL/C Commitments, respectively, at the time of Extension, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and L/C Commitments, (B) the weighted average life Weighted Average Life to maturity Maturity of the any Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being extendedunder the applicable Credit Facility not extended pursuant to such Extension Offer and (C) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension Offer, (iii) the L/C Disbursements pursuant to such Extended Revolving Loans L/C Commitments and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Credit Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving L/C Commitments (and the Extended Revolving Loans thereunderletters of credit issued pursuant thereto) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving L/C Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving L/C Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans or Extended Revolving L/C Commitments as a new Class or tranche of Term Loans or Revolving Incremental L/C Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.282.26).
(e) In the event that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans of a given Extension Series or the Extended L/C Commitments of a given Extension Series, in each case to a given Lender was incorrectly determined as a result of manifest administrative error, then the Administrative Agent, the Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other Credit Documents (each, a “Corrective Extension Amendment”) within 15 days following the determination of such error, as the case may be, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Term Loans under the existing Term Loan Class or existing L/C Commitments, as the case may be, in such amount as is required to cause such Lender to hold Extended Term Loans or Extended L/C Commitments (and related letters of credit and L/C Disbursements) of the applicable Extension Series into which such other Term Loans or L/C Commitments were initially converted, as the case may be, in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Loans or Commitments to which it was entitled under the terms of such Extension Amendment, in the absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, the Borrower and such Lender may agree, and (iii) effect such other amendments of the type (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section 2.26(d).
(f) This Section 2.26 shall supersede any provisions in Section 2.17 or Section 9.08 to the contrary.
Appears in 2 contracts
Samples: Credit Agreement (Walter Investment Management Corp), Credit Agreement (Walter Investment Management Corp)
Amend and Extend Transactions. (a) The Parent At any time after the Effective Date, the Borrower mayand any Lender may agree, by written notice to the Administrative Agent from time (each such notice, an “Extension Notice”), to time, request an extension extend (each, an “Extension”) the Stated Maturity Date of the maturity or termination date such Lender’s Term Loans of any Class (which term, for purposes of Revolving Commitments and/or this provision, shall include Other Term Loans and in the case of the Term A Loans, shall include the Term A Commitments) to the extended maturity or termination date specified in such notice. Such notice Extension Notice (each tranche of Term Loans of such Class so extended as well as the original Term Loans of such Class not so extended, being deemed a separate tranche; any Extended Term Loans of any Class shall set forth constitute a separate tranche of Term Loans of such Class from the tranche of Term Loans of such Class from which they were converted; any tranche of Term Loans (or Commitments) of such Class the maturity of which shall have been extended pursuant to this Section 2.19, “Extended Term Loans” of such Class); provided, that (i) the amount of Borrower shall have offered to all Lenders under each Facility the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension extension on a pro rata basis and on the same terms and conditions to each such Lender (each such offer, an “Extension Offer”), (ii) no Incipient Termination Event shall have occurred and be continuing prior to or after giving effect to any such extension, (iii) except as each other Lender to interest rates, fees, final maturity date (subject to the following clauses (iv) and (v)), amortization, mandatory prepayments and scheduled amortization (which, subject to the following clauses (iv), (v) and (vi), shall be determined by the Borrower and set forth in the applicable Extension Offer), Extended Term Loans shall have the same terms as the tranche of such Class Term Loans that was the subject of the Extension Notice, (iv) the final maturity date of any Extended Term Loans shall be no earlier than the then Latest Maturity Date in respect of the applicable Facility at the time of extension, and the amortization schedule applicable to the Term B Loans pursuant to procedures established bySection 2.07 for periods prior to the Stated Maturity Date may not be increased, (v) the weighted average life to maturity of any Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Term Loans extended thereby, (vi) any Extended Term Loans may participate on a pro rata basis or reasonably acceptable toon a less than pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments hereunder, as specified in the Administrative Agent. If applicable Extension Offer, (vii) if the aggregate principal amount of Term Loans of the applicable Class (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, of such Class offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of such Class of such Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
, (bviii) It all documentation in respect of such Extension Offer (including any Extension Notice) shall be a condition precedent to consistent with the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extensionforegoing, (iiix) the representations and warranties set forth in Section 4 and in each other Loan Document any applicable Minimum Extension Condition shall be true and correct in all material respects on and as of satisfied unless waived by the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period Borrower and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (ivx) the interest rate marginmargin (or if applicable, rate floors, commitment fees, original issue discounts and premiums ) applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall will be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) Loans. In connection with any Extensionsuch extension, the Borrowers, Borrower and the Administrative Agent and each applicable Agent, with the approval of the extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment mayLenders, without the consent of any other Lender, may effect such amendments to this Agreement and the other Loan Transaction Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement establish new tranches or sub-tranches in respect of the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new of the applicable Class or tranche of Term Loans or Revolving Commitments, as applicable, so extended and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class tranches or tranche sub-tranches (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranchetranches), in each case on terms not inconsistent with this Section 2.282.19.
(b) With respect to all Extensions consummated by the Borrower pursuant to this Section 2.19, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of Section 2.08 and (ii) any Extension Offer is required to be in a minimum amount of $25,000,000, provided that the Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the relevant Extension Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Term Loans of the applicable Class of any or all applicable tranches accept the applicable Extension Offer.
(c) In connection with any Extension, the Borrower shall provide the Administrative Agent at least five (5) Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably, to accomplish the purposes of this Section 2.19.
(d) This Section 2.19 shall supersede any provisions in Section 2.15 or Section 9.02 to the contrary.
Appears in 2 contracts
Samples: Credit Agreement (YRC Worldwide Inc.), Credit Agreement (YRC Worldwide Inc.)
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, the Borrower mayand any Lender (any such Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timethe Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Revolving Commitments of a Class (which term, for purposes of this provision, shall also include any Class of Revolving Commitments and/or Term outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.19, any Class of Incremental Revolving Loans or any commitments under any Incremental Revolving Facility (the “Existing Revolving Commitment Class,” the Revolving Loans thereunder, the “Existing Revolving Loans” and the Revolving Commitments thereunder, the “Existing Revolving Commitments”) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche of Revolving Commitments so extended, in each case as well as the original Revolving Commitments not so extended, being deemed a separate Class; any Extended Revolving Credit Commitments shall set forth constitute a separate Class of Revolving Commitments from the Class of Revolving Commitments from which they were converted and any Class of Revolving Commitments the maturity of which shall have been extended pursuant to this Section 2.19, “Extended Revolving Credit Commitments”); provided, that (i) the amount Borrower shall have offered to all Lenders under the applicable Credit Facility that is the subject of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in proposed Extension the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Lender (each such offer, an “Extension Offer”), (ii) except as each other Lender of such Class pursuant to procedures established byinterest rates, or reasonably acceptable torate floors, fees, original issue discounts, premiums, final maturity date (subject to the following clause (v), which shall be determined by the Borrower and set forth in the applicable Extension Offer), the Administrative Agent. If Extended Revolving Credit Commitments shall have the same terms as the Class or Class of Revolving Commitments that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other covenants and terms that apply to any period after the Latest Maturity Date then in effect, (iii) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, Commitments offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, Commitments of such Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) all documentation in respect of such Extension Offer (including any Extension Notice any amendment to this Agreement implementing the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(cExtension Offer (each such amendment, an “Extension Amendment”).
(c) The terms of each Extension shall be determined by consistent with the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedforegoing, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (ivv) the interest rate marginrates, rate floors, fees, original issue discounts discounts, premiums, final maturity date and premiums optional and mandatory prepayments (subject to the limitations set forth in clause (ii) of this Section 2.19) applicable to any Extended Term Loans or Extended Revolving Credit Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Credit Commitments, as applicable and (vvi) to all Borrowings under the extent applicable Revolving Commitments (i.e., the terms of the Extended Term Loans or Existing Revolving Commitment Class and the Extended Revolving Credit Commitments are inconsistent with of the terms set forth herein applicable Extension Series) and repayments thereunder shall be made on a pro rata basis (except as set forth in clauses for (iI) through payments of interest and fees at different rates on Extended Revolving Credit Commitments (ivand related outstandings) aboveand (II) repayments required upon the applicable Maturity Date of the non-extending Revolving Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) . In connection with any such Extension, the Borrowers, Borrower and the Administrative Agent and each Agent, with the approval of the Extending Lenders of the applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment maySeries, without the consent of any other Lender, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans new Classes, tranches or Extended sub-tranches in respect of the Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, so extended and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class tranches or tranche sub-tranches (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline LC Outstandings, Swing Loans and Swing Loan Participations upon the expiration or termination of the commitments under any Class tranche or sub-tranche), in each case on terms not inconsistent with this Section 2.282.19. Any Extension of the Revolving Commitments shall require the consent of any LC Issuer and any Swing Line Lender to the extent that such Extension provides for issuance of Letters of Credit by such LC Issuer or the Borrowing of Swing Loans from such Swing Lender at any time during such extended period. Notwithstanding the conversion of any Existing Revolving Commitment Class into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to the Existing Revolving Commitment Class of the applicable Extension Series for purposes of the obligations of a Revolving Lender in respect of Swing Loans under Section 2.04(a) and Letters of Credit under Section 2.05, except that the applicable Extension Amendment may provide that the Swing Line Maturity Date and/or the last day for issuing Letters of Credit may be extended and the related obligations to make Swing Loans and issue Letters of Credit may be continued (pursuant to mechanics to be specified in the applicable Extension Amendment) so long as the applicable Swing Line Lender and/or the applicable LC Issuer, as applicable, have consented to such extensions (it being understood that no consent of any other Lender shall be required in connection with any such extension).
Appears in 2 contracts
Samples: Credit Agreement (Builders FirstSource, Inc.), Credit Agreement (Builders FirstSource, Inc.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Revolving Credit Maturity Date and/or the Term Loan Maturity Date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted accented such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, unless otherwise agreed among the Borrower, the Administrative Agent and each applicable extending Lender, (iii) the Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c2.25(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders Lender and set forth in an Additional amendment to this Agreement (which may, at the option of the Administrative Agent, be in the form of an amendment and restatement of this Agreement) providing for Extended Term Loans and/or Extended Revolving Credit Extension AmendmentCommitments pursuant to this Section 2.25; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Revolving Credit Maturity Date or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan Maturity Date, respectively, (ii)(Aii) (A) there shall be no scheduled amortization of the Extended Revolving Credit Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu (or junior) in right of payment and with respect to security with the existing Revolving Loans and the Term Loans and (A) there the borrower and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrower and Subsidiary Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loan shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable extending Lender and (v) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional amendment to this Agreement (which may, at the option of the Administrative Agent, be in the form of an amendment and restatement of this Agreement) providing for Extended Term Loans and/or Extended Revolving Credit Extension Amendment Commitments pursuant to this Section 2.25 and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension, including, without limitation, amendments to the Mortgages, datedown endorsements to the title policies, flood zone determinations and the other deliverables, pursuant to Section 4.02(g). The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional amendment to this Agreement (which may, at the option of the Administrative Agent, be in the form of an amendment and restatement of this Agreement) providing for Extended Term Loans and/or Extended Revolving Credit Extension Amendment Commitments pursuant to this Section 2.25 may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans L/C Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.25).
Appears in 2 contracts
Samples: Incremental Loan Assumption Agreement (AAC Holdings, Inc.), Credit Agreement (AAC Holdings, Inc.)
Amend and Extend Transactions. (a) The Parent Borrower Each Borrower, as applicable, may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class class of Revolving Credit Commitments and/or Term A Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class class of Revolving Credit Commitments and/or Term A Loans to which the such Extension request relates. Each Lender of the applicable Class class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the applicable Borrower. If the aggregate principal amount of Revolving Credit Commitments or Term A Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsA Loans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsA Loans, as applicable, of Lenders of the applicable Class class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article V and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the Issuing Lenders and the Swingline Lender L/C Issuer shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(c) The terms of each Extension shall be determined by the Parent applicable Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Revolving Credit Maturity Date or termination date of the Class of Term Loans or Revolving Commitments being extendedA Loan Maturity Date, respectively, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of existing Term Loans being extendedA Loans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the existing Term A Loans and (A) there the borrower and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the applicable Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Credit Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm A Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) and Extended Term Loans shall be determined by the Parent applicable Borrower and the lenders providing such applicable extending Lenders, (v)
(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in voluntary or mandatory prepayments with the other Term A Loans and (B) borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, as applicable and participation in Letters of Credit, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (vvi) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowersapplicable Borrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent applicable Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsA Loans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent applicable Borrower in connection with the establishment of such new Class class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes classes or tranches and to provide for the reallocation of participation in Letters of Revolving Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class class or tranche), in each case on terms not inconsistent consistent with this Section 2.2811.02.
Appears in 2 contracts
Samples: Credit Agreement (International Money Express, Inc.), Credit Agreement (International Money Express, Inc.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Credit Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) the date on which such Extension Extensions are requested to become effective (which shall be not less than 10 five (5) Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall reasonably agree)) and (iii) identifying the relevant Class of Revolving Credit Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Credit Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article 6 and in each other Loan Credit Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders L/C Issuer and the Swingline Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).at
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Credit Commitments being extended, (ii)(Aii) (A) there shall be no scheduled amortization or mandatory commitment reduction of the Extended Revolving Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Credit Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for guaranteed by the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan PartyGuarantors, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable applicable, (v) none of the obligors or guarantors with respect to such Extended Term Loans or Extended Revolving Commitments shall be a Person that is not a Credit Party and (vvi) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit amendment (an “Extension Amendment Amendment”) and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Credit Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or trancheClass), in each case on terms not inconsistent with this Section 2.282.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower mayAt any time after the Third Amendment Effective Date, the Borrowers and any Lender may agree, by written notice to the Administrative Agent from time to time, request an extension (eacheach such notice, an “Extension”) "Extension Notice"), to extend the Maturity Date of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans such Lender's Commitment to the extended maturity or termination date specified in such notice. Such notice shall set forth Extension Notice; provided, that (ia) the amount of Borrowers shall have offered to all Lenders the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension extension on a pro rata basis and on the same terms and conditions as to each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
Lender; (b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately or after giving effect to any such Extensionextension; (c) except as to interest rates, (ii) fees and final maturity date, the representations and warranties set forth in Section 4 and in each other Loan Document extended Commitments shall be true and correct in all material respects on and have the same terms as the Commitments as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and Notice; (iv) the terms of after giving effect to any such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedextension, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter more than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu two separate Maturity Dates in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security effect for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving all Commitments, as applicable ; and (v) to the extent the terms all documentation in respect of the Extended Term Loans or the Extended Revolving Commitments are inconsistent such extension shall be consistent with the terms set forth herein (except as set forth foregoing and in clauses (i) through (iv) above), such terms shall be reasonably form and substance satisfactory to the Administrative Agent.
(d) Agent and the Borrowers. In connection with any Extensionsuch extension, the Borrowers, Borrowers and the Administrative Agent and each applicable Agent, with the approval of the extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment mayLenders, without the consent of any other Lender, may effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerAgent, to implement establish new tranches or sub-tranches in respect of the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, so extended and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class tranches or tranche sub-tranches (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranchetranches), in each case on terms not inconsistent consistent with this Section 2.2810.23. Any extension of the Commitments shall require the consent of each L/C Issuer, the Swing Line Lender and the Alternative Currency Fronting Lender to the extent that such extension provides for the issuance of Letters of Credit, the borrowing of Swing Line Loans or the extension of credit in an Alternative Currency at any time during such extended period.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, the Borrower mayand any Lender (any such Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timethe Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Revolving Commitments of a Class (which term, for purposes of this provision, shall also include any Class of Revolving Commitments and/or Term outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.19, any Class of Incremental Revolving Loans or any commitments under any Incremental Revolving Facility (the “Existing Revolving Commitment Class,” the Revolving Loans thereunder, the “Existing Revolving Loans” and the Revolving Commitments thereunder, the “Existing Revolving Commitments”) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche of Revolving Commitments so extended, in each case as well as the original Revolving Commitments not so extended, being deemed a separate Class; any Extended Revolving Credit Commitments shall set forth constitute a separate Class of Revolving Commitments from the Class of Revolving Commitments from which they were converted and any Class of Revolving Commitments the maturity of which shall have been extended pursuant to this Section 2.19, “Extended Revolving Credit Commitments”); provided, that (i) the amount Borrower shall have offered to all Lenders under the applicable Credit Facility that is the subject of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in proposed Extension the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Lender (each such offer, an “Extension Offer”), (ii) except as each other Lender of such Class pursuant to procedures established byinterest rates, or reasonably acceptable torate floors, fees, original issue discounts, premiums, final maturity date (subject to the following clause (v), which shall be determined by the Borrower and set forth in the applicable Extension Offer), the Administrative Agent. If Extended Revolving Credit Commitments shall have the same terms as the Class or Class of Revolving Commitments that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other covenants and terms that apply to any period after the Latest Maturity Date then in effect, (iii) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, Commitments offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, Commitments of such Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) all documentation in respect of such Extension Offer (including any Extension Notice any amendment to this Agreement implementing the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(cExtension Offer (each such amendment, an “Extension Amendment”).
(c) The terms of each Extension shall be determined by consistent with the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedforegoing, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (ivv) the interest rate marginrates, rate floors, fees, original issue discounts discounts, premiums, final maturity date and premiums optional and mandatory prepayments (subject to the limitations set forth in clause (ii) of this Section 2.19) applicable to any Extended Term Loans or Extended Revolving Credit Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Credit Commitments, as applicable and (vvi) to all Borrowings under the extent applicable Revolving Commitments (i.e., the terms of the Extended Term Loans or Existing Revolving Commitment Class and the Extended Revolving Credit Commitments are inconsistent with of the terms set forth herein applicable Extension Series) and repayments thereunder shall be made on a pro rata basis (except as set forth in clauses for (iI) through payments of interest and fees at different rates on Extended Revolving Credit Commitments (ivand related outstandings) aboveand (II) repayments required upon the Maturity Date of the non-extending Revolving Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) . In connection with any such Extension, the Borrowers, Borrower and the Administrative Agent and each Agent, with the approval of the Extending Lenders of the applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment maySeries, without the consent of any other Lender, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans new Classes, tranches or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate sub-tranches in the reasonable opinion respect of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.Revolving
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Credit Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) the date on which such Extension Extensions are requested to become effective (which shall be not less than 10 five (5) Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall reasonably agree)) and (iii) identifying the relevant Class of Revolving Credit Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Credit Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article 6 and in each other Loan Credit Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders L/C Issuer and the Swingline Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.19(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Credit Commitments being extended, (ii)(Aii) (A) there shall be no scheduled amortization or mandatory commitment reduction of the Extended Revolving Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.108 1010279941v18
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit amendment (an “Extension Amendment Amendment”) and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Credit Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or trancheClass), in each case on terms not inconsistent with this Section 2.282.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class of Revolving Loans (and, as applicable, the Commitments and/or Term Loans relating thereto) to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments Commitments, Term Loans and/or Incremental Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of holding the applicable Class relevant Commitments and/or Loans to be extended shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments, Term Loans (calculated on the face amount thereof) or Revolving Commitments and/or Incremental Term Loans in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments, Term Loans or Revolving Commitmentsand/or Incremental Term Loans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Commitments, Term Loans or Revolving Commitmentsand/or Incremental Term Loans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth contained in Section 4 Article VI and in each the other Loan Document shall be Documents are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the effective date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date, and except that for purposes of this Section 2.18(b)(ii), the representations and warranties contained in subsections (a) and (b) of Section 6.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving A Commitments or the Revolving B Commitments, as applicable, in each case to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period period, and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.18(c).
(c) The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Maturity Date for the Revolving Commitments so extended or termination date of the Class of Term Loans or Revolving Commitments being Incremental Term Loans so extended, as applicable, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments Commitments, and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being or Incremental Term Loans so extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans, the existing Term Loans and the existing Incremental Term Loans and (A) there the borrower and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of existing Revolving Loans, the obligors existing Term Loans or guarantors with respect thereto shall be a Person that is not a Loan Partythe existing Incremental Term Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Company and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to the extent the terms of the Extended Revolving Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersCompany, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as Amendment. The Lenders hereby authorize the Administrative Agent to enter into, and the Lenders agree that this Agreement and the other Loan Documents shall reasonably specify be amended by, any Extension Amendment entered into in connection with any Extension to evidence the Extension. The extent (and only to the extent) the Administrative Agent shall promptly notify each Lender as deems necessary in order to (i) reflect the effectiveness existence and terms of each such Extension. Any Additional Credit Extension Amendment may, without (ii) make such other changes to this Agreement and the consent other Loan Documents consistent with the provisions and intent of any other Lendersuch Extension, and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerAgent, to implement effect the terms provisions of this Section 2.18. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension Amendment. The effectiveness of any such ExtensionExtension Amendment shall be subject to the receipt by the Administrative Agent of (A) to the extent requested by the Administrative Agent, including any amendments necessary customary opinions of legal counsel to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitmentsthe Loan Parties, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of addressed to the Administrative Agent and the Parent Borrower in connection with the establishment each Lender (including each Person providing any portion of such new Class or tranche (including to preserve the pro rata treatment Extension) dated as of the extended effective date of such Extension, and non-extended Classes or tranches (ii) such other documents and certificates it may reasonably request relating to provide the necessary authority for such Extension, and any other matters relevant thereto, all in form and substance reasonably satisfactory to the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28Administrative Agent.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower mayAt any time after the Closing Date, the Borrowers and any Lender (any such Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timethe Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Revolving Commitments of a Class (which term, for purposes of this provision, shall also include any Class of Revolving Commitments outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.19, any tranche of Incremental Revolving Loans or any commitments under any Incremental Initial Revolving Facility (the “Existing Revolving Commitment Class” and the Revolving Loans thereunder, the “Existing Revolving Loans”) and/or Term Loans of a Class (which term, for purposes of this provision, shall also include any term loans outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.19 or any Class of Incremental Term Loans) (the “Existing Term Loan Class”)) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche of Revolving Commitments and each tranche of Term Loans so extended, in each case as well as the original Revolving Commitments and Term Loans not so extended, being deemed a separate Class; any Extended Term Loans shall set forth (i) constitute a separate Class of Term Loans from the amount Class of the applicable Term Loans from which they were converted; any Extended Revolving Credit Commitments shall constitute a separate Class of Revolving Commitments and/or from the Class of Revolving Commitments from which they were converted; any Class of Term Loans to be extended (denominated in Dollars the maturity of which shall be have been extended pursuant to this Section 2.19, “Extended Dollar Term Loans”; any Class of Term Loans denominated in minimum increments Euros the maturity of $1,000,000 which shall have been extended pursuant to this Section 2.19, “Extended Euro Term Loans”; and a minimum amount any Class of $5,000,000 orRevolving Commitments the maturity of which shall have been extended pursuant to this Section 2.19, “Extended Revolving Credit Commitments”); provided, that (i) (a) the Parent Borrower shall have offered to all Lenders under the applicable Credit Facility that is the subject of the proposed Extension the opportunity to participate in such Extension, and (b) except as to interest rates, rate floors, fees, original issue discounts, premiums, final maturity date (subject to the following clauses (ii) and (iii) and, in the case of Foreign Currency Extended Term Loans, optional and mandatory prepayments (including call protection and prepayment premiums) and scheduled amortization), the Dollar Equivalent thereofExtended Revolving Credit Commitments or Extended Term Loans shall have covenants, events of default and guarantees which, if not consistent with the terms of the Class of Revolving Commitments or Term Loans that was the subject of such Extension Notice, shall not be more restrictive to the Parent Borrower, when taken as a whole, than the terms of the corresponding the Class of Revolving Commitments or Term Loans that was the subject of such Extension Notice unless (1) Lenders under such corresponding Class also receive the benefit of such more restrictive terms (without any consent being required) or (2) any such provisions apply after the Latest Maturity Date of the corresponding Class; provided that a certificate of an Authorized Officer delivered to the Administrative Agent at least five (5) Business Days prior to the effectiveness of such Extension (or such shorter period of time as the Administrative Agent shall reasonably agree) stating that the Parent Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement in this clause (i) shall constitute sufficient evidence that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the Parent Borrower within such five (5) Business Day period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees), (ii) the final maturity date on which such Extension are requested to become effective (which of any Extended Term Loans or Extended Revolving Credit Commitments shall be not less no earlier than 10 Business Days nor more than 60 days after the date then Latest Maturity Date applicable to any other Term Loans or Revolving Commitments, respectively, at the time of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and Extension, (iii) identifying the relevant Class of Revolving Commitments and/or any Extended Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to may participate in such Extension on a pro rata basis and or on a less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments or commitment reductions hereunder, as specified in the same terms and conditions as each other Lender of such Class pursuant to procedures established byapplicable Extension Notice, or reasonably acceptable to, the Administrative Agent. If (iv) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer Notice shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension OfferNotice, then the Term Loans or Revolving Commitments, as applicable, of such Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such ExtensionNotice, (iiv) the representations and warranties set forth all documentation in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date respect of such Extension, Extension Notice (iii) the Issuing Lenders and the Swingline Lender shall have consented any amendment to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) this Agreement implementing the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(cExtension Notice (each such amendment, an “Extension Amendment”).
(c) The terms of each Extension shall be determined by consistent with the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedforegoing, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (ivvi) the interest rate marginrates, rate floors, fees, original issue discounts discounts, premiums, final maturity date, optional and premiums mandatory prepayments and scheduled amortization (subject to the limitations set forth in clauses (i) and (ii) of this Section 2.19) applicable to any Extended Term Loans or Extended Revolving Credit Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Credit Commitments, as applicable and (vvii) to all borrowings under the extent applicable Revolving Commitments (i.e., the terms of the Extended Term Loans or Existing Revolving Commitment Class and the Extended Revolving Credit Commitments are inconsistent with of the terms set forth herein applicable Extension Series) and repayments thereunder shall be made on a pro rata basis (except as set forth in clauses for (iI) through payments of interest and fees at different rates on Extended Revolving Credit Commitments (ivand related outstandings) aboveand (II) repayments required upon the Maturity Date of the non-extending Revolving Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) . In connection with any such Extension, the Borrowers, Parent Borrower and the Administrative Agent and each Agent, with the approval of the Extending Lenders of the applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment maySeries, without the consent of any other Lender, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents Documents, and the Lenders hereby expressly authorize the Administrative Agent to enter into any such amendments, as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerBorrower without the consent of any Lender except as expressly provided for in the immediately succeeding sentence, to implement the terms of any such ExtensionExtension Notice, including any amendments necessary to establish Extended new Classes, tranches or sub-tranches in respect of the Revolving Commitments or Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, so extended and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class tranches or tranche sub-tranches (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline LC Outstandings, Swing Loans and Swing Loan Participations upon the expiration or termination of the commitments under any Class tranche or sub-tranche), in each case on terms not inconsistent with this Section 2.282.19. Any Extension of the Revolving Commitments shall require the consent of any LC Issuer and any Swing Line Lender to the extent that such Extension provides for issuance of Letters of Credit by such LC Issuer or the Borrowing of Swing Loans from such Swing Line Lender at any time during such extended period. Notwithstanding the conversion of any Existing Revolving Commitment Class (other than a commitment under an Incremental Initial Revolving Facility) into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to the Existing Revolving Commitment Class of the applicable Extension Series for purposes of the obligations of a Revolving Lender in respect of Swing Loans under Section 2.04(a) and Letters of Credit under Section 2.05, except that the applicable Extension Amendment may provide that the Maturity Date of the Swing Line Facility and/or the last day for issuing Letters of Credit may be extended and the related obligations to make Swing Loans and issue Letters of Credit may be continued (pursuant to mechanics to be specified in the applicable Extension Amendment) so long as the applicable Swing Line Lender and/or the applicable LC Issuer, as applicable, have consented to such extensions (it being understood that no consent of any other Lender shall be required in connection with any such extension).
Appears in 1 contract
Samples: Credit Agreement (Patheon Holdings Cooperatief U.A.)
Amend and Extend Transactions. (ai) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall (A) set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, 200,000,000 and minimum increments of $25,000,000 in excess thereof (or such other amounts as may be acceptable to the case of Foreign Currency Loans, Borrower and the Dollar Equivalent thereofAdministrative Agent)), (iiB) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iiiC) identifying identify the relevant Class of Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (iA) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iiB) the representations and warranties set forth in Section 4 6.1. and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such ExtensionExtension except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall be been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not prohibited hereunder, (iiiC) the Issuing Lenders Banks and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (ivD) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with subclause (iii) of this Section 2.28(c12.6.(g). Notwithstanding any other provision of this Agreement to the contrary, in no event shall the Commitments or Loans of any Lender be extended pursuant to this Section 12.6.(g). unless such Lender affirmatively accepts in writing the applicable Extension Offer, it being understood and agreed that a failure by a Lender to respond to any such Extension Offer shall be deemed to be a rejection by such Lender of such Extension Offer.
(ciii) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.the
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Amend and Extend Transactions. (a) The Parent Borrower Not more than once during the term of this Agreement, Timken may, by written notice to the Co-Administrative Agent from time to timeAgents, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans to the extended maturity or termination date specified in such noticeMaturity Date for one (1) additional year. Such notice shall set forth (i) the amount of the applicable Class of Revolving Aggregate Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request (or such longer or shorter periods as the Co-Administrative Agent Agents shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Co-Administrative AgentAgents. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Term Loans the Commitments (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered the Commitments requested to be extended by the Parent Borrower Timken pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, Commitments of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any such Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, giving effect to the Additional Credit Extension Amendment, (ii) the representations and warranties set forth of Timken contained in Section 4 Article VI (other than Sections 6.05(c), 6.06 and in each 6.09) or any other Loan Document Document, or which are contained in any document furnished by Timken at any time under or in connection herewith or therewith, shall be true and correct in all material respects (except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects as qualified thereby) on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.18, the representations and warranties contained in subsections (a) and (b) of Section 6.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 7.01, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any such Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.18(c).
(c) The terms of each such Extension shall be determined by the Parent Borrower Timken and the applicable extending Lenders and shall be set forth in an Additional Credit Extension Amendment; provided that provided, that, (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment with the Loans being extended and the borrowers and guarantors of the Extended Commitments shall be the same as the borrowers and guarantors with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partybeing extended, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower same as those in effect immediately prior to such Extension, unless Timken and the lenders providing applicable extending Lender(s) agree to amend any such Extended Term Loans or Extended Revolving Commitmentsterms, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Co-Administrative AgentAgents.
(d) In connection with any such Extension, the BorrowersTimken, the Co-Administrative Agent Agents and each applicable extending Lender shall execute and deliver to the Co-Administrative Agent Agents an Additional Credit Extension Amendment and such other documentation, including opinions of counsel and other documentation as consistent with the conditions in Section 5.01, all to the extent reasonably requested by the Co-Administrative Agent shall reasonably specify Agents or the other parties to evidence the Extensionsuch Additional Credit Extension Amendment. The Co-Administrative Agent Agents shall promptly notify each Lender as to the effectiveness of each such Extension. Any Notwithstanding anything herein to the contrary, such Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Co-Administrative Agent Agents and the Parent BorrowerTimken, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, revolving commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Co-Administrative Agent Agents and the Parent Borrower Timken in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit any L/C Obligations or Swingline obligations under Swing Line Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.18.
Appears in 1 contract
Samples: Credit Agreement (Timken Co)
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans and/or Revolving Credit Commitments to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case and minimum increments of Foreign Currency Loans, the Dollar Equivalent thereof$1,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Company. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article IV and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each Issuing Lenders Lender and the Swingline Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(c) The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Revolving Credit Maturity Date or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan Maturity Date, respectively, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrowers and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Credit Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Company and the lenders providing such applicable extending Lenders, (v)
(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in voluntary or mandatory prepayments with the other Term Loans and (B) borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, as applicable and participation in Letters of Credit and Swingline Loans, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (vvi) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms ) or shall be reasonably satisfactory to added for the Administrative Agentbenefit of the existing class of Revolving Credit Commitments or Term Loans, as applicable.
(d) In connection with any Extension, the BorrowersCompany, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerCompany, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Company in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Revolving Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.28section.
Appears in 1 contract
Samples: Credit Agreement (Cambrex Corp)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or Maturity Date (including, for the avoidance of doubt with respect to Commitments, the termination date thereof) of any Class class of Revolving Loans and/or Commitments and/or Term Loans to the extended maturity date or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments Commitments, Revolving Loans, the Term Loan and/or Incremental Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender in respect of the applicable Class any class of Loans shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender in respect of such Class class of Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments, Revolving Loans, Term Loan or Incremental Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Revolving Loans, Term Loan or Incremental Term Loans, as applicable, offered requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, Revolving Loans, Term Loan or Incremental Term Loans, as applicable, of Lenders of under the applicable Class class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 of the Borrower and in each other Loan Document Party contained in Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) as of such earlier date, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments Commitments, Extended Revolving Loans and Extended Term Loans shall comply with Section 2.28(c2.17(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that provided, that, (i) the final maturity date or termination date of any Extended Term Revolving Commitment, Extended Revolving Loan or Extended Revolving Commitment Term Loan shall be no earlier than the maturity or termination date Maturity Date of the Class of Revolving Commitments, Revolving Loans, or Incremental Term Loans or Revolving Commitments being extendedsubject to such Extension Offer, as applicable, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments or Extended Revolving Loans and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Incremental Term Loans being extendedLoans, subject to such Extension Offer, (iii) the any Extended Revolving Loans and the any Extended Term Loans will shall (A) rank pari passu in right of payment and with respect to security with the Revolving Loans and or the Incremental Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and being extended, as applicable, (B) none of be Guaranteed by the obligors same Guarantors that guarantee the Revolving Loans or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Incremental Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsbeing extended, as applicable and (vC) be secured by the collateral (if any) on an equal and ratable basis with the Revolving Loans or the Incremental Term Loans being extended, as applicable, and (iv) to the extent the terms of the Extended Revolving Commitments, Extended Revolving Loans or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iviii) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Notwithstanding anything herein to the contrary, any Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Revolving Commitments, Extended Revolving Loans or Extended Revolving Commitments Term Loans as a new Class or tranche of Term Loans or Revolving Commitments, revolving loans or term loans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit any L/C Obligations or Swingline obligations under Swing Line Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.17).
Appears in 1 contract
Samples: Credit Agreement (Qorvo, Inc.)
Amend and Extend Transactions. (ai) The Parent Borrower Representative may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or Maturity Date (including, for the avoidance of doubt with respect to Commitments, the termination date thereof) of any Class of Revolving Loans and/or Commitments and/or Term Loans to the extended maturity date or termination date specified in such noticerequest. Such notice shall set forth (iA) the amount of the applicable Class of Revolving Commitments Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans and/or the Incremental Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof25,000,000), and (iiB) the date on which such Extension are is requested to become effective (which shall be not less than 10 5 Business Days nor more than 60 days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender in respect of the applicable any Class of Loans shall be offered (each, an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender in respect of such Class of Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of the Revolving Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans or the Incremental Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of the Revolving Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans or Revolving Commitmentsthe Incremental Term Loans, as applicable, offered requested to be extended by the Parent Borrower Representative pursuant to such Extension Offer, then the Revolving Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans or Revolving Commitmentsthe Incremental Term Loans, as applicable, of Lenders of under the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It shall be a condition precedent to the effectiveness of any Extension that (iA) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iiB) the representations and warranties set forth in Section 4 of the Borrowers and in each other Loan Document Party contained in Article III or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (iiiand in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) as of such earlier date, (C) the Issuing Lenders L/C Issuer and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (ivD) the terms of such Extended Revolving Commitments Commitments, Extended Revolving Loans and Extended Term Loans shall comply with Section 2.28(c2.10(b)(iii).
(ciii) The terms of each Extension shall be determined by the Parent Borrower Representative and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that (iA) the final maturity date or termination date of any Extended Term Revolving Commitment, Extended Revolving Loan or Extended Revolving Commitment Term Loan shall be no earlier than the maturity or termination date Maturity Date of the Class of Revolving Commitments, Revolving Loans or Term Loans or Revolving Commitments being extendedsubject to such Extension Offer, as applicable, (ii)(AB)(1) there shall be no scheduled amortization of the Extended Revolving Commitments or Extended Revolving Loans and (B2) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedLoans, subject to such Extension Offer, (iiiC) the any Extended Revolving Loans and the any Extended Term Loans will shall (1) rank pari passu in right of payment and with respect to security with the Revolving Loans and or the Term Loans being extended, as applicable, (2) be Guaranteed by the same Guarantors that guarantee the Revolving Loans or the Term Loans being extended, as applicable, and (A3) there shall be no additional secured by the Collateral (if any) on an equal and ratable basis with respect thereto not constituting security for the Obligations Revolving Loans or the Term Loans being extended, as applicable, and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (vD) to the extent the terms of the Extended Revolving Commitments, Extended Revolving Loans or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (iA) through (ivC) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(div) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Notwithstanding anything herein to the contrary, any Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent BorrowerBorrower Representative, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Revolving Commitments, Extended Revolving Loans or Extended Revolving Commitments Term Loans as a new Class or tranche of Term Revolving Commitments, Revolving Loans or Revolving CommitmentsTerm Loans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Representative in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit any L/C Obligations or obligations under Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.10(b)).
(v) This Section 2.10(b) shall supersede any provisions in Section 9.02 to the contrary.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Stated Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which request shall be in minimum increments of $1,000,000 1 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten Business Days nor more than 60 sixty days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of ). The Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Revolving Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Revolving Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class Revolving 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 to which such Revolving Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent . Notwithstanding anything to the effectiveness of contrary in this Agreement, any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior individual Revolving Lender’s agreement to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the extend its Revolving Commitments, in whole or in part, pursuant to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with this Section 2.28(c).
(c) The terms of each Extension 2.25 shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended such Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative AgentLender’s sole discretion.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.
Appears in 1 contract
Samples: Incremental Facility Amendment (Jamf Holding Corp.)
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, the Borrower mayand any Lender (any such Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timethe Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Revolving Commitments of a Class (which term, for purposes of this provision, shall also include any Class of Revolving Commitments and/or Term outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.19, any Class of Incremental Revolving Loans or any commitments under any Incremental Revolving Facility (the “Existing Revolving Commitment Class,” the Revolving Loans thereunder, the “Existing Revolving Loans” and the Revolving Commitments thereunder, the “Existing Revolving Commitments”) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche of Revolving Commitments so extended, in each case as well as the original Revolving Commitments not so extended, being deemed a separate Class; any Extended Revolving Credit Commitments shall set forth constitute a separate Class of Revolving Commitments from the Class of Revolving Commitments from which they were converted and any Class of Revolving Commitments the maturity of which shall have been extended pursuant to this Section 2.19, “Extended Revolving Credit Commitments”); provided, that (i) the amount Borrower shall have offered to all Lenders under the applicable Credit Facility that is the subject of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in proposed Extension the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Lender (each such offer, an “Extension Offer”), (ii) except as each other Lender of such Class pursuant to procedures established byinterest rates, or reasonably acceptable torate floors, fees, original issue discounts, premiums, final maturity date (subject to the following clause (v), which shall be determined by the Borrower and set forth in the applicable Extension Offer), the Administrative Agent. If Extended Revolving Credit Commitments shall have the same terms as the Class or Class of Revolving Commitments that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other covenants and terms that apply to any period after the Latest Maturity Date then in effect, (iii) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, Commitments offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, Commitments of such Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) all documentation in respect of such Extension Offer (including any Extension Notice any amendment to this Agreement implementing the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(cExtension Offer (each such amendment, an “Extension Amendment”).
(c) The terms of each Extension shall be determined by consistent with the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedforegoing, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (ivv) the interest rate marginrates, rate floors, fees, original issue discounts discounts, premiums, final maturity date and premiums optional and mandatory prepayments (subject to the limitations set forth in clause (ii) of this Section 2.19) applicable to any Extended Term Loans or Extended Revolving Credit Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Credit Commitments, as applicable and (vvi) to all Borrowings under the extent applicable Revolving Commitments (i.e., the terms of the Extended Term Loans or Existing Revolving Commitment Class and the Extended Revolving Credit Commitments are inconsistent with of the terms set forth herein applicable Extension Series) and repayments thereunder shall be made on a pro rata basis (except as set forth in clauses for (iI) through payments of interest and fees at different rates on Extended Revolving Credit Commitments (ivand related outstandings) aboveand (II) repayments required upon the Maturity Date of the non-extending Revolving Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) . In connection with any such Extension, the Borrowers, Borrower and the Administrative Agent and each Agent, with the approval of the Extending Lenders of the applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment maySeries, without the consent of any other Lender, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans new Classes, tranches or Extended sub-tranches in respect of the Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, so extended and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class tranches or tranche sub-tranches (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline LC Outstandings, Swing Loans and Swing Loan Participations upon the expiration or termination of the commitments under any Class tranche or sub-tranche), in each case on terms not inconsistent with this Section 2.282.19. Any Extension of the Revolving Commitments shall require the consent of any LC Issuer and any Swing Line Lender to the extent that such Extension provides for issuance of Letters of Credit by such LC Issuer or the Borrowing of Swing Loans from such Swing Lender at any time during such extended period. Notwithstanding the conversion of any Existing Revolving Commitment Class into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to the Existing Revolving Commitment Class of the applicable Extension Series for purposes of the obligations of a Revolving Lender in respect of Swing Loans under Section 2.04(a) and Letters of Credit under Section 2.05, except that the applicable Extension Amendment may provide that the Swing Line Maturity Date and/or the last day for issuing Letters of Credit may be extended and the related obligations to make Swing Loans and issue Letters of Credit may be continued (pursuant to mechanics to be specified in the applicable Extension Amendment) so long as the applicable Swing Line Lender and/or the applicable LC Issuer, as applicable, have consented to such extensions (it being understood that no consent of any other Lender shall be required in connection with any such extension).
(b) Notwithstanding anything to the contrary contained in this Agreement, (A) on any date on which any Existing Revolving Commitment Class is converted to extend the related scheduled maturity date(s) in accordance with paragraph (a) above (an “Extension Date”), the Existing Revolving Commitments of each Extending Lender under the applicable Extension Series, the aggregate principal amount of such Existing Revolving Commitment Class shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Revolving Credit Commitments so converted by such Lender on such date, and the aggregate principal amount of such Extended Revolving Credit Commitments shall be established as a separate Class of Revolving Commitments from the Existing Revolving Commitment Class of the applicable Extension Series and from any other Existing Revolving Commitment Classes (together with any other Extended Revolving Credit Commitments so established on such date) and (B) if, on any Extension Date, any Existing Revolving Loans of any Extending Lender are outstanding under the Existing Revolving Commitment Class of the applicable Extension Series, such Existing Revolving Loans (and any related participations) shall be deemed to be allocated as Extended Revolving Credit Loans (and related participations) in the same proportion as such Extending Lender’s commitment under the Existing Revolving Commitment Class of the applicable Extension Series to Extended Revolving Credit Commitments.
(c) With respect to all Extensions consummated by the Borrower pursuant to this Section 2.19, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of this Agreement, including Section 2.15 and (ii) any Extension Offer is required to be in a minimum amount of $5,000,000. The Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the relevant Extension Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Revolving Commitments of any or all applicable tranches accept the applicable Extension Offer.
(d) In connection with any Extension, the Borrower shall provide the Administrative Agent at least ten (10) Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably, to accomplish the purposes of this Section 2.19.
(e) Notwithstanding the foregoing, no Extension Amendment shall become effective under this Section 2.19 unless the Administrative Agent shall have received (i) a customary legal opinion covering the enforceability of the Extension Amendment and other customary matters, (ii) customary reaffirmations and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent in order to ensure that the applicable Extended Revolving Credit Commitments are provided with the benefit of the applicable Loan Documents and (iii) board resolutions and other closing certificates and documentation to the extent reasonably requested by the Administrative Agent.
(f) In the event that the Administrative Agent determines in its sole discretion that the allocation of the Extended Revolving Credit Commitments of a given Extension Series, in each case to a given Lender was incorrectly determined as a result of manifest administrative error, then the Administrative Agent, the Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other Loan Documents (each, a “Corrective Extension Amendment”) within 15 days following the effective date of the applicable Extension Amendment, as the case may be, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Existing Revolving Commitments (and related Revolving Facility Exposure), as the case may be, in such amount as is required to cause such Lender to hold Extended Revolving Credit Commitments (and related Revolving Facility Exposure) of the applicable Extension Series into which such other Revolving Commitments were initially converted, as the case may be, in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Loans or Commitments to which it was entitled under the terms of such Extension Amendment, in the absence of such error, (ii) be subject to the satisfaction of such conditions, including the terms of Section 11.31, as the Administrative Agent, the Borrower and such Lender may agree (including conditions of the type required to be satisfied for the effectiveness of an Extension Amendment described in Section 2.19(a)), and (iii) effect such other amendments of the type (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section 2.19(a).
(g) This Section 2.19 shall supersede any provisions in this Agreement to the contrary, including Sections 2.16 or 11.12. For the avoidance of doubt, any of the provisions of this Section 2.19 may be amended with the consent of the Required Lenders, the Administrative Agent and the Borrower.
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Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments Facility Maturity Date and/or the Term Loans Facility Maturity Date to the extended maturity or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 100,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof1,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Revolving Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 of the Borrower and in each other Loan Document Party contained in Article II and Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or reference to Material Adverse Effect) on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or reference to Material Adverse Effect) as of such earlier date, (iii) the Issuing Lenders L/C Issuers and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.17(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that provided, that, (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Revolving Facility Maturity Date or termination date of the Class of Term Loans or Revolving Commitments being extendedFacility Maturity Date, respectively, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being extendedLoans, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans being extended and (A) there the borrower and guarantors of the Extended Revolving Commitments or Extended Term Loans, as applicable, shall be no additional Collateral with respect thereto not constituting security for the Obligations same as the borrower and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyto the Revolving Loans or applicable Term Loans being extended, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable extending Lender and (v) to the extent the terms of the Extended Revolving Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Notwithstanding anything herein to the contrary, any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Revolving Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit any L/C Obligations or obligations under Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.17).
Appears in 1 contract
Samples: Credit Agreement (Ducommun Inc /De/)
Amend and Extend Transactions.
(a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Stated Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of Commitments that will be subject to the applicable Class of Revolving Commitments and/or Term Loans to be extended Extension (which request shall be in minimum increments of $1,000,000 1 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class The Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class 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 to which such Lenders have accepted such Extension Offer.. Notwithstanding anything to the contrary in this Agreement, any individual Lender’s agreement to extend its Commitments, in whole or in part, pursuant to this Section 2.25 shall be in such Lender’s sole discretion.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with clause (c) of this Section 2.28(c)2.25.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedStated Maturity Date, (ii)(Aii) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity loans or reductions of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.Extended Commitments,
Appears in 1 contract
Amend and Extend Transactions. (a1) The Parent Borrower Borrowers may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans to the extended with a like maturity date or termination date specified in such noticeRevolving Credit Commitments with a like maturity date. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case 25,000,000 and minimum increments of Foreign Currency Loans, the Dollar Equivalent thereof$5,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrowers; provided that no Lender will be required or otherwise obligated to participate in such Extension. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as 103 146960219_6 165457743_4 applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b2) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article VII and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(c3) The terms of each Extension shall be determined by the Parent Borrower Borrowers and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Revolving Credit Maturity Date or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan Maturity Date, respectively, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrowers and Subsidiary Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Credit Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Borrowers and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v)
(A) to the extent the terms of the Extended Term Loans may participate on a pro rata or the Extended Revolving Commitments are inconsistent less than pro rata (but not greater than pro rata) basis in mandatory prepayments with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.and
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, Borrower mayand any Term Loan Lender (any such Term Loan Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timethe Term Loan Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Term Loans of a Class (which term, for purposes of this provision, shall also include any Term Loans outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.20 or any Class of Revolving Commitments and/or Incremental Term Loans Loans) (the “Existing Term Loan Class”) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche Term Loans so extended, in each case as well as the original Term Loans not so extended, being deemed a separate Class; any Extended Term Loans shall set forth constitute a separate Class of Term Loans from the Class of Term Loans from which they were converted; any Class of Term Loans the maturity of which shall have been extended pursuant to this Section 2.20, “Extended Term Loans”); provided, that (i) Borrower shall have offered to all Term Loan Lenders under the amount applicable Term Loan Facility that is the subject of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in proposed Extension the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Term Loan Lender (each such offer, an “Extension Offer”), (ii) subject to clauses (iv) and (v), the Extended Term Loans shall have the same terms as each the Class or Class of Term Loans that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other Lender covenants and terms that apply to any period after the Final Maturity Date then in effect, (iii) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension Offer, (iv) the interest rates, rate floors, fees, original issue discounts, premiums, final maturity date, and scheduled amortization (subject to the limitations set forth in clause (v) of this Section 2.20(a)) applicable to any Extended Term Loans shall be determined by Borrower and the Extending Lenders, (v) before the Final Maturity Date then in effect, the amortization of any Extended Term Loans shall not exceed equal quarterly installments in an aggregate annual amount equal to 1% of the original principal amount of the Extended Term Loans and (vi) all documentation in respect of such Class pursuant Extension Offer (including any Extension Notice any amendment to procedures established bythis Agreement implementing the terms of such Extension Offer (each such amendment, or reasonably acceptable toan “Extension Amendment”)) shall be consistent with the foregoing. In connection with any such Extension, Borrower and the Administrative Agent, with the approval of the Extending Lenders of the applicable Extension Series, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and Borrower, to implement the terms of any such Extension Offer, including any amendments necessary to establish new Classes, tranches or sub-tranches in respect of the Extended Term Loans and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and Borrower in connection with the establishment of such new tranches or sub-tranches (including to preserve the pro rata treatment of the extended and non-extended tranches), in each case on terms not inconsistent with this Section 2.20.
(b) Notwithstanding anything to the contrary contained in this Agreement, on any date on which any Existing Term Loan Class is converted to extend the related scheduled maturity date(s) in accordance with Section 2.20(a) (an “Extension Date”), the aggregate principal amount of the existing Term Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Term Loans so converted by such Lender on such date, and the Extended Term Loans shall be established as a separate Class of Term Loans (together with any other Extended Term Loans so established on such date). If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Extending Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of such Extending Lenders of the applicable Class 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 to which such Extending Lenders have accepted such Extension Offer.
(bc) It shall be a condition precedent With respect to the effectiveness of any Extension that all Extensions consummated by Borrower pursuant to this Section 2.20, (i) no Default such Extensions shall not constitute voluntary or Event mandatory payments or prepayments for purposes of Default shall have occurred Section 2.10 and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension Offer is required to be in a minimum amount of the Revolving Commitments, $30,000,000. Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to the extent consummating any such Extension that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and a minimum amount (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall to be determined and specified in the relevant Extension Offer in Borrower’s sole discretion and may be waived by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (iBorrower) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans of any or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of all applicable tranches accept the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative AgentExtension Offer.
(d) In connection with any Extension, Borrower shall provide the BorrowersAdministrative Agent at least ten (10) Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent and Agent, in each applicable extending Lender case acting reasonably, to accomplish the purposes of this Section 2.20.
(e) In connection with any Extension Amendment, Borrower shall execute and deliver (i) an opinion of counsel reasonably acceptable to the Administrative Agent an Additional Credit as to the enforceability of such Extension Amendment and the Loan Documents as amended thereby, that such Extension Amendment, including the Extended Term Loans provided for therein, does not breach or cause a Default or Event of Default under the terms and provisions of Section 10.02 of this Agreement and such other documentation opinions reasonably requested by the Administrative Agent, (ii) customary reaffirmations and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent shall in order to ensure that such Extended Term Loans are provided with the benefit of the applicable Loan Documents and (iii) board resolutions and other closing certificates and documentation to the extent reasonably specify to evidence requested by the Extension. The Administrative Agent.
(f) In the event that the Administrative Agent shall promptly notify each determines in its sole discretion that the allocation of Extended Term Loans of a given Extension Series to a given Lender was incorrectly determined as to a result of manifest administrative error, then the effectiveness of each Extension. Any Additional Credit Extension Amendment mayAdministrative Agent, Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other Lender, effect such amendments enter into an amendment to this Agreement and the other Loan Documents (each, a “Corrective Extension Amendment”) within 15 days following the effective date of the applicable Extension Amendment, as the case may be necessary or appropriatebe, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Term Loans under the Existing Term Loan Class in such amount as is required to cause such Lender to hold Extended Term Loans of the applicable Extension Series into which such other Term Loans were initially converted in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Extended Term Loans to which it was entitled under the terms of such Extension Amendment, in the reasonable opinion absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, Borrower and such Lender may agree (including conditions of the Administrative Agent type required to be satisfied for the effectiveness of an Extension Amendment described in Section 2.20(a)), and (iii) effect such other amendments of the Parent Borrowertype (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section 2.20(a).
(g) This Section 2.20 shall supersede any provisions in 10.02 to the contrary. For the avoidance of doubt, any of the provisions of this Section 2.20 may be amended with the consent of the Required Lenders; provided that no such amendment shall require any Lender to implement the terms of provide any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and without such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28Lender’s consent.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class tranche of Revolving Credit Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class tranche of Revolving Credit Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class tranche of Revolving Credit Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class tranche shall be offered (an “Extension Offer”) an opportunity opportunity, but shall be under no obligation, to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class tranche pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, offered to be extended by the Parent Borrower Company pursuant to such Extension Offer, then the Term Loans or Revolving Credit Commitments, as applicable, of Lenders of the applicable Class tranche accepting such Extension Offer 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article V and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders each L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Multicurrency Revolving Credit Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.14(c).
(c) The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class tranche of Term Loans or Revolving Credit Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class tranche of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Credit Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower Company and the lenders Lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable applicable, and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerCompany, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Credit Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Company in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Swing Line Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.282.14).
Appears in 1 contract
Samples: Credit Agreement (Arris Group Inc)
Amend and Extend Transactions. (ai) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall (A) set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, 200,000,000 and minimum increments of $25,000,000 in excess thereof (or such other amounts as may be acceptable to the case of Foreign Currency Loans, Borrower and the Dollar Equivalent thereofAdministrative Agent)), (iiB) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iiiC) identifying identify the relevant Class of Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (iA) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iiB) the representations and warranties set forth in Section 4 6.1. and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such ExtensionExtension except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not prohibited hereunder, (iiiC) the Issuing Lenders Banks and the Swingline Lender Lenders shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (ivD) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with subclause (iii) of this Section 2.28(c12.6.(g). Notwithstanding any other provision of this Agreement to the contrary, in no event shall the Commitments or Loans of any Lender be extended pursuant to this Section 12.6.(g). unless such Lender affirmatively accepts in writing the applicable Extension Offer, it being understood and agreed that a failure by a Lender to respond to any such Extension Offer shall be deemed to be a rejection by such Lender of such Extension Offer.
(ciii) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (iA) the final maturity date of any Extended Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the latest Termination Date then in effect for any Class of Term Loans or Revolving Commitments being extendedLoans, (ii)(AB)(x) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (By) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of existing Term Loans being extendedLoans, (iiiC) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the existing Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations borrower and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans Commitments or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving CommitmentsLoans, as applicable, shall be the same as the Borrower and such other technical amendments as may be necessary or appropriate in Guarantors with respect to the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.existing Revolving Loans
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Stated Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of Commitments that will be subject to the applicable Class of Revolving Commitments and/or Term Loans to be extended Extension (which request shall be in minimum increments of $1,000,000 1 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class The Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class 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 to which such Lenders have accepted such Extension Offer. Notwithstanding anything to the contrary in this Agreement, any individual Lender’s agreement to extend its Commitments, in whole or in part, pursuant to this Section 2.25 shall be in such Lender’s sole discretion.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with clause (c) of this Section 2.28(c)2.25.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedStated Maturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and security with the existing Loans and the borrower, guarantors and collateral of the Extended Commitments shall be the same as the borrower, Loan Guarantors and Collateral with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts margin and premiums any fees applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vi) any other terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agentherein.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or separate tranche of Term Loans or Revolving Commitments, as applicable, Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.25.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower Representative may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class of Revolving Loans (and, as applicable, the Commitments and/or Term Loans relating thereto) to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of holding the applicable Class relevant Commitments and/or Loans to be extended shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments and/or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments and/or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Commitments and/or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth contained in Section 4 Article V and in each the other Loan Document shall be Documents are true and correct in all material respects (or, if qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of the effective date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, except to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).or, if qualified by
(c) The terms of each Extension shall be determined by the Parent Borrower Representative and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Latest Maturity Date for the Revolving Commitments so extended or termination date of the Class of Term Loans or Revolving Commitments being so extended, as applicable, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments Commitments, and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being so extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the existing Term Loans and (A) there the borrowers and guarantors of the Extended Revolving Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrowers and Guarantors with respect thereto not constituting security for to the Obligations existing Revolving Loans and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Term Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Representative and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to the extent the terms of the Extended Revolving Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowerseach applicable Borrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as Amendment. The Lenders hereby authorize the Administrative Agent to enter into, and the Lenders agree that this Agreement and the other Loan Documents shall reasonably specify be amended by, any Extension Amendment entered into in connection with any Extension to evidence the Extension. The extent (and only to the extent) the Administrative Agent shall promptly notify each Lender as deems necessary in order to (i) reflect the effectiveness existence and terms of each such Extension. Any Additional Credit Extension Amendment may, without (ii) make such other changes to this Agreement and the consent other Loan Documents consistent with the provisions and intent of any other Lendersuch Extension, and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerAgent, to implement effect the terms provisions of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.282.
Appears in 1 contract
Samples: Credit Agreement (SharkNinja, Inc.)
Amend and Extend Transactions. (ai) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall (A) set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, 100,000,000 and minimum increments of $25,000,000 in excess thereof (or such other amounts as may be acceptable to the case of Foreign Currency Loans, Borrower and the Dollar Equivalent thereofAdministrative Agent)), (iiB) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iiiC) identifying identify the relevant Class of Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class Loans shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (iA) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iiB) the representations and warranties set forth in Section 4 6.1. and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, except to the extent that such extension provides representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and changes in factual circumstances not prohibited hereunder, (ivC) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, subclause (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans this Section 12.6.(g), and (AD) there the Termination Date shall have been first extended pursuant to Section 2.14. prior to any Extension pursuant to this Section 12.6.(g). Notwithstanding any other provision of this Agreement to the contrary, in no event shall the Loans of any Lender be extended pursuant to this Section 12.6.(g) unless such Lender affirmatively accepts in writing the applicable Extension Offer, it being understood and agreed that a failure by a Lender to respond to any such Extension Offer shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall deemed to be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined rejection by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28Extension Offer.
Appears in 1 contract
Samples: Term Loan Agreement (Washington Real Estate Investment Trust)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Stated Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of Commitments that will be subject to the applicable Class of Revolving Commitments and/or Term Loans to be extended Extension (which request shall be in minimum increments of $1,000,000 1 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten Business Days nor more than 60 sixty days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class The Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class 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 to which such Lenders have accepted such Extension Offer. Notwithstanding anything to the contrary in this Agreement, any individual Lender’s agreement to extend its Commitments, in whole or in part, pursuant to this Section 2.25 shall be in such Xxxxxx’s sole discretion.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with clause (c) of this Section 2.28(c)2.25.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedStated Maturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and security with the existing Loans and the borrower, guarantors and collateral of the Extended Commitments shall be the same as the borrower, Loan Guarantors and Collateral with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts margin and premiums any fees applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vi) any other terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agentherein.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or separate tranche of Term Loans or Revolving Commitments, as applicable, Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.25.
Appears in 1 contract
Samples: Credit Agreement (Integral Ad Science Holding Corp.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving the Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 5,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof50,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. The election of any Lender to agree to any such Extension shall not obligate any other Lender to so agree without such other Lender's consent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, Commitments of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 V and in each other Loan Document shall be deemed to be made 86 and shall be true and correct in all material respects (without duplication of any materiality qualifiers set forth therein) on and as of the effective date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (without duplication of any materiality qualifiers set forth therein) as of such earlier date and except that for purposes of this Section 10.02(b), the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01, (iii) the Issuing Lenders and the Swingline Lender L/C Issuer shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) there shall be no scheduled amortization prior to the Maturity Date of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving existing Loans and Borrower and guarantors of the Term Loans and (A) there Extended Commitments shall be no additional Collateral the same as Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums fees applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vi) the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Revolving Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.28Section.
Appears in 1 contract
Samples: Credit Agreement (NVR Inc)
Amend and Extend Transactions. (ai) The Parent Borrower Representative may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or Maturity Date (including, for the avoidance of doubt with respect to Commitments, the termination date thereof) of any Class of Revolving Loans and/or Commitments and/or Term Loans to the extended maturity date or termination date specified in such noticerequest. Such notice shall set forth (iA) the amount of the applicable Class of Revolving Commitments Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans and/or the Incremental Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof25,000,000), and (iiB) the date on which such Extension are is requested to become effective (which shall be not less than 10 5 Business Days nor more than 60 days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender in respect of the applicable any Class of Loans shall be offered (each, an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender in respect of such Class of Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of the Revolving Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans or the Incremental Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of the Revolving Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans or Revolving Commitmentsthe Incremental Term Loans, as applicable, offered requested to be extended by the Parent Borrower Representative pursuant to such Extension Offer, then the Revolving Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans or Revolving Commitmentsthe Incremental Term Loans, as applicable, of Lenders of under the applicable Class 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 to which such Lenders have accepted such Extension Offer.on
(bii) It shall be a condition precedent to the effectiveness of any Extension that (iA) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iiB) the representations and warranties set forth in Section 4 of the Borrowers and in each other Loan Document Party contained in Article III or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (iiiand in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) as of such earlier date, (C) the Issuing Lenders L/C Issuer and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (ivD) the terms of such Extended Revolving Commitments Commitments, Extended Revolving Loans and Extended Term Loans shall comply with Section 2.28(c2.10(b)(iii).
(ciii) The terms of each Extension shall be determined by the Parent Borrower Representative and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that (iA) the final maturity date or termination date of any Extended Term Revolving Commitment, Extended Revolving Loan or Extended Revolving Commitment Term Loan shall be no earlier than the maturity or termination date Maturity Date of the Class of Revolving Commitments, Revolving Loans or Term Loans or Revolving Commitments being extendedsubject to such Extension Offer, as applicable, (ii)(AB)(1) there shall be no scheduled amortization of the Extended Revolving Commitments or Extended Revolving Loans and (B2) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedLoans, subject to such Extension Offer, (iiiC) the any Extended Revolving Loans and the any Extended Term Loans will shall (1) rank pari passu in right of payment and with respect to security with the Revolving Loans and or the Term Loans being extended, as applicable, (2) be Guaranteed by the same Guarantors that guarantee the Revolving Loans or the Term Loans being extended, as applicable, and (A3) there shall be no additional secured by the Collateral (if any) on an equal and ratable basis with respect thereto not constituting security for the Obligations Revolving Loans or the Term Loans being extended, as applicable, and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (vD) to the extent the terms of the Extended Revolving Commitments, Extended Revolving Loans or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (iA) through (ivC) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class of Revolving Loans (and, as applicable, the Commitments and/or Term Loans relating thereto) to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments Commitments, Term Loans and/or Incremental Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of holding the applicable Class relevant Commitments and/or Loans to be extended shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments, Term Loans (calculated on the face amount thereof) or Revolving Commitments and/or Incremental Term Loans in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments, Term Loans or Revolving Commitmentsand/or Incremental Term Loans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Commitments, Term Loans or Revolving Commitmentsand/or Incremental Term Loans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth contained in Section 4 Article VI and in each the other Loan Document shall be Documents are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the effective date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date, and except that for purposes of this Section 2.18(b)(ii), the representations and warranties contained in subsections (a) and (b) of Section 6.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving A Commitments or the Revolving B Commitments, as applicable, in each case to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period period, and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.18(c).
(c) The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Maturity Date for the Revolving Commitments so extended or termination date of the Class of Term Loans or Revolving Commitments being civ CHAR1\1792192v4 Incremental Term Loans so extended, as applicable, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments Commitments, and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being or Incremental Term Loans so extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans, the existing Term Loans and the existing Incremental Term Loans and (A) there the borrower and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrowers and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of existing Revolving Loans, the obligors existing Term Loans or guarantors with respect thereto shall be a Person that is not a Loan Partythe existing Incremental Term Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Company and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to the extent the terms of the Extended Revolving Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersCompany, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as Amendment. The Lenders hereby authorize the Administrative Agent to enter into, and the Lenders agree that this Agreement and the other Loan Documents shall reasonably specify be amended by, any Extension Amendment entered into in connection with any Extension to evidence the Extension. The extent (and only to the extent) the Administrative Agent shall promptly notify each Lender as deems necessary in order to (i) reflect the effectiveness existence and terms of each such Extension. Any Additional Credit Extension Amendment may, without (ii) make such other changes to this Agreement and the consent other Loan Documents consistent with the provisions and intent of any other Lendersuch Extension, and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerAgent, to implement effect the terms provisions of this Section 2.18. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension Amendment. The effectiveness of any such ExtensionExtension Amendment shall be subject to the receipt by the Administrative Agent of (A) to the extent requested by the Administrative Agent, including any amendments necessary customary opinions of legal counsel to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitmentsthe Loan Parties, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of addressed to the Administrative Agent and the Parent Borrower in connection with the establishment each Lender (including each Person providing any portion of such new Class or tranche (including to preserve the pro rata treatment Extension) dated as of the extended effective date of such Extension, and non-extended Classes (ii) such other documents and certificates it may reasonably request relating to the necessary authority for such Extension, and any other matters relevant thereto, all in form and substance reasonably satisfactory to the Administrative Agent.
(e) Notwithstanding anything to the contrary set forth in this Agreement or tranches and any other Loan Document, this Section 2.18 shall not apply to provide for the reallocation of participation in Letters of Credit any Revolving D Loans (or Swingline Loans upon the expiration or termination of the commitments under any Class or trancheRevolving D Commitments), in each case on terms not inconsistent with this Section 2.28.and neither any Revolving D Loans nor any Revolving D Commitments shall be subject to any Extension. cv CHAR1\1792192v4
Appears in 1 contract
Amend and Extend Transactions. (ai) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall (A) set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, 50,000,000 and minimum increments of $25,000,000 in excess thereof (or such other amounts as may be acceptable to the case of Foreign Currency Loans, Borrower and the Dollar Equivalent thereofAdministrative Agent)), (iiB) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iiiC) identifying identify the relevant Class of Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of Term Commitments or Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans Commitments or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Term Loans Commitments or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (iA) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iiB) the representations and warranties set forth of Parent and the Borrower contained in Section 4 Article V shall be deemed to be made and in each other Loan Document shall be true and correct in all material respects on and as of the effective date of such Extension; provided that any representation or warranty that is qualified as to “materiality”, Material Adverse Effect or similar language shall be true and correct in all respects on such Borrowing Date and any such representation or warranty that is stated to relate solely to an earlier date shall be true and correct in all material respects (or, in the case of any such representation or warranty already qualified by materiality, in all respects) on and as of such earlier date, (iiiC) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (ivD) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with subclause (iii) of this Section 2.28(c8.2(f). Notwithstanding any other provision of this Agreement to the contrary, in no event shall the Commitments or Loans of any Lender be extended pursuant to this Section 8.2(f) unless such Lender affirmatively accepts in writing the applicable Extension Offer, it being understood and agreed that a failure by a Lender to respond to any such Extension Offer shall be deemed to be a rejection by such Lender of such Extension Offer.
(ciii) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (iA) the final maturity date of any Extended Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the latest maturity or termination date of the then in effect for any Class of Term Loans or Revolving Commitments being extendedLoans, (ii)(AB)(x) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (By) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of existing Term Loans being extendedLoans, (iiiC) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (ivD) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment mayLenders, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or trancheE), in each case on terms not inconsistent with this Section 2.28.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of Commitments that will be subject to the applicable Class of Revolving Commitments and/or Term Loans to be extended Extension (which request shall be in minimum increments of $1,000,000 1 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class The Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class 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 to which such Lenders have accepted such Extension Offer. Notwithstanding anything to the contrary in this Agreement, any individual Lender’s agreement to extend its Commitments, in whole or in part, pursuant to this Section 2.24 shall be in such Xxxxxx’s sole discretion.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with clause (c) of this Section 2.28(c)2.24.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and security with the existing Loans and the borrower, guarantors and collateral of the Extended Commitments shall be the same as the borrower, Loan Guarantors and Collateral with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts margin and premiums any fees applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vi) the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (iv) aboveother than upon the maturity of the non-extended Loans and Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.24.
Appears in 1 contract
Samples: Credit Agreement (Etsy Inc)
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, the Borrower mayand any Lender may agree, by written notice to the Administrative Agent from time for further distribution to timethe Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Revolving Commitments of a Class (which term, for purposes of this provision, shall also include any tranche of Revolving Credit Commitments outstanding hereunder pursuant to a previous Amend and Extend Transaction or any tranche of Incremental Revolving Credit Facility) and/or Term Loans of a Class (which term, for purposes of this provision, shall also include any term loans outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the term of this Section 2.17 or any tranche of Incremental Term Loans) (the “Existing Term Loan Class”) to the extended maturity date specified in such Extension Notice and Extension Amendment (each tranche of Revolving Credit Commitments and each tranche of Term Loans so extended, in each case as well as the original Revolving Credit Commitments and Term Loans not so extended, being deemed a separate Class; any Extended Term Loans shall constitute a separate Class of Term Loans from the Class of Term Loans from which they were converted; any Extended Revolving Credit Commitments shall constitute a separate Class of Revolving Credit Commitments from the Class of Revolving Credit Commitments from which they were converted; any Class of Term Loans the maturity of which shall have been extended pursuant to this Section 2.17, “Extended Term Loans”; and any Class of Revolving Credit Commitments and/or Term Loans the maturity of which shall have been extended pursuant to the extended maturity or termination date specified in such notice. Such notice shall set forth this Section 2.17, “Extended Revolving Credit Commitments”); provided, that (i) the amount of Borrower shall have offered to all Lenders under the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in Credit Facility the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Lender (each such offer, an “Extension Offer”), (ii) no Default or Event of Default shall have occurred and be continuing immediately prior to or immediately after giving effect to any such Extension, (iii) except as each other Lender to interest rates, rate floors, fees, original issue discounts, premiums, final maturity date (subject to the following clauses (iv and (viii) and, in the case of such Class pursuant Extended Term Loans, optional and mandatory prepayments (including call protection and prepayment premiums) and scheduled amortization) (which, subject to procedures established bythe following clauses (iv and (viii)), or reasonably acceptable toshall be determined by the Borrower and set forth in the applicable Extension Offer), the Administrative Agent. If Extended Revolving Credit Commitments or Extended Term Loans shall have the same terms as the Class or Class of Revolving Credit Commitments or Term Loans that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other covenants and terms that apply to any period after the Latest Maturity Date then in effect, (iv) the final maturity date of any Extended Term Loans or Extended Revolving Credit Commitments shall be no earlier than the then Latest Maturity Date applicable to any other Term Loans or Revolving Credit Commitments, respectively, at the time of Extension, (v) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension Offer, (vi) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Credit Commitments, as applicable, of such Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
, (bvii) It shall be a condition precedent to the effectiveness all documentation in respect of such Extension Offer (including any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior Notice any amendment to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) this Agreement implementing the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(cExtension Offer (each such amendment, an “Extension Amendment”).
(c) The terms of each Extension shall be determined by consistent with the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedforegoing, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (ivviii) the interest rate marginrates, rate floors, fees, original issue discounts discounts, premiums, final maturity date, optional and premiums mandatory prepayments and scheduled amortization (subject to the limitations set forth in clauses (iii) and (iv) of this Section 2.17) applicable to any Extended Term Loans or Extended Revolving Credit Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Credit Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) applicable. In connection with any such Extension, the Borrowers, Borrower and the Administrative Agent and each Agent, with the approval of the extending Lenders of the applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment maySeries, without the consent of any other Lender, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended new Classes, tranches or sub-tranches in respect of the Revolving Credit Commitments or Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, so extended and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class tranches or tranche sub-tranches (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline LC Outstandings, Swing Loans and Swing Loan Participations upon the expiration or termination of the commitments under any Class tranche or sub-tranche), in each case on terms not inconsistent with this Section 2.282.17. Any Extension of the Revolving Credit Commitments shall require the consent of each LC Issuer and the Swing Line Lender to the extent that such Extension provides for issuance of Letters of Credit or the borrowing of Swing Loans at any time during such extended period.
(b) With respect to all Extensions consummated by the Borrower pursuant to this Section 2.17, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of Section 2.13 and (ii) any Extension Offer is required to be in a minimum amount of $5,000,000 in the case of Term Loans or $1,000,000 in the case of Revolving Credit Commitments, provided that the Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the relevant Extension Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Term Loans or Revolving Credit Commitments of any or all applicable tranches accept the applicable Extension Offer.
(c) In connection with any Extension, the Borrower shall provide the Administrative Agent at least five Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably, to accomplish the purposes of this Section 2.17.
(d) In the event that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans of a given Extension Series or the Extended Revolving Credit Commitments of a given Extension Series, in each case to a given Lender was incorrectly determined as a result of manifest administrative error, then the Administrative Agent, the Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other Credit Documents (each, a “Corrective Extension Amendment”) within 15 days following the effective date of the applicable Extension Amendment, as the case may be, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Term Loans under the Existing Term Loan Class or Existing Revolving Credit Commitments (and related Revolving Credit Exposure), as the case may be, in such amount as is required to cause such Lender to hold Extended Term Loans or Extended Revolving Credit Commitments (and related Revolving Credit Exposure) of the applicable Extension Series into which such other Term Loans or Revolving Credit Commitments were initially converted, as the case may be, in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Loans or Commitments to which it was entitled under the terms of such Extension Amendment, in the absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, the Borrower and such Lender may agree (including conditions of the type required to be satisfied for the effectiveness of an Extension Amendment described in Section 2.17(a)), and (iii) effect such other amendments of the type (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section 2.17(a).
(e) This Section 2.17 shall supersede any provisions in Section 2.14 or 11.12 to the contrary.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower mayAt any time after the Closing Date, the Borrowers and any Lender (any such Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timethe Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Revolving Commitments of a Class (which term, for purposes of this provision, shall also include any Class of Revolving Commitments outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.19 (the “Existing Revolving Commitment Class” and the Revolving Loans thereunder, the “Existing Revolving Loans”) and/or Term Loans of a Class (which term, for purposes of this provision, shall also include any term loans outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.19 or any Class of Incremental Term Loans) (the “Existing Term Loan Class”) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche of Revolving Commitments and each tranche of Term Loans so extended, in each case as well as the original Revolving Commitments and Term Loans not so extended, being deemed a separate Class; any Extended Term Loans shall set forth constitute a separate Class of Term Loans from the Class of Term Loans from which they were converted; any Extended Revolving Credit Commitments shall constitute a separate Class of Revolving Commitments from the Class of Revolving Commitments from which they were converted; any Class of Term Loans the maturity of which shall have been extended pursuant to this Section 2.19, “Extended Term Loans”; and any Class of Revolving Commitments the maturity of which shall have been extended pursuant to this Section 2.19, “Extended Revolving Credit Commitments”); provided, that (i) the amount Parent Borrower shall have offered to all Lenders under the applicable Credit Facility that is the subject of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in proposed Extension the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Lender (each such offer, an “Extension Offer”), (ii) except as each other Lender to interest rates, rate floors, fees, original issue discounts, premiums, final maturity date (subject to the following clause (vi) and, in the case of such Class pursuant Extended Term Loans, optional and mandatory prepayments (including call protection and prepayment premiums) and scheduled amortization) (which, subject to procedures established bythe following clause (vi)), or reasonably acceptable toshall be determined by the Parent Borrower and set forth in the applicable Extension Offer), the Administrative Agent. If Extended Revolving Credit Commitments or Extended Term Loans shall have the same terms as the Class or Class of Revolving Commitments or Term Loans that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other covenants and terms that apply to any period after the Latest Maturity Date then in effect, (iii) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension Offer, (iv) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of such Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
, (bv) It shall be a condition precedent to the effectiveness all documentation in respect of such Extension Offer (including any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior Notice any amendment to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) this Agreement implementing the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(cExtension Offer (each such amendment, an “Extension Amendment”).
(c) The terms of each Extension shall be determined by consistent with the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedforegoing, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (ivvi) the interest rate marginrates, rate floors, fees, original issue discounts discounts, premiums, final maturity date, optional and premiums mandatory prepayments and scheduled amortization (subject to the limitations set forth in clause (ii) of this Section 2.19) applicable to any Extended Term Loans or Extended Revolving Credit Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Credit Commitments, as applicable and (v) to the extent the terms of the applicable; provided that Extended Term Loans and Extended Revolving Credit Commitments shall not have a shorter Weighted Average Life to Maturity, or more favorable mandatory prepayment and commitment reduction provision, than the Credit Facilities subject to such extension and (vii) all Borrowings under the applicable Revolving Commitments (i.e., the Existing Revolving Commitment Class and the Extended Revolving Credit Commitments are inconsistent with of the terms set forth herein applicable Extension Series) and repayments thereunder shall be made on a pro rata basis (except as set forth in clauses for (iI) through payments of interest and fees at different rates on Extended Revolving Credit Commitments (ivand related outstandings) aboveand (II) repayments required upon the Maturity Date of the non-extending Revolving Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) . In connection with any such Extension, the Borrowers, Parent Borrower and the Administrative Agent and each Agent, with the approval of the Extending Lenders of the applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment maySeries, without the consent of any other Lender, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended new Classes, tranches or sub-tranches in respect of the Revolving Commitments or Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, so extended and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class tranches or tranche sub-tranches (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline LC Outstandings, Swing Loans and Swing Loan Participations upon the expiration or termination of the commitments under any Class tranche or sub-tranche), in each case on terms not inconsistent with this Section 2.282.19. Any Extension of the Revolving Commitments shall require the consent of any LC Issuer and any Swing Line Lender to the extent that such Extension provides for issuance of Letters of Credit by such LC Issuer or the Borrowing of Swing Loans from such Swing Lender at any time during such extended period. Notwithstanding the conversion of any Existing Revolving Commitment Class into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to the Existing Revolving Credit Commitment Class of the applicable Extension Series for purposes of the obligations of a Revolving Lender in respect of Swing Loans under Section 2.04(a) and Letters of Credit under Section 2.05, except that the applicable Extension Amendment may provide that the Swing Line Maturity Date and/or the last day for issuing Letters of Credit may be extended and the related obligations to make Swing Loans and issue Letters of Credit may be continued (pursuant to mechanics to be specified in the applicable Extension Amendment) so long as the applicable Swing Line Lender and/or the applicable LC Issuer, as applicable, have consented to such extensions (it being understood that no consent of any other Lender shall be required in connection with any such extension).
(b) Notwithstanding anything to the contrary contained in this Agreement, (A) on any date on which any Existing Term Loan Class or Existing Revolving Commitment Class is converted to extend the related scheduled maturity date(s) in accordance with paragraph (a) above (an “Extension Date”), (I) in the case of the existing Term Loans of each Extending Lender, the aggregate principal amount of such existing Term Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Term Loans so converted by such Lender on such date, and the Extended Term Loans shall be established as a separate Class of Term Loans (together with any other Extended Term Loans so established on such date), and (II) in the case of the existing Revolving Commitments of each Extending Lender under the applicable Extension Series, the aggregate principal amount of such Existing Revolving Commitment Class shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Revolving Credit Commitments so converted by such Lender on such date, and the aggregate principal amount of such Extended Revolving Credit Commitments shall be established as a separate Class of revolving credit commitments from the Existing Revolving Commitment Class of the applicable Extension Series and from any other Existing Revolving Credit Commitment Classes (together with any other Extended Revolving Credit Commitments so established on such date) and (B) if, on any Extension Date, any Existing Revolving Loans of any Extending Lender are outstanding under the Existing Revolving Commitment Class of the applicable Extension Series, such Existing Revolving Loans (and any related participations) shall be deemed to be allocated as Extended Revolving Credit Loans (and related participations) in the same proportion as such Extending Lender’s commitment under the Existing Revolving Commitment Class of the applicable Extension Series to Extended Revolving Credit Commitments.
(c) With respect to all Extensions consummated by the Parent Borrower pursuant to this Section 2.19, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of Section 2.15 and (ii) any Extension Offer is required to be in a minimum amount of $2.5 million in the case of Term Loans or $1.0 million in the case of Revolving Commitments. In the event that the aggregate amount of Term Loans, Revolving Commitments and Incremental Revolving Commitments (and any earlier extended Extended Revolving Credit Commitments) subject to Extension Notice exceeds the amount of Extended Term Loans and/or Extended Revolving Commitments, as applicable, requested by the Parent Borrower, Term Loans, Revolving Commitments and Incremental Revolving Commitments (and any earlier extended Extended Revolving Credit Commitments) subject to Extension Notices shall be converted to Extended Term Loans and/or Extended Revolving Commitments, as applicable, on a pro rata basis based on the amount of Term Loans, Revolving Commitments and Incremental Revolving Commitments (and any earlier extended Extended Revolving Credit Commitments) included in each such Extension Notice or as may be otherwise agreed to in the applicable Extension Amendment. The Parent Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the relevant Extension Offer in the Parent Borrower’s sole discretion and may be waived by the Parent Borrower) of Term Loans or Revolving Commitments of any or all applicable tranches accept the applicable Extension Offer.
(d) In connection with any Extension, the Parent Borrower shall provide the Administrative Agent at least five (5) Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably, to accomplish the purposes of this Section 2.19.
(e) In connection with any Extension Amendment, the Parent Borrower shall deliver (i) an opinion of counsel reasonably acceptable to the Administrative Agent (x) as to the enforceability of such Extension Amendment, the Agreement as amended thereby, and such other Loan Documents as reasonably agreed by the Parent Borrower and the Administrative Agent and (y) to the effect that such Extension Amendment, including the Extended Term Loans and/or Extended Revolving Credit Commitments, as applicable, provided for therein, does not breach or cause a default under the terms and provisions of Section 11.12 of this Agreement, (ii) customary reaffirmations and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent in order to ensure that such Extended Term Loans and/or Extended Revolving Credit Commitments, as applicable, are provided with the benefit of the applicable Loan Documents and (iii) board resolutions and other closing certificates and documentation to the extent reasonably requested by the Administrative Agent.
(f) In the event that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans of a given Extension Series or the Extended Revolving Credit Commitments of a given Extension Series, in each case to a given Lender was incorrectly determined as a result of manifest administrative error, then the Administrative Agent, the Parent Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other Credit Documents (each, a “Corrective Extension Amendment”) within fifteen (15) days following the effective date of the applicable Extension Amendment, as the case may be, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Term Loans under the Existing Term Loan Class or Existing Revolving Credit Commitments (and related Revolving Credit Exposure), as the case may be, in such amount as is required to cause such Lender to hold Extended Term Loans or Extended Revolving Credit Commitments (and related Revolving Credit Exposure) of the applicable Extension Series into which such other Term Loans or Revolving Commitments were initially converted, as the case may be, in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Loans or Commitments to which it was entitled under the terms of such Extension Amendment, in the absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, the Parent Borrower and such Lender may agree (including conditions of the type required to be satisfied for the effectiveness of an Extension Amendment described in Section 2.19(a)), and (iii) effect such other amendments of the type (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section 2.19(a).
(g) This Section 2.19 shall supersede any provisions in Section 2.16 or 11.12 to the contrary. For the avoidance of doubt, any of the provisions of this Section 2.19 may be amended with the consent of the Required Lenders; provided that no such amendment shall require any Lender to provide any Extended Loans without such Lender’s consent.
Appears in 1 contract
Samples: Credit Agreement (PGT, Inc.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving the Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 5,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof50,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, Commitments of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article V and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects (without duplication of any materiality qualifiers set forth therein) on and as of the effective date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (without duplication of any materiality qualifiers set forth therein) as of such earlier date and except that for purposes of this Section 10.02(b), the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) there shall be no scheduled amortization prior to the Maturity Date of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving existing Loans and Borrower and guarantors of the Term Loans and (A) there Extended Commitments shall be no additional Collateral the same as Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums fees applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Commitments, and participation in Letters of Credit and Swing Line Loans, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vi) the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Revolving Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.28Section.
Appears in 1 contract
Samples: Credit Agreement
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, Borrower mayand any Lender (any such Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timeLenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Loans of a Class (which term, for purposes of this provision, shall also include any Loans outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.18 or any Class of Revolving Commitments and/or Term Loans Incremental Loans) (the “Existing Loan Class”) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche Loans so extended, in each case as well as the original Loans not so extended, being deemed a separate Class; any Extended Loans shall set forth constitute a separate Class of Loans from the Class of Loans from which they were converted; any Class of Loans the maturity of which shall have been extended pursuant to this Section 2.18, “Extended Loans”); provided that (i) Borrower shall have offered to all Lenders under the amount applicable Facility that is the subject of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in proposed Extension the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Lender (each such offer, an “Extension Offer”), (ii) subject to clauses (iv) and (v), the Extended Loans shall have substantially similar terms as each the Class or Class of Loans that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other Lender covenants and terms that apply to any period after the Final Maturity Date then in effect; provided, further, that (x) no Extended Terms Loans shall benefit from any guarantee or any security interest not otherwise also guaranteeing or securing, as the case may be, the other Loans and (y) the Extended Loans shall not affect the validity and/or enforceability of any guaranty of, and/or security interest granted in respect of, any Existing Loan Class, (iii) any Extended Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension Offer, (iv) the interest rates, rate floors, fees, original issue discounts, premiums, final maturity date, and scheduled amortization (subject to the limitations set forth in clause (v) of this Section 2.18(a)) applicable to any Extended Loans shall be determined by Borrower and the Extending Lenders, (v) before the Final Maturity Date then in effect, the amortization of any Extended Loans shall not exceed equal quarterly installments in an aggregate annual amount equal to 1% of the original principal amount of the Extended Loans and (vi) all documentation in respect of such Class pursuant Extension Offer (including any Extension Notice any amendment to procedures established bythis Agreement implementing the terms of such Extension Offer (each such amendment, or reasonably acceptable toan “Extension Amendment”)) shall be consistent with the foregoing. In connection with any such Extension, Borrower and the Administrative Agent, with the approval of the Extending Lenders of the applicable Extension Series, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent (acting at the direction of the Required Lenders) and Borrower, to implement the terms of any such Extension Offer, including any amendments necessary to establish new Classes, tranches or sub-tranches in respect of the Extended Loans and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent (acting at the direction of the Required Lenders) and Borrower in connection with the establishment of such new tranches or sub-tranches (including to preserve the pro rata treatment of the extended and non-extended tranches), in each case on terms not inconsistent with this Section 2.18.
(b) Notwithstanding anything to the contrary contained in this Agreement, on any date on which any Existing Loan Class is converted to extend the related scheduled maturity date(s) in accordance with Section 2.18(a) (an “Extension Date”), the aggregate principal amount of the existing Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Loans so converted by such Lender on such date, and the Extended Loans shall be established as a separate Class of Loans (together with any other Extended Loans so established on such date). If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Extending Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of such Extending Lenders of the applicable Class 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 to which such Extending Lenders have accepted such Extension Offer.
(bc) It shall be a condition precedent With respect to the effectiveness of any Extension that all Extensions consummated by Borrower pursuant to this Section 2.18, (i) no Default such Extensions shall not constitute voluntary or Event mandatory payments or prepayments for purposes of Default shall have occurred Section 2.10 and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension Offer is required to be in a minimum amount of the Revolving Commitments, $20,000,000. Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to the extent consummating any such Extension that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and a minimum amount (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall to be determined and specified in the relevant Extension Offer in Borrower’s sole discretion and may be waived by the Parent Borrower and Borrower) of Loans of any or all applicable tranches accept the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative AgentOffer.
(d) In connection with any Extension, Borrower shall provide the BorrowersAdministrative Agent at least ten (10) Business Days’ (or such shorter period as may be agreed by the Required Lenders) prior written notice thereof, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent and (acting at the direction of the Required Lenders) or the Required Lenders, in each applicable extending Lender case acting reasonably, to accomplish the purposes of this Section 2.18.
(e) In connection with any Extension Amendment, Borrower shall execute and deliver (i) an opinion of counsel reasonably acceptable to the Administrative Agent an Additional Credit (acting at the direction of the Required Lenders) or the Required Lenders as to the enforceability of such Extension Amendment and the Loan Documents as amended thereby, that such Extension Amendment, including the Extended Loans; provided for therein, does not conflict with or violate the terms and provisions of this Agreement, does not affect the validity or perfection of the Collateral Agent’s Lien on the Collateral, and such other documentation as customary opinions reasonably requested by the Administrative Agent shall (acting at the direction of the Required Lenders) or the Required Lenders, (ii) customary reaffirmations and/or such amendments to the Security Documents as may be reasonably specify to evidence requested by the Extension. The Administrative Agent shall promptly notify each Lender as (acting at the direction of the Required Lenders) or the Required Lenders in order to ensure that such Extended Loans are provided with the benefit of the applicable Loan Documents and (iii) board resolutions, secretary’s certificates, officer’s certificates and other closing certificates and documentation to the effectiveness extent reasonably requested by the Administrative Agent (acting at the direction of each Extension. Any Additional Credit the Required Lenders) or the Require Lenders.
(f) In the event that the Required Lenders determine in their sole discretion that the allocation of Extended Loans of a given Extension Amendment maySeries to a given Lender was incorrectly determined as a result of manifest administrative error, then the Administrative Agent, Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other Lender, effect such amendments enter into an amendment to this Agreement and the other Loan Documents (each, a “Corrective Extension Amendment”) within 15 days following the effective date of the applicable Extension Amendment, as the case may be necessary or appropriatebe, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Loans under the Existing Loan Class in such amount as is required to cause such Lender to hold Extended Loans of the applicable Extension Series into which such other Loans were initially converted in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Extended Loans to which it was entitled under the terms of such Extension Amendment, in the reasonable opinion absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, Borrower and such Lender may agree (including conditions of the Administrative Agent and type required to be satisfied for the Parent Borrower, to implement the terms effectiveness of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicablean Extension Amendment described in Section 2.18(a)), and (iii) effect such other technical amendments as of the type (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section 2.18(a).
(g) This Section 2.18 shall supersede any provisions in Section 10.02 to the contrary. For the avoidance of doubt, any of the provisions of this Section 2.18 may be necessary or appropriate in amended with the reasonable opinion consent of the Administrative Agent and the Parent Borrower in connection with the establishment of Required Lenders; provided that no such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and amendment shall require any Lender to provide for the reallocation of participation in Letters of Credit or Swingline any Extended Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28without such Lender’s consent.
Appears in 1 contract
Samples: Second Out Term Loan Credit Agreement (Internap Corp)
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, Borrower mayand any Term Loan Lender (any such Term Loan Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timethe Term Loan Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Term Loans of a Class (which term, for purposes of this provision, shall also include any Term Loans outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.20 or any Class of Revolving Commitments and/or Incremental Term Loans Loans) (the “Existing Term Loan Class”) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche Term Loans so extended, in each case as well as the original Term Loans not so extended, being deemed a separate Class; any Extended Term Loans shall set forth constitute a separate Class of Term Loans from the Class of Term Loans from which they were converted; any Class of Term Loans the maturity of which shall have been extended pursuant to this Section 2.20, “Extended Term Loans”); provided, that (i) Borrower shall have offered to all Term Loan Lenders under the amount applicable Term Loan Facility that is the subject of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in proposed Extension the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Term Loan Lender (each such offer, an “Extension Offer”), (ii) subject to clauses (iv) and (v), the Extended Term Loans shall have substantially similar terms as each the Class or Class of Term Loans that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other Lender covenants and terms that apply to any period after the Final Maturity Date then in effect; provided further that (x) no Extended Terms Loans shall benefit from any guarantee or any security interest not otherwise also guaranteeing or securing, as the case may be, the other Term Loans and (y) the Extended Term Loans shall not effect the validity and/or enforceability of any guaranty of, and/or security interest granted in respect of, any Existing Term Loan Class, (iii) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension Offer, (iv) the interest rates, rate floors, fees, original issue discounts, premiums, final maturity date, and scheduled amortization (subject to the limitations set forth in clause (v) of this Section 2.20(a)) applicable to any Extended Term Loans shall be determined by Borrower and the Extending Lenders, (v) before the Final Maturity Date then in effect, the amortization of any Extended Term Loans shall not exceed equal quarterly installments in an aggregate annual amount equal to 1% of the original principal amount of the Extended Term Loans and (vi) all documentation in respect of such Class pursuant Extension Offer (including any Extension Notice any amendment to procedures established bythis Agreement implementing the terms of such Extension Offer (each such amendment, or reasonably acceptable toan “Extension Amendment”)) shall be consistent with the foregoing. In connection with any such Extension, Borrower and the Administrative Agent, with the approval of the Extending Lenders of the applicable Extension Series, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and Borrower, to implement the terms of any such Extension Offer, including any amendments necessary to establish new Classes, tranches or sub-tranches in respect of the Extended Term Loans and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and Borrower in connection with the establishment of such new tranches or sub-tranches (including to preserve the pro rata treatment of the extended and non-extended tranches), in each case on terms not inconsistent with this Section 2.20.
(b) Notwithstanding anything to the contrary contained in this Agreement, on any date on which any Existing Term Loan Class is converted to extend the related scheduled maturity date(s) in accordance with Section 2.20(a) (an “Extension Date”), the aggregate principal amount of the existing Term Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Term Loans so converted by such Lender on such date, and the Extended Term Loans shall be established as a separate Class of Term Loans (together with any other Extended Term Loans so established on such date). If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Extending Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of such Extending Lenders of the applicable Class 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 to which such Extending Lenders have accepted such Extension Offer.
(bc) It shall be a condition precedent With respect to the effectiveness of any Extension that all Extensions consummated by Borrower pursuant to this Section 2.20, (i) no Default such Extensions shall not constitute voluntary or Event mandatory payments or prepayments for purposes of Default shall have occurred Section 2.10 and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension Offer is required to be in a minimum amount of the Revolving Commitments, $30,000,000. Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to the extent consummating any such Extension that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and a minimum amount (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall to be determined and specified in the relevant Extension Offer in Borrower’s sole discretion and may be waived by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (iBorrower) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans of any or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of all applicable tranches accept the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative AgentExtension Offer.
(d) In connection with any Extension, Borrower shall provide the BorrowersAdministrative Agent at least ten (10) Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent and Agent, in each applicable extending Lender case acting reasonably, to accomplish the purposes of this Section 2.20.
(e) In connection with any Extension Amendment, Borrower shall execute and deliver (i) an opinion of counsel reasonably acceptable to the Administrative Agent an Additional Credit as to the enforceability of such Extension Amendment and the Loan Documents as amended thereby, that such Extension Amendment, including the Extended Term Loans provided for therein, does not conflict with or violate the terms and provisions of this Agreement, does not affect the validity or perfection of the Collateral Agent’s Lien on the Collateral, and such other documentation customary opinions reasonably requested by the Administrative Agent, (ii) customary reaffirmations and/or such amendments to the Security Documents as may be reasonably requested by the Administrative Agent shall in order to ensure that such Extended Term Loans are provided with the benefit of the applicable Loan Documents and (iii) board resolutions, secretary’s certificates, officer’s certificates and other closing certificates and documentation to the extent reasonably specify to evidence requested by the Extension. The Administrative Agent.
(f) In the event that the Administrative Agent shall promptly notify each determines in its sole discretion that the allocation of Extended Term Loans of a given Extension Series to a given Lender was incorrectly determined as to a result of manifest administrative error, then the effectiveness of each Extension. Any Additional Credit Extension Amendment mayAdministrative Agent, Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other Lender, effect such amendments enter into an amendment to this Agreement and the other Loan Documents (each, a “Corrective Extension Amendment”) within 15 days following the effective date of the applicable Extension Amendment, as the case may be necessary or appropriatebe, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Term Loans under the Existing Term Loan Class in such amount as is required to cause such Lender to hold Extended Term Loans of the applicable Extension Series into which such other Term Loans were initially converted in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Extended Term Loans to which it was entitled under the terms of such Extension Amendment, in the reasonable opinion absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, Borrower and such Lender may agree (including conditions of the Administrative Agent type required to be satisfied for the effectiveness of an Extension Amendment described in Section 2.20(a)), and (iii) effect such other amendments of the Parent Borrowertype (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section 2.20(a).
(g) This Section 2.20 shall supersede any provisions in Section 10.02 to the contrary. For the avoidance of doubt, any of the provisions of this Section 2.20 may be amended with the consent of the Required Lenders; provided that no such amendment shall require any Lender to implement the terms of provide any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and without such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28Lender’s consent.
Appears in 1 contract
Samples: Credit Agreement (Internap Corp)
Amend and Extend Transactions. (a) The Parent Borrower Borrowers may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments Loan Maturity Date and/or the Term Loans Loan Maturity Date to the extended maturity or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 100,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof1,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Appropriate Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Appropriate Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Appropriate Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered requested to be extended by the Parent Borrower Borrowers pursuant to such Extension Offer, then the Revolving Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Appropriate Lenders of the applicable Class 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 to which such Appropriate Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 of the Borrowers and in each other Loan Document Party contained in Article 2 and Article 5 or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (provided, if any representation or warranty is by its terms qualified by concepts of materiality, such representation and warranty shall be true and correct in all respects) on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, except to the extent that such extension provides for the issuance representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (provided, if any representation or warranty is by its terms qualified by concepts of Letters of Credit or making of Swingline Loans at any time during the extended period materiality, such representation and (ivwarranty shall be true and correct in all respects) the terms as of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendeddate, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.the
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of Commitments that will be subject to the applicable Class of Revolving Commitments and/or Term Loans to be extended Extension (which request shall be in minimum increments of $1,000,000 1.0 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5.0 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class The Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class 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 to which such Lenders have accepted such Extension Offer. Notwithstanding anything to the contrary in this Agreement, any individual Lender’s agreement to extend its Commitments, in whole or in part, pursuant to this Section 2.24 shall be in such Xxxxxx’s sole discretion.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with clause (c) of this Section 2.28(c)2.24.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and security with the existing Loans and the borrower, guarantors and collateral of the Extended Commitments shall be the same as the Borrower, Loan Guarantors and Collateral with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts margin and premiums any fees applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vi) the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (iv) aboveother than upon the maturity of the non-extended Loans and Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.24.
Appears in 1 contract
Samples: Credit Agreement (Flywire Corp)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or Maturity Date (including, for the avoidance of doubt with respect to Commitments, the termination date thereof) of any Class class of Revolving Loans and/or Commitments and/or Term Loans to the extended maturity date or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments Commitments, Revolving Loans, Delayed Draw Term Loans and/or Incremental Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender in respect of the applicable Class any class of Loans shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender in respect of such Class class of Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments, Revolving Loans, Delayed Draw Term Loans or Incremental Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments, Revolving Loans, Delayed Draw Term Loans or Revolving CommitmentsIncremental Term Loans, as applicable, offered requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Revolving Commitments, Revolving Loans, Delayed Draw Term Loans or Revolving CommitmentsIncremental Term Loans, as applicable, of Lenders of under the applicable Class class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 of the Borrower and in each other Loan Document Party contained in Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) as of such earlier date, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments Commitments, Extended Revolving Loans, Extended Delayed Draw Term Loans and Extended Term Loans shall comply with Section 2.28(c2.17(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that provided, that, (i) the final maturity date or termination date of any Extended Revolving Commitment, Extended Revolving Loan, Extended Delayed Draw Term Loan or Extended Revolving Commitment Term Loan shall be no earlier than the maturity or termination date Maturity Date of the Class of Revolving Commitments, Revolving Loans, Delayed Draw Term Loans or Revolving Commitments being extendedIncremental Term Loans subject to such Extension Offer, as applicable, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments or Extended Revolving Loans and (B) the weighted average life to maturity of the Extended Delayed Draw Term Loans or the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Delayed Draw Term Loans being extendedor Incremental Term Loans, as applicable, subject to such Extension Offer, (iii) the any Extended Revolving Loans, Extended Delayed Draw Term Loans and the any Extended Term Loans will shall (A) rank pari passu in right of payment and with respect to security with the Revolving Loans and the Loans, Delayed Draw Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for or the Obligations and Incremental Term Loans being extended, as applicable, (B) none of be Guaranteed by the obligors or guarantors with respect thereto shall be a Person same Guarantors that is not a Loan Partyguarantee the Revolving Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Delayed Draw Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Incremental Term Loans or Extended Revolving Commitmentsbeing extended, as applicable and (vC) be secured by the collateral (if any) on an equal and ratable basis with the Revolving Loans, Delayed Draw Term Loans or the Incremental Term Loans being extended, as applicable, and (iv) to the extent the terms of the Extended Revolving Commitments, Extended Revolving Loans, Extended Delayed Draw Term Loans or the Extended Revolving Commitments Term Loans are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iviii) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Notwithstanding anything herein to the contrary, any Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Revolving Commitments, Extended Revolving Loans, Extended Delayed Draw Term Loans or Extended Revolving Commitments Term Loans as a new Class or tranche of Term Loans or Revolving Commitments, revolving loans or term loans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit any L/C Obligations or Swingline obligations under Swing Line Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.17).
Appears in 1 contract
Samples: Credit Agreement (Qorvo, Inc.)
Amend and Extend Transactions. (ai) The Parent Borrower Representative may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or Maturity Date (including, for the avoidance of doubt with respect to Commitments, the termination date thereof) of any Class of Revolving Loans and/or Commitments and/or Term Loans to the extended maturity date or termination date specified in such noticerequest. Such notice shall set forth (iA) the amount of the applicable Class of Revolving Commitments Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans and/or the Incremental Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof25,000,000), and (iiB) the date on which such Extension are is requested to become effective (which shall be not less than 10 5 Business Days nor more than 60 days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender in respect of the applicable any Class of Loans shall be offered (each, an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender in respect of such Class of Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of the Revolving Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans or the Incremental Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of the Revolving Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans or Revolving Commitmentsthe Incremental Term Loans, as applicable, offered requested to be extended by the Parent Borrower Representative pursuant to such Extension Offer, then the Revolving Commitments, the Revolving Loans, the Incremental Revolving Loans, the Term Loans or Revolving Commitmentsthe Incremental Term Loans, as applicable, of Lenders of under the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It shall be a condition precedent to the effectiveness of any Extension that (iA) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iiB) the representations and warranties set forth in Section 4 of the Borrowers and in each other Loan Document Party contained in Article III or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, except to the extent that such extension provides for the issuance representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) as of Letters of Credit or making of Swingline Loans at any time during the extended period and such earlier date, (ivC) the terms of such Extended Revolving Commitments L/C Issuer and Extended Term Loans shall comply with Section 2.28(c).the 71
(ciii) The terms of each Extension shall be determined by the Parent Borrower Representative and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that (iA) the final maturity date or termination date of any Extended Term Revolving Commitment, Extended Revolving Loan or Extended Revolving Commitment Term Loan shall be no earlier than the maturity or termination date Maturity Date of the Class of Revolving Commitments, Revolving Loans or Term Loans or Revolving Commitments being extendedsubject to such Extension Offer, as applicable, (ii)(AB)(1) there shall be no scheduled amortization of the Extended Revolving Commitments or Extended Revolving Loans and (B2) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedLoans, subject to such Extension Offer, (iiiC) the any Extended Revolving Loans and the any Extended Term Loans will shall (1) rank pari passu in right of payment and with respect to security with the Revolving Loans and or the Term Loans being extended, as applicable, (2) be Guaranteed by the same Guarantors that guarantee the Revolving Loans or the Term Loans being extended, as applicable, and (A3) there shall be no additional secured by the Collateral (if any) on an equal and ratable basis with respect thereto not constituting security for the Obligations Revolving Loans or the Term Loans being extended, as applicable, and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (vD) to the extent the terms of the Extended Revolving Commitments, Extended Revolving Loans or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (iA) through (ivC) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(div) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Notwithstanding anything herein to the contrary, any Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent BorrowerBorrower Representative, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Revolving Commitments, Extended Revolving Loans or Extended Revolving Commitments Term Loans as a new Class or tranche of Term Revolving Commitments, Revolving Loans or Revolving CommitmentsTerm Loans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Representative in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit any L/C Obligations or obligations under Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.10(b)). 72
(v) This Section 2.10(b) shall supersede any provisions in Section 9.02 to the contrary.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class class of Revolving Loans and/or Commitments and/or Term Loans to the extended maturity or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof25,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Term Loans Commitments (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered Commitments requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, Commitments of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 of the Borrower and in each other Loan Document Party contained in Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (iii) the Issuing Lenders and the Swingline Lender L/C Issuer shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.15(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that provided, that, (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier later than the maturity or termination date Maturity Date of the Class of Term Loans or Revolving Commitments being extendedsubject to such Extension Offer, as applicable, (ii)(Aii) there shall be no scheduled amortization or scheduled reductions of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the any Extended Revolving Loans and the Extended Term Loans will shall (A) rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and being extended, as applicable, (B) none of be Guaranteed by the obligors or guarantors same Guarantors that guarantee the Loans being extended and (C) be secured by the Collateral on an equal and ratable basis with respect thereto shall be a Person that is not a Loan Party, the Loans being extended and (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iviii) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class classClass of Revolving Loans and/or Commitments and/or Term Loans to the extended maturity or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof25,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Term Loans Commitments (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered Commitments requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, Commitments of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 of the Borrower and in each other Loan Document Party contained in Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (iii) the Issuing Lenders and the Swingline Lender L/C Issuer shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.15(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that provided, that, (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier later than the maturity or termination date Maturity Date of the Class of Term Loans or Revolving Commitments being extendedsubject to such Extension Offer, as applicable, (ii)(Aii) there shall be no scheduled amortization or scheduled reductions of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the any Extended Revolving Loans and the Extended Term Loans will shall (A) rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and being extended, as applicable, (B) none of be Guaranteed by the obligors or guarantors same Guarantors that guarantee the Loans being extended and (C) be secured by the Collateral on an equal and ratable basis with respect thereto shall be a Person that is not a Loan Party, the Loans being extended and (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments CHAR1\1724240v1 are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iviii) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Notwithstanding anything herein to the contrary, any Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans any L/C Obligations upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.15).
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class of Revolving Loans (and, as applicable, the Commitments and/or Term Loans relating thereto) to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 5,000,000 and a minimum amount of $5,000,000 25,000,000 or, in the case of Foreign Currency Loansif less, the Dollar Equivalent thereofremaining outstanding amount of Revolving Commitments and/or Term Loans), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of holding the applicable Class relevant Commitments and/or Loans to be extended shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments and/or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments and/or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Commitments and/or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth contained in Section 4 Article VI and in each the other Loan Document shall be Credit Documents are true and correct in all material respects (or, if qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of the effective date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, if qualified by materiality or reference to Material Adverse Effect, in all respects) as of such earlier date, (iii) the Issuing Lenders L/C Issuers and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, in each case to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period period, and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.18(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Maturity Date for the Revolving Commitments so extended or termination date of the Class of Term Loans or Revolving Commitments being so extended, as applicable, (ii)(Aii) (A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments Commitments, and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being so extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Revolving Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrower and Guarantors with respect thereto not constituting security for to the Obligations existing Revolving Loans and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Term Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to the extent the terms of the Extended Revolving Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as Amendment. Notwithstanding anything to the contrary in Section 11.01, the Lenders hereby authorize the Administrative Agent to enter into, and the Lenders agree that this Credit Agreement and the other Credit Documents shall reasonably specify be amended by, any Extension Amendment entered into in connection with any Extension to evidence the extent (and only to the extent) the Administrative Agent deems necessary in order to (i) reflect the existence and terms of such Extension, (ii) make such other changes to this Credit Agreement and the other Credit Documents consistent with the provisions and intent of such Extension, and (iii) effect such other amendments to this Credit Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.18. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each ExtensionExtension Amendment. Any Additional Credit The effectiveness of any Extension Amendment mayshall be subject to the receipt by the Administrative Agent of (A) to the extent requested by the Administrative Agent, without customary opinions of legal counsel to the consent of any other LenderCredit Parties, effect such amendments addressed to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and each Lender (including each Person providing any portion of such Extension) dated as of the Parent Borrower, to implement the terms effective date of any such Extension, including any amendments and (B) such other documents and certificates it may reasonably request relating to the necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicableauthority for such Extension, and such any other technical amendments as may be necessary or appropriate matters relevant thereto, all in the reasonable opinion of form and substance reasonably satisfactory to the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28Agent.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class of Revolving Loans (and, as applicable, the Commitments and/or Term Loans relating thereto) to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of holding the applicable Class relevant Commitments and/or Loans to be extended shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments and/or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments and/or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Commitments and/or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class Lenders shall be CHAR1\1812724v7 extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Lenders have accepted such Extension Offer.
(b) It . The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth contained in Section 4 Article V and in each the other Loan Document shall be Documents are true and correct in all material respects (or, if qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of the effective date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, if qualified by materiality or reference to Material Adverse Effect, in all respects) as of such earlier date, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving A Commitments, in each case to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period period, and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.19(c).
(c) . The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Latest Maturity Date for the Revolving Commitments so extended or termination date of the Class of Term Loans or Revolving Commitments being so extended, as applicable, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments Commitments, and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being so extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the existing Term Loans and (A) there the borrowers and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrowers and Guarantors with respect thereto not constituting security for to the Obligations existing Revolving Loans and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Term Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Company and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to the extent the terms of the Extended Revolving Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) . In connection with any Extension, the BorrowersCompany, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as Amendment. The Lenders hereby authorize the Administrative Agent to enter into, and the Lenders agree that this Agreement and the other Loan Documents shall reasonably specify be amended by, any Extension Amendment entered into in connection with any Extension to evidence the Extension. The extent (and only to the extent) the Administrative Agent shall promptly notify each Lender as deems necessary in order to (i) reflect the effectiveness existence and terms of each such Extension. Any Additional Credit Extension Amendment may, without (ii) make such other changes to this Agreement and the consent other Loan Documents consistent with the provisions and intent of any other Lendersuch Extension, and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerAgent, to implement effect the terms provisions of this Section 2.19. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension Amendment. The effectiveness of any such ExtensionExtension Amendment shall be subject CHAR1\1812724v7 to the receipt by the Administrative Agent of (A) to the extent requested by the Administrative Agent, including any amendments necessary customary opinions of legal counsel to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitmentsthe Credit Parties, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of addressed to the Administrative Agent and the Parent Borrower in connection with the establishment each Lender (including each Person providing any portion of such new Class or tranche (including to preserve the pro rata treatment Extension) dated as of the extended effective date of such Extension, and non-extended Classes or tranches (ii) such other documents and certificates it may reasonably request relating to provide the necessary authority for such Extension, and any other matters relevant thereto, all in form and substance reasonably satisfactory to the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (EnerSys)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class of Revolving Loans and/or Commitments and/or Term Loans to the extended maturity or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof25,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.such
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 of the Borrower and in each other Loan Document Party contained in Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith (other than the Specified Representations following the Collateral Release, if such event occurs, and prior to the Collateral Reinstatement Date, if such event occurs), shall be true and correct in all material respects on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (iii) the Issuing Lenders and the Swingline Lender L/C Issuer shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.15(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that provided, that, (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier later than the maturity or termination date Maturity Date of the Class of Term Loans or Revolving Commitments being extendedsubject to such Extension Offer, as applicable, (ii)(Aii) there shall be no scheduled amortization or scheduled reductions of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the any Extended Revolving Loans and the Extended Term Loans will shall (A) rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and being extended, as applicable, (B) none of be Guaranteed by the obligors or guarantors same Guarantors that guarantee the Loans being extended and (C) be secured by the Collateral on an equal and ratable basis with respect thereto shall be a Person that is not a Loan Party, the Loans being extended and (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iviii) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Notwithstanding anything herein to the contrary, any Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof100,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class of Revolving Credit Commitments and/or Term Loans shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class of Revolving Credit Commitments and/or Term Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Company. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class Revolving Credit Commitments and/or Term Loans 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default the conditions set forth in Sections 4.02(a) and (b) shall have occurred and be continuing immediately prior satisfied (as if the references therein to and immediately after giving effect to such Credit Extension were replaced with Extension), (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iviii) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with paragraph (c) of this Section 2.28(c)2.19.
(c) The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date Maturity Date of the Class Revolving Credit Facility or the Maturity Date of the applicable Term Loans or Revolving Commitments being extendedLoans, respectively, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the existing Term Loans and (A) there the borrower and the guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Loan Parties with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Credit Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts OID and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Company and the lenders providing such applicable extending Lenders, (v)
(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in voluntary or mandatory prepayments with the other Term Loans of the Class being extended and (B) borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, as applicable and participation in Letters of Credit and Swing Line Loans, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments of the Class being extended (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (vvi) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein with respect to the applicable Class being extended (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersCompany, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerCompany, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Company in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Total Revolving Credit or Swingline Loans Outstandings upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.19.
Appears in 1 contract
Samples: Restatement Agreement (WEX Inc.)
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof100,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class of Revolving Credit Commitments and/or Term Loans shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class of Revolving Credit Commitments and/or Term Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Company. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class Revolving Credit Commitments and/or Term Loans 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default the conditions set forth in Sections 4.02(a) and (b) shall have occurred and be continuing immediately prior satisfied (as if the references therein to and immediately after giving effect to such Credit Extension were replaced with Extension), (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iviii) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with paragraph (c) of this Section 2.28(c)2.19.
(c) The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date Maturity Date of the Class Revolving Credit Facility or the Maturity Date of the applicable Term Loans or Revolving Commitments being extendedLoans, respectively, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the existing Term Loans and (A) there the borrower and the guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Loan Parties with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Credit Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts OID and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Company and the lenders providing such applicable extending Lenders, (v)(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in voluntary or mandatory prepayments with the other Term Loans of the Class being extended and (B) borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, as applicable and participation in Letters of Credit and Swing Line Loans, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments of the Class being extended (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (vvi) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein with respect to the applicable Class being extended (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersCompany, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerCompany, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Company in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Total Revolving Credit or Swingline Loans Outstandings upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.19.
(e) This Section 2.19 shall supersede any provision in Section 2.12 or Section 10.01 to the contrary.
Appears in 1 contract
Samples: Credit Agreement (WEX Inc.)
Amend and Extend Transactions. (ai) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving the Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall (A) set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, 200,000,000 and minimum increments of $25,000,000 in excess thereof (or such other amounts as may be acceptable to the case of Foreign Currency Loans, Borrower and the Dollar Equivalent thereofAdministrative Agent)), (iiB) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iiiC) identifying identify the relevant Class of Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, Commitments of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension:
(iA) no Default or Event of Default shall have occurred and be continuing exist immediately prior to and immediately after giving effect to such Extension, ;
(iiB) the representations and warranties set forth in Section 4 6.1 and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such ExtensionExtension except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not prohibited hereunder;
(iiiC) such Extension shall have been consented to by Requisite Lenders;
(D) the Issuing Lenders and the Swingline Lender Banks shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and period; and
(ivE) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with subclause (iii) of this Section 2.28(c13.7(e). Notwithstanding any other provision of this Agreement to the contrary, in no event shall the Commitments of any Lender be extended pursuant to this Section 13.7(e) unless such Lender affirmatively accepts in writing the applicable Extension Offer, it being understood and agreed that a failure by a Lender to respond to any such Extension Offer shall be deemed to be a rejection by such Lender of such Extension Offer.
(ciii) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (iA) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date then in effect, (ii)(AB) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and Commitments, (BC) the weighted average life Loans made pursuant to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans Commitments will rank pari passu in right of payment and with respect to security with the Revolving existing Loans and the Term borrower and guarantors of the Extended Commitments shall be the same as the Borrower and Guarantors with respect to the existing Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan PartyCommitments, (ivD) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) Commitment shall be determined by the Parent Borrower and the lenders providing such applicable extending Lenders, (E) borrowing and prepayment of Loans made pursuant to Extended Term Loans or Extended Revolving Commitments, as applicable or reductions of extended Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the other Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vF) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in sub-clauses (iA) through (ivE) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(div) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans Pro Rata Shares upon the expiration or termination of the commitments Commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.2813.7(e).
Appears in 1 contract
Samples: Credit Agreement (Equity One, Inc.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class class of Revolving Loans and/or Commitments and/or Term Loans to the extended maturity or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Incremental Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender in respect of the applicable Class any class of Loans shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender in respect of such Class class of Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments or Incremental Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments or Incremental Term Loans or Revolving CommitmentsLoans, as applicable, offered requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Revolving Commitments or Incremental Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of under the applicable Class class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 of the Borrower and in each other Loan Document Party contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) as of such earlier date, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.17(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that provided, that, (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date Maturity Date of the Class of Revolving Commitments or Incremental Term Loans or Revolving Commitments being extendedsubject to such Extension Offer, as applicable, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Incremental Term Loans being extendedsubject to such Extension Offer, (iii) the any Extended Revolving Loans and the any Extended Term Loans will shall (A) rank pari passu in right of payment and with respect to security with the Revolving Loans and or the Incremental Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and being extended, as applicable, (B) none of be Guaranteed by the obligors same Guarantors that guarantee the Revolving Loans or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Incremental Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsbeing extended, as applicable and (vC) be secured by the Collateral on an equal and ratable basis with the Revolving Loans or the Incremental Term Loans being extended, as applicable, and (iv) to the extent the terms of the Extended Revolving Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iviii) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Notwithstanding anything herein to the contrary, any Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Revolving Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans Revolving Commitments or Revolving Commitmentsterm loans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit any L/C Obligations or Swingline obligations under Swing Line Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.17).
Appears in 1 contract
Samples: Credit Agreement (Bottomline Technologies Inc /De/)
Amend and Extend Transactions. (a) The Parent Borrower Borrowers may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans to the extended with a like maturity date or termination date specified in such noticeRevolving Credit Commitments with a like maturity date. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case 25,000,000 and minimum increments of Foreign Currency Loans, the Dollar Equivalent thereof$5,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrowers; provided that no Lender will be required or otherwise obligated to participate in such Extension. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.. 146960219_6
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article VII and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(c) The terms of each Extension shall be determined by the Parent Borrower Borrowers and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Revolving Credit Maturity Date or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan Maturity Date, respectively, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrowers and Subsidiary Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Credit Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Borrowers and the lenders providing such applicable extending Lenders, (v)(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in mandatory prepayments with the other Term Loans and (B) borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, as applicable and participation in Letters of Credit and Swingline Loans, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (vvi) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerBorrowers, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Borrowers in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Revolving Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.28section. 146960219_6
(e) Notwithstanding the terms of Sections 5.13, 5.18 and 5.19, in no event shall there be more than (i) two (2) tranches of revolving facilities in the aggregate in effect at any time (including the Revolving Credit Commitments, any Extended Revolving Credit Commitments and any Refinancing Revolving Credit Commitments) and (ii) four (4) tranches of term loans (including the Initial Term Loan, any Extended Term Loans, any Incremental Term Loans and any Refinancing Term Loans), in each case under this Agreement.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, the Borrower mayand any Lender may agree, by written notice to the Administrative Agent from time (each such notice, an “Extension Notice”), to time, request an extension extend (each, an “Extension”) the Maturity Date of such Lender’s Revolving Commitments of a Class (which term, for purposes of this provision, shall also include any tranche of Revolving Commitments outstanding hereunder pursuant to a previous Amend and Extend Transaction) and/or Term Loans of a Class (which term, for purposes of this provision, shall also include any term loans outstanding hereunder pursuant to a previous Amend and Extend Transaction or any Refinancing Term Loan Facility, or any tranche of Incremental Term Loans) to the extended maturity date specified in such Extension Notice and Extension Amendment (each tranche of Revolving Commitments and each tranche of Term Loans so extended, in each case as well as the original Revolving Commitments and Term Loans not so extended, being deemed a separate Class; any Extended Term Loans shall constitute a separate Class of Term Loans from the Class of Term Loans from which they were converted; any Extended Revolving Credit Commitments shall constitute a separate Class of Revolving Commitments from the Class of Revolving Commitments from which they were converted; any Class of Term Loans the maturity or termination date of which shall have been extended pursuant to this Section 12.02, “Extended Term Loans”; and any Class of Revolving Commitments and/or Term Loans the maturity of which shall have been extended pursuant to the extended maturity or termination date specified in such notice. Such notice shall set forth this Section 12.02, “Extended Revolving Credit Commitments”); provided that (i) the amount of Borrower shall have offered to all Lenders under the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in Facility the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Lender (each such offer, an “Extension Offer”), (ii) except as each to interest rates, rate floors, fees, original issue discounts, premiums, final maturity date (subject to the following clauses (iii), (iv) and (v) and, in the case of Extended Term Loans, optional and mandatory prepayments (subject to Section 4.09) (including call protection and prepayment premiums) and scheduled amortization (subject to the following clause (v)) (which, subject to the following clauses (iii), (iv) and (v), shall be determined by the Borrower and set forth in the applicable Extension Offer), the Extended Revolving Credit Commitments or Extended Term Loans shall have the same terms as the Class of Revolving Commitments or Term Loans that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other Lender covenants and terms that apply to any period after the Latest Maturity Date then in effect, (iii) the final maturity date of such Class any Extended Term Loans or Extended Revolving Credit Commitments shall be no earlier than the then Latest Maturity Date applicable to the original Term Loans or Revolving Commitments, respectively, at the time of Extension, (iv) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension Offer, (v) the Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Term Loans under the applicable Facility not extended pursuant to procedures established bysuch Extension Offer, or reasonably acceptable to, the Administrative Agent. If (vi) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of such Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
, (bvii) It shall be a condition precedent to the effectiveness all documentation in respect of such Extension Offer (including any Extension that (i) no Default or Event of Default shall have occurred Notice and be continuing immediately prior any amendment to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) this Agreement implementing the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
Extension Offer (c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in such amendment, an Additional Credit “Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder”)) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent consistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.foregoing,
Appears in 1 contract
Samples: Credit Agreement (Roundy's, Inc.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Term Loan Maturity Date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying identify the relevant Class of Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted accented such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, unless otherwise agreed among the Borrower, the Administrative Agent and each applicable extending Lender, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period [reserved] and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.25(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendmentamendment to this Agreement (which may, at the option of the Administrative Agent, be in the form of an amendment and restatement of this Agreement) providing for Extended Term Loans pursuant to this Section 2.25; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan Maturity Date, (ii)(Aii) (A) there shall be no scheduled amortization of the Extended Revolving Commitments Term Loans and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu (or junior) in right of payment and with respect to security with the Revolving Loans and existing the Term Loans and (A) there the borrower and guarantors of the Extended Term Loans shall be no additional Collateral the same as the Borrower and Subsidiary Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Term Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) Loan shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable extending Lender and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment amendment to this Agreement (which may, at the option of the Administrative Agent, be in the form of an amendment and restatement of this Agreement) providing for Extended Term Loans pursuant to this Section 2.25 and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension, including, without limitation, amendments to the Mortgages, datedown endorsements to the title policies, flood zone determinations and the other deliverables, pursuant to Section 4.02(g). The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment amendment to this Agreement (which may, at the option of the Administrative Agent, be in the form of an amendment and restatement of this Agreement) providing for Extended Term Loans pursuant to this Section 2.25 may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case tranches) on terms not inconsistent consistent with this Section 2.282.25).
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Amend and Extend Transactions. (a) The Parent Borrower Borrowers may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans to the extended with a like maturity date or termination date specified in such noticeRevolving Credit Commitments with a like maturity date. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case 25,000,000 and minimum increments of Foreign Currency Loans, the Dollar Equivalent thereof$5,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrowers; provided that no Lender will be required or otherwise obligated to participate in such Extension. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article VII and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(c) The terms of each Extension shall be determined by the Parent Borrower Borrowers and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Revolving Credit Maturity Date or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan Maturity Date, respectively, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrowers and Subsidiary Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Credit Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Borrowers and the lenders providing such applicable extending Lenders, (v)(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in mandatory prepayments with the other Term Loans and (B) borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, as applicable and participation in Letters of Credit and Swingline Loans, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (vvi) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerBorrowers, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Borrowers in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Revolving Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.28section.
(e) Notwithstanding the terms of Sections 5.13, 5.18 and 5.19, in no event shall there be more than (i) two (2) tranches of revolving facilities in the aggregate in effect at any time (including the Revolving Credit Commitments, any Extended Revolving Credit Commitments and any Refinancing Revolving Credit Commitments) and (ii) four (4) tranches of term loans (including the Initial Term Loan, any Extended Term Loans, any Incremental Term Loans and any Refinancing Term Loans), in each case under this Agreement.
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Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, the Borrower mayand any Lender may agree, by written notice to the Administrative Agent from time (each such notice, an “Extension Notice”), to time, request an extension extend (each, an “Extension”) the Maturity Date of such Lender’s Revolving Commitments of a Class (which term, for purposes of this provision, shall also include any tranche of Revolving Commitments outstanding hereunder pursuant to a previous Amend and Extend Transaction) to the extended maturity or termination date specified in such Extension Notice and Extension Amendment (each tranche of Revolving Commitments so extended, in each case as well as the original Revolving Commitments not so extended, being deemed a separate Class; any Extended Revolving Credit Commitments shall constitute a separate Class of Revolving Commitments from the Class of Revolving Commitments from which they were converted; and any Class of Revolving Commitments and/or Term Loans the maturity of which shall have been extended pursuant to the extended maturity or termination date specified in such notice. Such notice shall set forth this Section 12.02, “Extended Revolving Credit Commitments”); provided that (i) the amount of Borrower shall have offered to all Lenders under the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in Facility the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Lender (each such offer, an “Extension Offer”), (ii) except as each other Lender of such Class pursuant to procedures established byinterest rates, or reasonably acceptable torate floors, fees, original issue discounts, premiums, final maturity date (subject to the following clause (iii)), the Administrative Agent. If Extended Revolving Credit Commitments shall have the same terms as the Class of Revolving Commitments that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other covenants and terms that apply to any period after the Latest Maturity Date then in effect, (iii) the final maturity date of any Extended Revolving Credit Commitments shall be no earlier than the then Latest Maturity Date applicable to the original Revolving Commitments at the time of Extension, (iv) [reserved], (v) [reserved], (vi) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of such Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
, (bvii) It shall be a condition precedent to the effectiveness all documentation in respect of such Extension Offer (including any Extension that (i) no Default or Event of Default shall have occurred Notice and be continuing immediately prior any amendment to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) this Agreement implementing the terms of such Extension Offer (each such amendment, an “Extension Amendment”)) shall be consistent with the foregoing, (viii) any applicable Minimum Extension Condition shall be satisfied unless waived by the
(a) applicable to any Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Credit Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) applicable. In connection with any such Extension, the Borrowers, Borrower and the Administrative Agent and each Agent, with the approval of the extending Lenders of the applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment maySeries, without the consent of any other Lender, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans new Classes, tranches or Extended sub-tranches in respect of the Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, so extended and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class tranches or tranche sub-tranches (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans L/C Obligations upon the expiration or termination of the commitments under any Class tranche or sub-tranche), in each case on terms not inconsistent with this Section 2.2812.
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Samples: Asset Based Revolving Credit Agreement (Roundy's, Inc.)
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, Borrower mayand any Term Loan Lender (any such Term Loan Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timethe Term Loan Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Term Loans of a Class (which term, for purposes of this provision, shall also include any Term Loans outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.20 or any Class of Revolving Commitments and/or Incremental Term Loans Loans) (the “Existing Term Loan Class”) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche Term Loans so extended, in each case as well as the original Term Loans not so extended, being deemed a separate Class; any Extended Term Loans shall set forth constitute a separate Class of Term Loans from the Class of Term Loans from which they were converted; any Class of Term Loans the maturity of which shall have been extended pursuant to this Section 2.20, “Extended Term Loans”); provided, that (i) Borrower shall have offered to all Term Loan Lenders under the amount applicable Term Loan Facility that is the subject of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in proposed Extension the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Term Loan Lender (each such offer, an “Extension Offer”), (ii) subject to clauses (iv) and (v), the Extended Term Loans shall have the same terms as each the Class or Class of Term Loans that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other Lender covenants and terms that apply to any period after the Final Maturity Date then in effect, (iii) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension Offer, (iv) the interest rates, rate floors, fees, original issue discounts, premiums, final maturity date, and scheduled amortization (subject to the limitations set forth in clause (v) of this Section 2.20(a)) applicable to any Extended Term Loans shall be determined by Borrower and the Extending Lenders, (v) before the Final Maturity Date then in effect, the amortization of any Extended Term Loans shall not exceed equal quarterly installments in an aggregate annual amount equal to 1% of the original principal amount of the Extended Term Loans and (vi) all documentation in respect of such Class pursuant Extension Offer (including any Extension Notice and any amendment to procedures established bythis Agreement implementing the terms of such Extension Offer (each such amendment, or reasonably acceptable toan “Extension Amendment”)) shall be consistent with the foregoing. In connection with any such Extension, Borrower and the Administrative Agent, with the approval of the Extending Lenders of the applicable Extension Series, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and Borrower, to implement the terms of any such Extension Offer, including any amendments necessary to establish new Classes, tranches or sub-tranches in respect of the Extended Term Loans and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and Borrower in connection with the establishment of such new tranches or sub-tranches (including to preserve the pro rata treatment of the extended and non-extended tranches), in each case on terms not inconsistent with this Section 2.20.
(b) Notwithstanding anything to the contrary contained in this Agreement, on any date on which any Existing Term Loan Class is converted to extend the related scheduled maturity date(s) in accordance with Section 2.20(a) (an “Extension Date”), the aggregate principal amount of the existing Term Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Term Loans so converted by such Lender on such date, and the Extended Term Loans shall be established as a separate Class of Term Loans (together with any other Extended Term Loans so established on such date). If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Extending Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of such Extending Lenders of the applicable Class 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 to which such Extending Lenders have accepted such Extension Offer.
(bc) It shall be a condition precedent With respect to the effectiveness of any Extension that all Extensions consummated by Borrower pursuant to this Section 2.20, (i) no Default such Extensions shall not constitute voluntary or Event mandatory payments or prepayments for purposes of Default shall have occurred Section 2.10 and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension Offer is required to be in a minimum amount of the Revolving Commitments, $30,000,000. Borrower may at its election specify as a condition to the extent consummating any such Extension that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and a minimum amount (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall to be determined and specified in the relevant Extension Offer in Borrower’s sole discretion and may be waived by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (iBorrower) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans of any or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of all applicable tranches accept the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative AgentExtension Offer.
(d) In connection with any Extension, Borrower shall provide the BorrowersAdministrative Agent at least ten (10) Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent and Agent, in each applicable extending Lender case acting reasonably, to accomplish the purposes of this Section 2.20.
(e) In connection with any Extension Amendment, Borrower shall execute and deliver (i) an opinion of counsel reasonably acceptable to the Administrative Agent an Additional Credit as to the enforceability of such Extension Amendment and the Loan Documents as amended thereby, that such Extension Amendment, including the Extended Term Loans provided for therein, does not breach or cause a Default or Event of Default under the terms and provisions of Section 10.02 of this Agreement and such other documentation opinions reasonably requested by the Administrative Agent, (ii) customary reaffirmations and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent shall in order to ensure that such Extended Term Loans are provided with the benefit of the applicable Loan Documents and (iii) board resolutions and other closing certificates and documentation to the extent reasonably specify to evidence requested by the Extension. The Administrative Agent.
(f) In the event that the Administrative Agent shall promptly notify each determines in its sole discretion that the allocation of Extended Term Loans of a given Extension Series to a given Lender was incorrectly determined as to a result of manifest administrative error, then the effectiveness of each Extension. Any Additional Credit Extension Amendment mayAdministrative Agent, Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other Lender, effect such amendments enter into an amendment to this Agreement and the other Loan Documents (each, a “Corrective Extension Amendment”) within 15 days following the effective date of the applicable Extension Amendment, as the case may be necessary or appropriatebe, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Term Loans under the Existing Term Loan Class in such amount as is required to cause such Lender to hold Extended Term Loans of the applicable Extension Series into which such other Term Loans were initially converted in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Extended Term Loans to which it was entitled under the terms of such Extension Amendment, in the reasonable opinion absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, Borrower and such Lender may agree (including conditions of the Administrative Agent type required to be satisfied for the effectiveness of an Extension Amendment described in Section 2.20(a)), and (iii) effect such other amendments of the Parent Borrowertype (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section 2.20(a).
(g) This Section 2.20 shall supersede any provisions in 10.02 to the contrary. For the avoidance of doubt, any of the provisions of this Section 2.20 may be amended with the consent of the Required Lenders; provided that no such amendment shall require any Lender to implement the terms of provide any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and without such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28Lender’s consent.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments Commitment Termination Date and/or the Term Loans Loan A Maturity Date to the extended maturity or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 5,00,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Appropriate Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Appropriate Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Appropriate Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Revolving Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Appropriate Lenders of the applicable Class 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 to which such Appropriate Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth contained in Section 4 6 and in each the other Loan Document Documents shall be true and correct in all material respects (or, in all respects, if already qualified by materiality) on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they CHAR1\1982293v2 shall be true and correct in all material respects (or, in all respects, if already qualified by materiality) as of such earlier date, (iii) the Issuing Lenders Bank and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.19(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; Amendment; provided that (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Revolving Commitment Termination Date or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan A Maturity Date, respectively, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being extendedLoans, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans being extended and (A) there the borrower and guarantors of the Extended Revolving Commitments or Extended Term Loans, as applicable, shall be no additional Collateral with respect thereto not constituting security for the Obligations same as the borrower and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyto the Revolving Loans or applicable Term Loans being extended, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable extending Lenders and (v) to the extent the terms of the Extended Revolving Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the such Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Notwithstanding anything herein to the contrary, any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Revolving Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans revolving commitments or Revolving Commitmentsterm loans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in any obligations under Swing Line Loans or Letters of Credit or Swingline Loans (including Letter of Credit Obligations) upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.19).
Appears in 1 contract
Samples: Credit Agreement (AdaptHealth Corp.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of Commitments that will be subject to the applicable Class of Revolving Commitments and/or Term Loans to be extended Extension (which request shall be in minimum increments of $1,000,000 1.0 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5.0 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class The Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class 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 to which such Lenders have accepted such Extension Offer. Notwithstanding anything to the contrary in this Agreement, any individual Lender’s agreement to extend its Commitments, in whole or in part, pursuant to this Section 2.24 shall be in such Lender’s sole discretion.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with clause (c) of this Section 2.28(c)2.24.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and security with the existing Loans and the borrower, guarantors and collateral of the Extended Commitments shall be the same as the borrower, Guarantors and Collateral with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts margin and premiums any fees applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vi) the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (iv) aboveother than upon the maturity of the non-extended Loans and Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.24.
Appears in 1 contract
Samples: Credit Agreement (Flywire Corp)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of Commitments that will be subject to the applicable Class of Revolving Commitments and/or Term Loans to be extended Extension (which request shall be in minimum increments of $1,000,000 1 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten Business Days nor more than 60 days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class The Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class 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 to which such Lenders have accepted such Extension Offer. Notwithstanding anything to the contrary in this Agreement, any individual Lender’s agreement to extend its Commitments, in whole or in part, pursuant to this Section 2.25 shall be in such Lender’s sole discretion.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with clause (c) of this Section 2.28(c)2.25.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and security with the existing Loans and the borrower, guarantors and collateral of the Extended Commitments shall be the same as the borrower, Guarantors and Collateral with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts margin and premiums any fees applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vi) the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (iv) aboveother than upon the maturity of the non-extended Loans and Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.25.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Lead Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Credit Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Credit Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, offered to be extended by the Parent Lead Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Credit Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article 6 and in each other Loan Credit Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders L/C Issuer and the Swingline Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.19(c).
(c) The terms of each Extension shall be determined by the Parent Lead Borrower and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Credit Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Credit Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Credit Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Lead Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Lead Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Credit Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Lead Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.282.19).
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments Facility Maturity Date and/or the Term Loans A Facility Maturity Date to the extended maturity or termination date specified in such noticerequest. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term A Loans to be extended (which shall be in minimum increments of $1,000,000 100,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof1,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such requested Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Appropriate Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Appropriate Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments or Term A Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Appropriate Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments or Term Loans or Revolving CommitmentsA Loans, as applicable, offered requested to be extended by the Parent Borrower pursuant to such Extension Offer, then the Revolving Commitments or Term Loans or Revolving CommitmentsA Loans, as applicable, of Appropriate Lenders of the applicable Class 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 to which such Appropriate Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 of the Borrower and in each other Loan Document Party contained in Article II and Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or reference to Material Adverse Effect) on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or reference to Material Adverse Effect) as of such earlier date, (iii) the Issuing Lenders L/C Issuers and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, Commitments to the extent that such extension Extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term A Loans shall comply with Section 2.28(c2.17(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and be set forth in an Additional Credit Extension Amendment; provided that provided, that, (i) the final maturity date of any Extended Term Loan Revolving Commitment or Extended Revolving Commitment Term A Loan shall be no earlier than the maturity Revolving Facility Maturity Date or termination date of the Class of Term Loans or Revolving Commitments being extendedA Facility Maturity Date, respectively, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term A Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being extendedA Loans, (iii) the Extended Revolving Loans and the Extended Term A Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term A Loans being extended and (A) there the borrower and guarantors of the Extended Revolving Commitments or Extended Term A Loans, as applicable, shall be no additional Collateral with respect thereto not constituting security for the Obligations same as the borrower and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyto the Revolving Loans or applicable Term A Loans being extended, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) and Extended Term A Loans shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable extending Lender and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments or Extended Term A Loans are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Notwithstanding anything herein to the contrary, any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate (but only to such extent), in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans Revolving Commitments or Extended Revolving Commitments Term A Loans as a new Class or tranche of Term Loans revolving commitments or Revolving Commitmentsterm loans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit any L/C Obligations or obligations under Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.17).
Appears in 1 contract
Samples: Credit Agreement (Ducommun Inc /De/)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension” and each such notice, an “Extension Request”) of the maturity or termination date Revolving Credit Commitments of a Class (which term, for purposes of this provision, shall also include any Class tranche of Revolving Credit Commitments outstanding hereunder pursuant to a previous Amend and Extend Transaction and/or Term Loans of a Class (which term, for purposes of this provision, shall also include any term loans outstanding hereunder pursuant to a previous Amend and Extend Transaction or any Refinancing Term Loans, or any tranche of Incremental Term Loans) to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request Request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class or Classes of Revolving Credit Commitments and/or Term Loans to which the Extension request Request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Credit Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article 3 and in each other Loan Credit Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c2.26(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Credit Commitment shall be no earlier than the maturity or termination date of then Latest Maturity Date applicable to the Class of original Term Loans or Revolving Commitments being extendedCredit Commitments, respectively, at the time of Extension, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and Credit Commitments, (B) the weighted average life Weighted Average Life to maturity Maturity of the any Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being extendedunder the applicable Credit Facility not extended pursuant to such Extension Offer and (C) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension Offer, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Credit Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Credit Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Credit Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Credit Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans or Extended Revolving Credit Commitments as a new Class or tranche of Term Loans or Revolving Credit Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans L/C Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.282.26).
(e) In the event that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans of a given Extension Series or the Extended Revolving Credit Commitments of a given Extension Series, in each case to a given Lender was incorrectly determined as a result of manifest administrative error, then the Administrative Agent, the Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other Loan Documents (each, a “Corrective Extension Amendment”) within 15 days following the determination of such error, as the case may be, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Term Loans under the existing Term Loan Class or existing Revolving Credit Commitments, as the case may be, in such amount as is required to cause such Lender to hold Extended Term Loans or Extended Revolving Credit Commitments (and related Revolving Extensions of Credit) of the applicable Extension Series into which such other Term Loans or Revolving Commitments were initially converted, as the case may be, in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Loans or Commitments to which it was entitled under the terms of such Extension Amendment, in the absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, the Borrower and such Lender may agree, and (iii) effect such other amendments of the type (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section 2.26(d).
(f) This Section 2.26 shall supersede any provisions in Section 2.17 or Section 9.08 to the contrary.
Appears in 1 contract
Samples: Credit Agreement (Walter Investment Management Corp)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class class of Revolving Commitments, Replacement Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments amounts of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class class of Revolving Commitments, Replacement Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments, Replacement Revolving Commitments or Term Loans, as applicable, in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Replacement Revolving Commitments or Term Loans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Term Loans or Revolving Commitments, Replacement Revolving Commitments or Term Loans, as applicable, of Lenders of the applicable Class class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Credit Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments or Replacement Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the stated maturity or termination date of the Class class of Revolving Commitments, Replacement Revolving Commitments or Term Loans or Revolving Commitments being extendedextended thereby, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class existing class of Term Loans being extendedextended thereby, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing class of Revolving Loans or Term Loans, as applicable, being extended thereby and the borrowers and guarantors of the Extended Revolving Commitments or Extended Term Loans and (A) there Loans, as applicable, shall be no additional Collateral the same as the Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none existing class of the obligors Revolving Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, being extended thereby, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such applicable extending Lenders, (v)
(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in voluntary or mandatory prepayments with the other Term Loans and (B) borrowing and prepayment of Extended Revolving Loans, or reductions of Extended Revolving Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the other Revolving Loans, Revolving Commitments, Replacement Revolving Loans or Replacement Revolving Commitments, as applicable applicable, of the class being extended thereby (other than upon the maturity of the non-extended Revolving Loans, Revolving Commitments, Replacement Revolving Loans or Replacement Revolving Commitments, as applicable, of the class being extended thereby) and (vvi) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with or Extended Term Loans, as applicable, shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each affected Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class class or tranche of Term Loans or Revolving Commitments, Replacement Revolving Commitments or Term Loans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes classes or tranches and to provide for the reallocation of participation in Letters of Credit Revolving Commitments or Swingline Loans the credit exposure with respect to any Replacement Revolving Commitment, as applicable, upon the expiration or termination of the commitments under any Class class or tranche), in each case on terms not inconsistent consistent with this Section 2.28Section.
Appears in 1 contract
Amend and Extend Transactions. (ai) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class of Term Loans and Revolving Commitments and/or Term Loans to the extended maturity or termination date Maturity Date specified in such notice. Such notice shall (A) set forth (i) the amount of the applicable Class of Revolving Commitments and/or or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in reasonably acceptable to the case of Foreign Currency Loans, Agent and the Dollar Equivalent thereofBorrower), (iiB) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iiiC) identifying identify the relevant Class of Revolving Commitments and/or or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of the Class of Revolving Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of the Class of Revolving Commitments or Term Loans or Revolving Commitments, subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Revolving Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable such Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (iA) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iiB) the representations and warranties set forth in Section 4 6.1. and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such ExtensionExtension except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances permitted under the Loan Documents, (iiiC) the Issuing Lenders Banks and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (ivD) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with subclause (iii) of this Section 2.28(c12.7.(g). Notwithstanding any other provision of this Agreement to the contrary, in no event shall the Commitments or Loans of any Lender be extended pursuant to this Section 12.7.(g). unless such Lender affirmatively accepts in writing the applicable Extension Offer, it being understood and agreed that a failure by a Lender to respond to any such Extension Offer shall be deemed to be a rejection by such Lender of such Extension Offer.
(ciii) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (iA) the final maturity date of any Extended Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date Maturity Date of the Class of Revolving Commitments or Term Loans or Revolving Commitments being extendedsubject to such Extension, (ii)(AB)(x) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (By) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedsubject to such Extension, (iiiC) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (ivD) the interest rate margin, rate floors, feesfees (including the payment of upfront fees only to the Lenders accepting such Extension), original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment mayLenders, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or trancheE), in each case on terms not inconsistent with this Section 2.28.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower Borrowers may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Loan Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof50,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Loan Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to -96- 4159-4780-3173 participate in such Extension on a pro rata basis and on the same terms and conditions as each other Revolving Lender of such Class or Term Lender, as applicable, pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of Revolving Loan Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Loan Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Loan Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of applicable Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article IV and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Loan Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iv) the terms of such Extended Revolving Loan Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(c) The terms of each Extension shall be determined by the Parent Borrower Borrowers and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Loan Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) (A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Loan Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Revolving Loan Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Loan Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Borrowers and the lenders providing such applicable extending Lenders, (v)
(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in mandatory prepayments with the other Term Loans and (B) borrowing and prepayment of Extended Revolving Loans, or reductions of Extended Revolving Loan Commitments, as applicable and participation in Letters of Credit and Swing Line Loans, shall be on a pro rata basis with the other Revolving Loans or Revolving Loan Commitments (other than upon the maturity of the non-extended Revolving Loans’ Revolving Loan Commitments) and (vvi) to the extent the terms of the Extended Revolving Loan Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as -97- 4159-4780-3173 applicable, shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerBorrower Representative, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Loan Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class class or tranche of Revolving Loan Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes classes or tranches and to provide for the reallocation of participation Revolving Loans (and participations in Letters of Credit or Swingline Loans and Swing Line Loans) upon the expiration or termination of the commitments under any Class class or tranche), in each case on terms not inconsistent consistent with this Section 2.28section.
Appears in 1 contract
Amend and Extend Transactions. (ai) The Parent Borrower Borrowers may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans to the extended with a like maturity date or termination date specified in such noticeRevolving Credit Commitments with a like maturity date. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case 25,000,000 and minimum increments of Foreign Currency Loans, the Dollar Equivalent thereof$5,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrowers; provided that no Lender will be required or otherwise obligated to participate in such Extension. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article VII and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(ciii) The terms of each Extension shall be determined by the Parent Borrower Borrowers and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Revolving Credit Maturity Date or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan Maturity Date, respectively, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrowers and Subsidiary Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Credit Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Borrowers and the lenders providing such applicable extending Lenders, (v)(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in mandatory prepayments with the other Term Loans and (B) borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, as applicable and participation in Letters of Credit and Swingline Loans, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (vvi) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(div) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The 165457743_4174358596_2 Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerBorrowers, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Borrowers in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Revolving Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.28section.
(v) Notwithstanding the terms of Sections 5.13, 5.18 and 5.19, in no event shall there be more than (i) two (2) tranches of revolving facilities in the aggregate in effect at any time (including the Revolving Credit Commitments, any Extended Revolving Credit Commitments and any Refinancing Revolving Credit Commitments) and (ii) four (4) tranches of term loans (including the Initial Term Loan, any Extended Term Loans, any Incremental Term Loans and any Refinancing Term Loans), in each case under this Agreement.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Stated Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which request shall be in minimum increments of $1,000,000 1 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten Business Days nor more than 60 sixty days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of ). The Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Revolving Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Revolving Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class Revolving 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 to which such Revolving Lenders have accepted such Extension Offer. Notwithstanding anything to the contrary in this Agreement, any individual Revolving Lender’s agreement to extend its Revolving Commitments, in whole or in part, pursuant to this Section 2.25 shall be in such Revolving Lender’s sole discretion.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with clause (c) of this Section 2.28(c)2.25.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Revolving Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedStated Maturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the Term Loans borrower, guarantors and (A) there collateral of the Extended Commitments shall be no additional the same as the borrower, Loan Guarantors and Collateral with respect thereto not constituting security for to the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Revolving Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts margin and premiums any fees applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended applicable extending Revolving CommitmentsLenders, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent borrowing and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.prepayment
Appears in 1 contract
Samples: Incremental Facility Amendment (Jamf Holding Corp.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of Commitments that will be subject to the applicable Class of Revolving Commitments and/or Term Loans to be extended Extension (which request shall be in minimum increments of $1,000,000 1 million and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5 million), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class The Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class 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 to which such Lenders have accepted such Extension Offer. Notwithstanding anything to the contrary in this Agreement, any individual Lender’s agreement to extend its Commitments, in whole or in part, pursuant to this Section 2.24 shall be in such Lender’s sole discretion.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with clause (c) of this Section 2.28(c)2.24.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCommitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and security with the existing Loans and the borrower, guarantors and collateral of the Extended Commitments shall be the same as the borrower, Guarantors and Collateral with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts margin and premiums any fees applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-extended Loans and Commitments) and (vi) the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (iv) aboveother than upon the maturity of the non-extended Loans and Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.24.
Appears in 1 contract
Samples: Credit Agreement (Etsy Inc)
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, Borrower mayand any Term Loan Lender (any such Term Loan Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timethe Term Loan Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Term Loans of a Class (which term, for purposes of this provision, shall also include any Term Loans outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.20 or any Class of Revolving Commitments and/or Incremental Term Loans Loans) (the “Existing Term Loan Class”) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche Term Loans so extended, in each case as well as the original Term Loans not so extended, being deemed a separate Class; any Extended Term Loans shall set forth constitute a separate Class of Term Loans from the Class of Term Loans from which they were converted; any Class of Term Loans the maturity of which shall have been extended pursuant to this Section 2.20, “Extended Term Loans”); provided, that (i) Borrower shall have offered to all Term Loan Lenders under the amount applicable Term Loan Facility that is the subject of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in proposed Extension the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Term Loan Lender (each such offer, an “Extension Offer”), (ii) subject to clauses (iv) and (v), the Extended Term Loans shall have substantially similar terms as each the Class or Class of Term Loans that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other Lender covenants and terms that apply to any period after the Final Maturity Date then in effect; provided further that (x) no Extended Terms Loans shall benefit from any guarantee or any security interest not otherwise also guaranteeing or securing, as the case may be, the other Term Loans and (y) the Extended Term Loans shall not effectaffect the validity and/or enforceability of any guaranty of, and/or security interest granted in respect of, any Existing Term Loan Class, (iii) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension Offer, (iv) the interest rates, rate floors, fees, original issue discounts, premiums, final maturity date, and scheduled amortization (subject to the limitations set forth in clause (v) of this Section 2.20(a)) applicable to any Extended Term Loans shall be determined by Borrower and the Extending Lenders, (v) before the Final Maturity Date then in effect, the amortization of any Extended Term Loans shall not exceed equal quarterly installments in an aggregate annual amount equal to 1% of the original principal amount of the Extended Term Loans and (vi) all documentation in respect of such Class pursuant Extension Offer (including any Extension Notice any amendment to procedures established bythis Agreement implementing the terms of such Extension Offer (each such amendment, or reasonably acceptable toan “Extension Amendment”)) shall be consistent with the foregoing. In connection with any such Extension, Borrower and the Administrative Agent, with the approval of the Extending Lenders of the applicable Extension Series, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and Borrower, to implement the terms of any such Extension Offer, including any amendments necessary to establish new Classes, tranches or sub-tranches in respect of the Extended Term Loans and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and Borrower in connection with the establishment of such new tranches or sub-tranches (including to preserve the pro rata treatment of the extended and non-extended tranches), in each case on terms not inconsistent with this Section 2.20.
(b) Notwithstanding anything to the contrary contained in this Agreement, on any date on which any Existing Term Loan Class is converted to extend the related scheduled maturity date(s) in accordance with Section 2.20(a) (an “Extension Date”), the aggregate principal amount of the existing Term Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Term Loans so converted by such Lender on such date, and the Extended Term Loans shall be established as a separate Class of Term Loans (together with any other Extended Term Loans so established on such date). If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Extending Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of such Extending Lenders of the applicable Class 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 to which such Extending Lenders have accepted such Extension Offer.
(bc) It shall be a condition precedent With respect to the effectiveness of any Extension that all Extensions consummated by Borrower pursuant to this Section 2.20, (i) no Default such Extensions shall not constitute voluntary or Event mandatory payments or prepayments for purposes of Default shall have occurred Section 2.10 and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension Offer is required to be in a minimum amount of the Revolving Commitments, $30,000,000. Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to the extent consummating any such Extension that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and a minimum amount (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall to be determined and specified in the relevant Extension Offer in Borrower’s sole discretion and may be waived by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (iBorrower) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans of any or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of all applicable tranches accept the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative AgentExtension Offer.
(d) In connection with any Extension, Borrower shall provide the BorrowersAdministrative Agent at least ten (10) Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent and Agent, in each applicable extending Lender case acting reasonably, to accomplish the purposes of this Section 2.20.
(e) In connection with any Extension Amendment, Borrower shall execute and deliver (i) an opinion of counsel reasonably acceptable to the Administrative Agent an Additional Credit as to the enforceability of such Extension Amendment and the Loan Documents as amended thereby, that such Extension Amendment, including the Extended Term Loans provided for therein, does not conflict with or violate the terms and provisions of this Agreement, does not affect the validity or perfection of the Collateral Agent’s Lien on the Collateral, and such other documentation customary opinions reasonably requested by the Administrative Agent, (ii) customary reaffirmations and/or such amendments to the Security Documents as may be reasonably requested by the Administrative Agent shall in order to ensure that such Extended Term Loans are provided with the benefit of the applicable Loan Documents and (iii) board resolutions, secretary’s certificates, officer’s certificates and other closing certificates and documentation to the extent reasonably specify to evidence requested by the Extension. The Administrative Agent.
(f) In the event that the Administrative Agent shall promptly notify each determines in its sole discretion that the allocation of Extended Term Loans of a given Extension Series to a given Lender was incorrectly determined as to a result of manifest administrative error, then the effectiveness of each Extension. Any Additional Credit Extension Amendment mayAdministrative Agent, Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other Lender, effect such amendments enter into an amendment to this Agreement and the other Loan Documents (each, a “Corrective Extension Amendment”) within 15 days following the effective date of the applicable Extension Amendment, as the case may be necessary or appropriatebe, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Term Loans under the Existing Term Loan Class in such amount as is required to cause such Lender to hold Extended Term Loans of the applicable Extension Series into which such other Term Loans were initially converted in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Extended Term Loans to which it was entitled under the terms of such Extension Amendment, in the reasonable opinion absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, Borrower and such Lender may agree (including conditions of the Administrative Agent type required to be satisfied for the effectiveness of an Extension Amendment described in Section 2.20(a)), and (iii) effect such other amendments of the Parent Borrowertype (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section 2.20(a).
(g) This Section 2.20 shall supersede any provisions in Section 10.02 to the contrary. For the avoidance of doubt, any of the provisions of this Section 2.20 may be amended with the consent of the Required Lenders; provided that no such amendment shall require any Lender to implement the terms of provide any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and without such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28Lender’s consent.
Appears in 1 contract
Samples: Credit Agreement (Internap Corp)
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof100,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class of Revolving Credit Commitments and/or Term Loans shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class of Revolving Credit Commitments and/or Term Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Company. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class Revolving Credit Commitments and/or Term Loans 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default the conditions set forth in Sections 4.02(a) and (b) shall have occurred and be continuing immediately prior satisfied (as if the references therein to and immediately after giving effect to such Credit Extension were replaced with Extension), (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iviii) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with paragraph (c) of this Section 2.28(c)2.19.
(c) The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date Maturity Date of the Class Revolving Credit Facility or the Maturity Date of the applicable Term Loans or Revolving Commitments being extendedLoans, respectively, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and Term
(A) there shall be no additional Collateral the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in voluntary or mandatory prepayments with respect thereto not constituting security for the Obligations other Term Loans of the Class being extended and (B) none borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, and participation in Letters of Credit and Swing Line Loans, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, Class being extended (ivother than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (vvi) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein with respect to the applicable Class being extended (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersCompany, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerCompany, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Company in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Total Revolving Credit or Swingline Loans Outstandings upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.19.
(e) This Section 2.19 shall supersede any provision in Section 2.12 or Section 10.01 to the contrary.
Appears in 1 contract
Samples: Credit Agreement (WEX Inc.)
Amend and Extend Transactions. (a) The Parent At any time after the Amendment Effective Date, the applicable Borrower mayand any Lender may agree, by written notice to the Administrative Agent from time to time, request an extension (eacheach such notice, an “ExtensionExtension Notice”) ), to extend the Maturity Date of the maturity or termination date of any Class of such Lender’s Revolving Credit Commitments and/or Term Loans (which term, for purposes of this provision, shall include any tranche of term loans outstanding hereunder pursuant to a previous Amend and Extend Transaction or an Incremental Term Facility) to the extended maturity or termination date specified in such notice. Such notice shall set forth Extension Notice; provided, that (i) the amount of applicable Borrower shall have offered to all Lenders under the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in Facility the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension extension on a pro rata basis and on the same terms and conditions as to each other Lender of such Class pursuant to procedures established byLender, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (iii) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately or after giving effect to any such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extensionextension, (iii) except as to interest rates, fees, final maturity date and, in the Issuing Lenders case of an extension of maturity of Term Loans and amortization, the Swingline Lender extended Commitments (in the case of an extension of maturity of Revolving Credit Commitments) or Term Loans (in the case of an extension of maturity of Term Loans) shall have consented to any Extension the same terms as the Revolving Credit Commitments or Term Loans under the Facility that was the subject of the Revolving CommitmentsExtension Notice, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of after giving effect to any such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedextension, (ii)(A) there shall be no scheduled amortization of the Extended more than two separate Maturity Dates in effect for all Revolving Credit Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms all documentation in respect of the Extended Term Loans or the Extended Revolving Commitments are inconsistent such extension shall be consistent with the terms set forth herein (except as set forth foregoing and in clauses (i) through (iv) above), such terms shall be form and substance reasonably satisfactory to the Administrative Agent.
(d) . In connection with any Extensionsuch extension, the Borrowers, Borrowers and the Administrative Agent and each applicable Agent, with the approval of the extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment mayLenders, without the consent of any other Lender, may effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement establish new tranches or sub-tranches in respect of the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, so extended and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class tranches or tranche sub-tranches (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.extended
Appears in 1 contract
Samples: Credit Agreement (Axcan Intermediate Holdings Inc.)
Amend and Extend Transactions. (ai) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall (A) set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, 200,000,000 and minimum increments of $25,000,000 in excess thereof (or such other amounts as may be acceptable to the case of Foreign Currency Loans, Borrower and the Dollar Equivalent thereofAdministrative Agent)), (iiB) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iiiC) identifying identify the relevant Class of Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (iA) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iiB) the representations and warranties set forth in Section 4 6.1. and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such ExtensionExtension except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not prohibited hereunder, (iiiC) the Issuing Lenders Banks and the Swingline Lender Lenders shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (ivD) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with subclause (iii) of this Section 2.28(c12.6.(g). Notwithstanding any other provision of this Agreement to the contrary, in no event shall the Commitments or Loans of any Lender be extended pursuant to this Section 12.6.(g). unless such Lender affirmatively accepts in writing the applicable Extension Offer, it being understood and agreed that a failure by a Lender to respond to any such Extension Offer shall be deemed to be a rejection by such Lender of such Extension Offer.
(ciii) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (iA) the final maturity date of any Extended Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the latest Termination Date then in effect for any Class of Term Loans or Revolving Commitments being extendedLoans, (ii)(AB)(x) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (By) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of existing Term Loans being extendedLoans, (iiiC) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (ivD) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment mayLenders, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or trancheE), in each case on terms not inconsistent with this Section 2.28.
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Amend and Extend Transactions. (a) The Parent Borrower Each Borrower, as applicable, may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrowers. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Credit Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, Credit Commitments of Lenders of the applicable Class class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article V and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the Issuing Lenders and the Swingline Lender L/C Issuer shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(c) The terms of each Extension shall be determined by the Parent applicable Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Credit Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCredit Commitments, (iii) the Extended Revolving Loans and the Extended Term Credit Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the Term Loans borrowers and (A) there guarantors of the Extended Revolving Credit Commitments shall be no additional Collateral the same as the applicable Borrower and Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Revolving Credit Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) shall be determined by the Parent Borrower Borrowers and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Revolving Credit Loans or Revolving Credit Commitments (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (vi) the terms of the Extended Term Loans or the Extended Revolving Credit Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowersapplicable Borrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent applicable Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Credit Commitments as a new Class class or tranche of Term Loans or Revolving Commitments, as applicable, Credit Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Borrowers in connection with the establishment of such new Class class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes classes or tranches and to provide for the reallocation of participation in Letters of Revolving Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class class or tranche), in each case on terms not inconsistent consistent with this Section 2.2811.02.
Appears in 1 contract
Samples: Credit Agreement (International Money Express, Inc.)
Amend and Extend Transactions. (a) The Parent Lead Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Credit Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Credit Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, offered to be extended by the Parent Lead Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Credit Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article 6 and in each other Loan Credit Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders L/C Issuer and the Swingline Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).at
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment Each Lender shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life deliver to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent, at the time or times prescribed by applicable Laws or when reasonably requested by the Parent or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Parent or the Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder or under any other Credit Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender by the Borrowers pursuant to this Credit Agreement or otherwise to establish such Lender’s status for withholding tax purposes in the applicable jurisdiction and (D) whether or not payments made hereunder or under any other Credit Document are subject to backup withholding taxes or information reporting requirement. Notwithstanding anything to the contrary in this Section 3.01(e)(i), the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.01(e)(ii)(A), (ii)(B) and (ii)(C) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(dii) In connection with any ExtensionWithout limiting the generality of the foregoing, if a Borrower is a resident for tax purposes in the Borrowers, United States:
(A) Any Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code shall deliver to such Borrower and the Administrative Agent and each executed originals of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable extending Laws or reasonably requested by such Borrower or the Administrative Agent as will enable such Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
(B) Each Foreign Lender that is entitled under the Internal Revenue Code or any applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder or under any other Credit Document shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment Parent and such other documentation as the Administrative Agent (in such number of copies as shall reasonably specify to evidence be requested by the Extension. The Administrative Agent shall promptly notify each Lender as recipient) on or prior to the effectiveness date on which such Foreign Lender becomes a Lender under this Credit Agreement (and from time to time thereafter upon the request of each Extension. Any Additional Credit Extension Amendment maythe Parent or the Administrative Agent, without but only if such Foreign Lender is legally entitled to do so), whichever of the consent following is applicable:
(1) executed originals of Internal Revenue Service Form W-8 BEN or W-8 BEN-E, as applicable, claiming eligibility for benefits of an income tax treaty to which the United States is a party,
(2) executed originals of Internal Revenue Service Form W-8 ECI,
(3) executed originals of Internal Revenue Service Form W-8 IMY and all required supporting documentation,
(4) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Internal Revenue Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Internal Revenue Code, (B) a “10 percent shareholder” of the Parent within the meaning of section 881(c)(3)(B) of the Internal Revenue Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Internal Revenue Code and (y) executed originals of Internal Revenue Service Form W-8 BEN or W-8 BEN-E, as applicable, or
(5) executed originals of any other Lender, effect form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in United States Federal withholding tax together with such amendments to this Agreement and the other Loan Documents supplementary documentation as may be necessary prescribed by applicable Laws to permit a Borrower or appropriatethe Administrative Agent to determine the withholding or deduction required to be made.
(C) If a payment made to a Lender under any Credit Document would be subject to United States federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, in the reasonable opinion of as applicable), such Lender shall deliver to the Administrative Agent and the Parent Borrower, to implement at the terms time or times prescribed by law and at such time or times reasonably requested by the Parent or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, the Internal Revenue Code) and such other technical amendments additional documentation reasonably requested by the Parent or the Administrative Agent as may be necessary for the Parent and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or appropriate to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (C), “FATCA” shall include any amendments made to FATCA after the Effective Date.
(iii) Each Lender shall promptly (A) notify the Parent and the Administrative Agent of any change in circumstances that would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable opinion judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable Laws of any jurisdiction that the Borrowers or the Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender.
(iv) Each of the Credit Parties shall promptly deliver to the Administrative Agent or any Lender, as the Administrative Agent or such Lender shall reasonably request, on or prior to the Closing Date (or such later date on which it first becomes a Credit Party), and in a timely fashion thereafter, such documents and forms required by any relevant taxing authorities under the Parent Borrower Laws of any jurisdiction, duly executed and completed by such Credit Party, as are required to be furnished by such Lender or the Administrative Agent under such Laws in connection with any payment by the Administrative Agent or any Lender of Taxes or Other Taxes, or otherwise in connection with the establishment of Credit Documents, with respect to such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28jurisdiction.
Appears in 1 contract
Samples: Credit Agreement (Tempur Sealy International, Inc.)
Amend and Extend Transactions. (a) The Parent At any time after the Closing Date, the Borrower mayand any Lender (any such Lender, an “Extending Lender”) may agree, by written notice to the Administrative Agent from time for further distribution to timethe Lenders (each such notice, request an extension “Extension Notice”), to extend (each, an “Extension”) of the maturity or termination date of such Lender’s Revolving Commitments of a Class (which term, for purposes of this provision, shall also include any Class of Revolving Commitments and/or Term outstanding hereunder pursuant to a previous amend and extend transaction pursuant to the terms of this Section 2.19, any Class of Incremental Revolving Loans or any commitments under any Incremental Revolving Facility (the “Existing Revolving Commitment Class,” the Revolving Loans thereunder, the “Existing Revolving Loans” and the Revolving Commitments thereunder, the “Existing Revolving Commitments”) to the extended maturity or termination date specified in such notice. Such notice Extension Notice and Extension Amendment (each tranche of Revolving Commitments so extended, in each case as well as the original Revolving Commitments not so extended, being deemed a separate Class; any Extended Revolving Credit Commitments shall set forth constitute a separate Class of Revolving Commitments from the Class of Revolving Commitments from which they were converted and any Class of Revolving Commitments the maturity of which shall have been extended pursuant to this Section 2.19, “Extended Revolving Credit Commitments”); provided, that (i) the amount Borrower shall have offered to all Lenders under the applicable Credit Facility that is the subject of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in proposed Extension the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions to each such Lender (each such offer, an “Extension Offer”), (ii) except as each other Lender of such Class pursuant to procedures established byinterest rates, or reasonably acceptable torate floors, fees, original issue discounts, premiums, final maturity date (subject to the following clause (v), which shall be determined by the Borrower and set forth in the applicable Extension Offer), the Administrative Agent. If Extended Revolving Credit Commitments shall have the same terms as the Class or Class of Revolving Commitments that was the subject of the Extension Notice; provided that the Extension Offer and/or Extension Amendment may provide for other covenants and terms that apply to any period after the Latest Maturity Date then in effect, (iii) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, Commitments offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, Commitments of such Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) all documentation in respect of such Extension Offer (including any Extension Notice any amendment to this Agreement implementing the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(cExtension Offer (each such amendment, an “Extension Amendment”).
(c) The terms of each Extension shall be determined by consistent with the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedforegoing, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (ivv) the interest rate marginrates, rate floors, fees, original issue discounts discounts, premiums, final maturity date and premiums optional and mandatory prepayments (subject to the limitations set forth in clause (ii) of this Section 2.19) applicable to any Extended Term Loans or Extended Revolving Credit Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Credit Commitments, as applicable and (vvi) to all Borrowings under the extent applicable Revolving Commitments (i.e., the terms of the Extended Term Loans or Existing Revolving Commitment Class and the Extended Revolving Credit Commitments are inconsistent with of the terms set forth herein applicable Extension Series) and repayments thereunder shall be made on a pro rata basis (except as set forth in clauses for (iI) through payments of interest and fees at different rates on Extended Revolving Credit Commitments (ivand related outstandings) aboveand (II) repayments required upon the Maturity Date of the non-extending Revolving Commitments), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) . In connection with any such Extension, the Borrowers, Borrower and the Administrative Agent and each Agent, with the approval of the Extending Lenders of the applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment maySeries, without the consent of any other Lender, may effect such amendments (including any Extension Amendment) to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans new Classes, tranches or Extended Revolving Commitments as a new Class or tranche sub-tranches in respect of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.the
Appears in 1 contract
Amend and Extend Transactions. (ai) The Parent Borrower Borrowers may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans to the extended with a like maturity date or termination date specified in such noticeRevolving Credit Commitments with a like maturity date. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case 25,000,000 and minimum increments of Foreign Currency Loans, the Dollar Equivalent thereof$5,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrowers; provided that no Lender will be required or otherwise obligated to participate in such Extension. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article VII and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c)paragraph (c) of this Section.
(ciii) The terms of each Extension shall be determined by the Parent Borrower Borrowers and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Revolving Credit Maturity Date or termination date of the Class of Term Loans or Revolving Commitments being extendedLoan Maturity Date, respectively, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the existing Term Loans and (A) there the borrower and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrowers and Subsidiary Guarantors with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Credit Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Borrowers and the lenders providing such applicable extending Lenders, (v)(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in mandatory prepayments with the other Term Loans and (B) borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, as applicable and participation in Letters of Credit and Swingline Loans, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (vvi) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(div) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerBorrowers, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Borrowers in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Revolving Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.28section.
(v) Notwithstanding the terms of Sections 5.13, 5.18 and 5.19, in no event shall there be more than (i) two (2) tranches of revolving facilities in the aggregate in effect at any time (including the Revolving Credit Commitments, any Extended Revolving Credit Commitments and any Refinancing Revolving Credit Commitments) and (ii) four (4) tranches of term loans (including the Initial Term Loan, any Extended Term Loans, any Incremental Term Loans and any Refinancing Term Loans), in each case under this Agreement.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof100,000,000), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class of Revolving Credit Commitments and/or Term Loans shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class of Revolving Credit Commitments and/or Term Loans pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Company. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class Revolving Credit Commitments and/or Term Loans 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default the conditions set forth in Sections 4.02(a) and (b) shall have occurred and be continuing immediately prior satisfied (as if the references therein to and immediately after giving effect to such Credit Extension were replaced with Extension), (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iviii) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with paragraph (c) of this Section 2.28(c)2.19.
(c) The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date Maturity Date of the Class Revolving Credit Facility or the Maturity Date of the applicable Term Loans or Revolving Commitments being extendedLoans, respectively, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the existing Term Loans and (A) there the borrower and the guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Loan Parties with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Credit Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts OID and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Company and the lenders providing such applicable extending Lenders, (v)
(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in voluntary or mandatory prepayments with the other Term Loans of the Class being extended and (B) borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, as applicable and participation in Letters of Credit and Swing Line Loans, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments of the Class being extended (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (vvi) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein with respect to the applicable Class being extended (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersCompany, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerCompany, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower Company in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Total Revolving Credit or Swingline Loans Outstandings upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.19.
(e) This Section 2.19 shall supersede any provision in Section 2.12 or Section 10.01 to the contrary.
Appears in 1 contract
Samples: Credit Agreement (WEX Inc.)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Commitments and/or Term Loans Maturity Date to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of Commitments that will be subject to the applicable Class of Revolving Commitments and/or Term Loans to be extended Extension (which request shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), and (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of the applicable Class The Lenders shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and Borrower. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer (“Extending Lenders”) shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, Commitments subject to the Extension Offer as applicable, offered to be extended by set forth in the Parent Borrower pursuant to such Extension Offernotice, then the Term Loans or Revolving Commitments, as applicable, of Lenders Commitments of the applicable Class Extending 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 to which such Extending Lenders have accepted such Extension Offer. Notwithstanding anything to the contrary in this Agreement, any individual Lender’s agreement to extend its Commitments, in whole or in part, pursuant to this Section 2.22 shall be in such Xxxxxx’s sole discretion.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension, (iii) the each relevant Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Commitments to be extended (the “Extended Revolving Commitments and Extended Term Loans Credit Commitments”) shall comply with clause (c) of this Section 2.28(c)2.22.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Extending Lenders and set forth in an Additional Credit Extension Amendment; provided provided, that (i) the final maturity date of any Extended Term Loan or Extended Revolving Credit Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extendedMaturity Date, (ii)(Aii) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extendedCredit Commitments, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and security with the existing Loans and the borrower, guarantors and collateral of the Extended Revolving Credit Commitments shall be the same as the borrower, Guarantors and Collateral with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Loans, (iv) the interest rate margin, rate floors, fees, original issue discounts margin and premiums any fees applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to borrowing and prepayment of Extended Loans, or reductions of Extended Revolving Credit Commitments, and participation in Letters of Credit, shall be on a pro rata basis with the extent other Loans or Commitments (other than upon the maturity of the non-Extended Loans and Commitments) and (vi) the terms of the Extended Term Loans or the Extended Revolving Credit Commitments are inconsistent with shall be substantially identical to the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agentherein.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Credit Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, Commitments and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.22.
Appears in 1 contract
Samples: Credit Agreement (Roku, Inc)
Amend and Extend Transactions. (a) The Parent Borrower maymay on one or more occasions, by written notice to the Administrative Agent from time to timeAgent, request an extension make one or more offers (each, an “ExtensionExtension Offer”) of to all the maturity or termination date Lenders of any Class of Revolving Commitments and/or Term Loans (each Class subject to such an Extension Offer being referred to as an “Extension Request Class”), on the same terms and conditions to each Lender within any Extension Request Class, to make one or more Extension Permitted Amendments pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the extended maturity or termination date specified in such noticeBorrower. Such notice shall set forth (i) the amount terms and conditions of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 requested Extension Permitted Amendment and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof), (ii) the date on which such Extension are Permitted Amendment is requested to become effective (which shall not be not less than 10 Business Days nor or more than 60 days 30 Business Days after the date of such Extension request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans notice, unless otherwise agreed to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, by the Administrative Agent). If Extension Permitted Amendments shall become effective only with respect to the aggregate principal amount Loans of Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the Extension Request Class that accept the applicable Class shall be extended ratably up to Extension Offer (such maximum amount based on Lenders, the respective principal amounts (but not to exceed actual holdings “Extending Lenders”) and, in the case of record) any Extending Lender, only with respect to such Lender’s Loans of such Extension Request Class as to which such Lenders have accepted such Extension OfferLender’s acceptance has been made.
(b) It An Extension Permitted Amendment shall be a condition precedent effected pursuant to an Extension Agreement executed and delivered by the effectiveness of any Borrower, each applicable Extending Lender and the Administrative Agent; provided that no Extension that Permitted Amendment shall become effective unless (i) on the date of effectiveness thereof, no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extensionor would result therefrom, (ii) on the date of effectiveness thereof, the representations and warranties of each Loan Party set forth in Section 4 and in each other the Loan Document Documents shall be true and correct in all material respects on and as of the such date as if made on and as of such Extensiondate, except in the case of any such representation and warranty that expressly relates to an earlier date, in which case such representation and warranty shall be so true and correct in all material respects on and as of such earlier date, (iii) the Issuing Lenders and the Swingline Lender Borrower shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver delivered to the Administrative Agent an Additional Credit Extension Amendment such legal opinions, board resolutions, secretary’s certificates, officer’s certificates and such other documentation documents as shall reasonably be requested by the Administrative Agent shall reasonably specify to evidence the Extensionin connection therewith. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each ExtensionExtension Agreement. Any Additional Credit Each Extension Amendment Agreement may, without the consent of any Lender other Lenderthan the applicable Extending Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerAgent, to implement give effect to the terms provisions of any such Extensionthis Section 2.3, including any amendments necessary to establish Extended Term treat the applicable Loans or Extended Revolving Commitments of the Extending Lenders as a new Class or tranche “Class” of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28loans hereunder.
Appears in 1 contract
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date Maturity Date of any Class of Revolving Loans (and, as applicable, the Commitments and/or Term Loans relating thereto) to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof10,000,000), and (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates). Each Lender of holding the applicable Class relevant Commitments and/or Loans to be extended shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Any Lender approached to participate in such Extension may elect or decline, in its sole discretion, to participate in such Extension. If the aggregate principal amount of Revolving Commitments and/or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Commitments and/or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Commitments and/or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth contained in Section 4 Article V and in each the other Loan Document shall be Documents are true and correct in all material respects (or, if qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of the effective date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, if qualified by materiality or reference to Material Adverse Effect, in all respects) as of such earlier date, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving A Commitments, in each case to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period period, and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c2.19(c).
(c) The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity Latest Maturity Date for the Revolving Commitments so extended or termination date of the Class of Term Loans or Revolving Commitments being so extended, as applicable, (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Commitments Commitments, and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being so extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Loans and the existing Term Loans and (A) there the borrowers and guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Borrowers and Guarantors with respect thereto not constituting security for to the Obligations existing Revolving Loans and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Partyexisting Term Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Company and the lenders providing such Extended Term Loans or Extended Revolving Commitmentsapplicable extending Lenders, as applicable and (v) to the extent the terms of the Extended Revolving Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersCompany, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as Amendment. The Lenders hereby authorize the Administrative Agent to enter into, and the Lenders agree that this Agreement and the other Loan Documents shall reasonably specify be amended by, any Extension Amendment entered into in connection with any Extension to evidence the Extension. The extent (and only to the extent) the Administrative Agent shall promptly notify each Lender as deems necessary in order to (i) reflect the effectiveness existence and terms of each such Extension. Any Additional Credit Extension Amendment may, without (ii) make such other changes to this Agreement and the consent other Loan Documents consistent with the provisions and intent of any other Lendersuch Extension, and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerAgent, to implement effect the terms provisions of this Section 2.19. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension Amendment. The effectiveness of any such ExtensionExtension Amendment shall be subject to the receipt by the Administrative Agent of (A) to the extent requested by the Administrative Agent, including any amendments necessary customary opinions of legal counsel to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitmentsthe Credit Parties, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of addressed to the Administrative Agent and the Parent Borrower in connection with the establishment each Lender (including each Person providing any portion of such new Class or tranche (including to preserve the pro rata treatment Extension) dated as of the extended effective date of such Extension, and non-extended Classes or tranches (ii) such other documents and certificates it may reasonably request relating to provide the necessary authority for such Extension, and any other matters relevant thereto, all in form and substance reasonably satisfactory to the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (EnerSys)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity of all or termination date a portion of any Class of Revolving Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans to be extended (which shall it being agreed that no Extension Offer (as defined below) is required to be in any minimum increments of amount or any minimum increment unless the Administrative Agent shall, acting reasonably, require the same (such minimum amount not to be greater than $1,000,000 and 5,000,000); provided that Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount of $5,000,000 or, (to be determined and specified in the case relevant Extension Offer in Borrower’s sole discretion and may be waived by Borrower) of Foreign Currency Loans, the Dollar Equivalent thereofTerm Loans of any or all applicable tranches be tendered), (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 5 Business Days nor more than 60 days after the date of such Extension request (or such longer or shorter periods period as the Administrative Agent shall agree)) and (iii) identifying the relevant Class of Revolving Commitments and/or Term Loans to which the Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. No Lender shall have any obligation to agree to have any of its Term Loans of any existing Class converted into Extended Term Loans. If the aggregate principal amount of Term Loans (as calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article III and in each other Loan Document shall be true and correct in all material respects on and as of the date of such ExtensionExtension (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects) on and as of the date of such Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c)2.22(c) and (iv) any applicable Minimum Extension Condition shall be satisfied unless waived by Borrower.
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than identical to the remaining weighted average life to maturity of Term Loans under the existing Class of Term Loan from which such Extended Term Loans being extendedare to be amended, except that: (iiii) the Extended Revolving Loans interest margins, interest rate floors, OID and upfront fees with respect to the Extended Term Loans will rank pari passu in right of payment may be different than the interest margins, interest rate floors, OID and with respect to security with the Revolving Loans and upfront fees for the Term Loans of such existing Term Loan Class to the extent agreed to by Borrower and the extending Lenders and provided in the applicable Extension Amendment,(ii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Final Maturity Date that is in effect on the effective date of the applicable Extension Amendment (immediately prior to the establishment of such Extended Term Loans); and (iii) Extended Term Loans may have call protection as may be agreed upon by Borrower and the Lenders thereof; provided that no Extended Term Loans may be optionally prepaid prior to the date on which all Term Loans with an earlier final stated maturity on the effective date of the applicable Extension Amendment (including Term Loans under the existing Term Loan Class from which they were amended) are repaid in full, unless such optional prepayment is accompanied by at least a pro rata optional prepayment of such other Term Loans; provided, further, that Extended Term Loans may provide for less than pro rata participation in any prepayment required by Section 2.10(c) or (e) than any then existing Class of Term Loans; provided, however, that (A) there in no event shall the Final Maturity Date of any Extended Term Loans of a given Class of Extended Term Loans at the time of establishment thereof be no additional Collateral with respect thereto not constituting security for earlier than the Obligations then Final Maturity Date of any then existing Term Loans hereunder; and (B) none the Weighted Average Life to Maturity of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or of a given Class of Extended Revolving Commitments (and Term Loans at the Extended Revolving Loans thereunder) time of establishment thereof shall be determined no shorter (other than by virtue of amortization or prepayment of such Indebtedness prior to the Parent Borrower and the lenders providing time of incurrence of such Extended Term Loans or Extended Revolving Commitments, as applicable and (vLoans) than the remaining Weighted Average Life to the extent the terms Maturity of the Extended any existing Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative AgentLoan Class.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify request (including, without limitation, (i) legal opinions, board resolutions and officers’ certificates substantially consistent with those delivered on the Closing Date and (ii) reaffirmation agreements and/or such amendments to evidence the ExtensionSecurity Documents as may be reasonably requested by the Administrative Agent in order to ensure that the Extended Term Loans are provided with the benefit of the applicable Loan Documents). The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or trancheClasses), in each case on terms not inconsistent with this Section 2.282.22).
(e) No conversion of Loans pursuant to any Extension in accordance with this Section 2.22 shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement.
(f) This Section 2.22 shall supersede any provisions in Section 2.14 or Section 10.02 to the contrary; provided that, notwithstanding the foregoing, the provisions of Section 10.02(b)(xii) shall continue to inure to the benefit of the Agents and no provision of any Extension Amendment may affect any rights or obligations of any Agent without the consents that would be required thereby with respect to any amendment, to the rights of such Agent.
Appears in 1 contract
Samples: Second Lien Credit Agreement (CPI International Holding Corp.)
Amend and Extend Transactions. (ai) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall (A) set forth (i) the amount of the applicable Class of Revolving Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, 200,000,000 and minimum increments of $25,000,000 in excess thereof (or such other amounts as may be acceptable to the case of Foreign Currency Loans, Borrower and the Dollar Equivalent thereofAdministrative Agent)), (iiB) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent shall agreeagree in its sole discretion)) and (iiiC) identifying identify the relevant Class of Revolving Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative AgentAgent and the Borrower. If the aggregate principal amount of Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(bii) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (iA) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (iiB) the representations and warranties set forth in Section 4 6.1. and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as (except in the case of the date of a representation or warranty qualified by materiality, in which case such Extension, (iii) the Issuing Lenders and the Swingline Lender shall have consented to any Extension of the Revolving Commitments, to the extent that such extension provides for the issuance of Letters of Credit representation or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Commitments and Extended Term Loans shall comply with Section 2.28(c).
(c) The terms of each Extension warranty shall be determined by the Parent Borrower and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date of the Class of Term Loans or Revolving Commitments being extended, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and (B) the weighted average life to maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being extended, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Commitments are inconsistent with the terms set forth herein (except as set forth in clauses (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Term Loans or Revolving Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.28.true and
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Amend and Extend Transactions. (a) The Parent Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension” and each such notice, an “Extension Request”) of the maturity or termination date Revolving Credit Commitments of a Class (which term, for purposes of this provision, shall also include any Class tranche of Revolving Credit Commitments outstanding hereunder pursuant to a previous Amend and Extend Transaction and/or Term Loans of a Class (which term, for purposes of this provision, shall also include any term loans outstanding hereunder pursuant to a previous Amend and Extend Transaction or any Refinancing Term Loans, or any tranche of Incremental Term Loans) to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans to be extended (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or, in the case of Foreign Currency Loans, the Dollar Equivalent thereof5,000,000), (ii) the date on which such Extension are is requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such Extension request Request (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) identifying the relevant Class or Classes of Revolving Credit Commitments and/or Term Loans to which the Extension request Request relates. Each Lender of the applicable Class shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. If the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, offered to be extended by the Parent Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Credit Commitments, as applicable, of Lenders of the applicable Class 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 to which such Lenders have accepted such Extension Offer.
(b) It shall be a condition precedent to the effectiveness of any Extension that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Section 4 Article 3 and in each other Loan Credit Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders and the Swingline Lender Bank shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension provides for the issuance of Letters of Credit or making of Swingline Loans at any time during the extended period and (iv) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with Section 2.28(c2.26(c).
(c) The terms of each Extension shall be determined by the Parent Borrower and the applicable extending Lenders Lender and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Term Loan or Extended Revolving Credit Commitment shall be no earlier than the maturity or termination date of then Latest Maturity Date applicable to the Class of original Term Loans or Revolving Commitments being extendedCredit Commitments, respectively, at the time of Extension, (ii)(A) there shall be no scheduled amortization of the Extended Revolving Commitments and Credit Commitments, (B) the weighted average life Weighted Average Life to maturity Maturity of the any Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of Term Loans being extendedunder the applicable Credit Facility not extended pursuant to such Extension Offer and (C) any Extended Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments or commitment reductions hereunder, as specified in the applicable Extension Offer, (iii) the Extended Revolving Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the Revolving Loans and the Term Loans and (A) there shall be no additional Collateral with respect thereto not constituting security for the Obligations and (B) none of the obligors or guarantors with respect thereto shall be a Person that is not a Loan Credit Party, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable to any Extended Term Loans or Extended Revolving Credit Commitments (and the Extended Revolving Loans thereunder) shall be determined by the Parent Borrower and the lenders providing such Extended Term Loans or Extended Revolving Credit Commitments, as applicable and (v) to the extent the terms of the Extended Term Loans or the Extended Revolving Credit Commitments are inconsistent with the terms set forth herein (except as set forth in clauses clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersBorrower, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to implement the terms of any such ExtensionExtension Offer, including any amendments necessary to establish Extended Term Loans or Extended Revolving Credit Commitments as a new Class or tranche of Term Loans or Revolving Credit Commitments, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Credit or Swingline Loans L/C Exposure upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent with this Section 2.282.26).
(e) In the event that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans of a given Extension Series or the Extended Revolving Credit Commitments of a given Extension Series, in each case to a given Lender was incorrectly determined as a result of manifest administrative error, then the Administrative Agent, the Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other Credit Documents (each, a “Corrective Extension Amendment”) within 15 days following the determination of such error, as the case may be, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Term Loans under the existing Term Loan Class or existing Revolving Credit Commitments, as the case may be, in such amount as is required to cause such Lender to hold Extended Term Loans or Extended Revolving Credit Commitments (and related Revolving Extensions of Credit) of the applicable Extension Series into which such other Term Loans or Revolving Commitments were initially converted, as the case may be, in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Loans or Commitments to which it was entitled under the terms of such Extension Amendment, in the absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, the Borrower and such Lender may agree, and (iii) effect such other amendments of the type (with appropriate reference and nomenclature changes) described in the penultimate sentence of Section 2.26(d).
(f) This Section 2.26 shall supersede any provisions in Section 2.17 or Section 9.08 to the contrary.
Appears in 1 contract
Samples: Credit Agreement (Walter Investment Management Corp)
Amend and Extend Transactions. (a) The Parent Borrower Company may, by written notice to the Administrative Agent (and, if relating to the Australian Revolving Sub-facility, the Australian Administrative Agent) from time to time, request an extension (each, an “Extension”) of the maturity or termination date of any Class of Revolving Loans and Commitments and/or Term Loans to the extended maturity or termination date specified in such notice. Such notice shall set forth (i) set forth the amount of the applicable Class of Revolving Credit Commitments and/or Term Loans that will be subject to be extended the Extension (which shall be in minimum increments of $1,000,000 and a minimum amount of $25,000,000 and an integral multiple of $5,000,000 or, in excess thereof (in each case unless the case of Foreign Currency LoansCompany, the Dollar Equivalent thereofAdministrative Agent and, if applicable, the Australian Administrative Agent otherwise agree)), (ii) set forth the date on which such Extension are is requested to become effective (which shall be not less than 10 ten (10) Business Days nor more than 60 sixty (60) days after the date of such Extension request notice (or such longer or shorter periods as the Administrative Agent and, if applicable, the Australian Administrative Agent shall agreeagree in its or their sole discretion)) and (iii) identifying identify the relevant Class of Revolving Credit Commitments and/or Term Loans to which the such Extension request relates. Each Lender of the applicable Class of Revolving Credit Commitments and/or Term Loans shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of such Class of Revolving Credit Commitments and/or Term Loans pursuant to procedures established by, or reasonably acceptable to, the applicable Facility Administrative AgentAgent and the Company. If the aggregate principal amount of Revolving Credit Commitments or Term Loans (calculated on the face amount thereof) or Revolving Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, offered subject to be extended by the Parent Borrower pursuant to such Extension OfferOffer as set forth in the Extension notice, then the Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, of Lenders of the applicable Class Revolving Credit Commitments and/or Term Loans 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 to which such Lenders have accepted such Extension Offer.
(b) It The following shall be a condition conditions precedent to the effectiveness of any Extension that Extension: (i) no Default or Event of Default the conditions set forth in Sections 4.01(c) and (d) shall have occurred and be continuing immediately prior satisfied (as if the references therein to and immediately after giving effect to such Credit Extension were replaced with Extension), (ii) the representations and warranties set forth in Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Extension, (iii) the Issuing Lenders L/C Issuer and the Swingline Swing Line Lender shall have consented to any Extension of the Revolving Credit Commitments, to the extent that such extension Extension provides for the issuance or extension of Letters of Credit or making of Swingline Swing Line Loans at any time during the extended period and (iviii) the terms of such Extended Revolving Credit Commitments and Extended Term Loans shall comply with paragraph (c) of this Section 2.28(c)2.20.
(c) The terms of each Extension shall be determined by the Parent Borrower Company and the applicable extending Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Extended Revolving Credit Commitment or Extended Term Loan or Extended Revolving Commitment shall be no earlier than the maturity or termination date Maturity Date of the Class Revolving Credit Facility or the Maturity Date of the applicable Term Loans or Revolving Commitments being extendedLoans, respectively, (ii)(Aii) (A) there shall be no scheduled amortization of the loans or reductions of commitments under any Extended Revolving Credit Commitments and (B) the weighted average life Weighted Average Life to maturity Maturity of the Extended Term Loans shall be no shorter than the remaining weighted average life Weighted Average Life to maturity Maturity of the Class of existing Term Loans being extendedLoans, (iii) the Extended Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the existing Revolving Credit Loans and the existing Term Loans and (A) there the borrower and the guarantors of the Extended Revolving Credit Commitments or Extended Term Loans, as applicable, shall be no additional Collateral the same as the Loan Parties with respect thereto not constituting security for to the Obligations and (B) none of the obligors existing Revolving Credit Loans or guarantors with respect thereto shall be a Person that is not a Loan PartyTerm Loans, as applicable, (iv) the interest rate margin, rate floors, fees, original issue discounts discount and premiums premium applicable to any Extended Term Loans or Extended Revolving Commitments Credit Commitment (and the Extended Revolving Credit Loans thereunder) and Extended Term Loans shall be determined by the Parent Borrower Company and the lenders providing such applicable extending Lenders, (v)
(A) the Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in voluntary or mandatory prepayments with the other Term Loans of the Class being extended and (B) borrowing and prepayment of Extended Revolving Credit Loans, or reductions of Extended Revolving Credit Commitments, as applicable and participation in Letters of Credit and Swing Line Loans, shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments of the Class being extended (other than upon the maturity of the non-extended Revolving Credit Loans and Revolving Credit Commitments) and (vvi) to the extent the terms of the Extended Revolving Credit Commitments or Extended Term Loans or the Extended Revolving Commitments are inconsistent with Loans, as applicable, shall be substantially identical to the terms set forth herein with respect to the applicable Class being extended (except as set forth in clauses (i) through (ivv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Extension, the BorrowersCompany, the Administrative Agent (and, if applicable, the Australian Administrative Agent) and each applicable extending Lender shall execute and deliver to the Administrative Agent and, if applicable, the Australian Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent and, if applicable, the Australian Administrative Agent shall reasonably specify to evidence the Extension. The applicable Facility Administrative Agent shall promptly notify each applicable Lender as to the effectiveness of each Extension. Any Additional Credit Extension Amendment may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent BorrowerCompany, to implement the terms of any such Extension, including any amendments necessary to establish Extended Revolving Credit Commitments or Extended Term Loans or Extended Revolving Commitments as a new Class or tranche of Revolving Credit Commitments or Term Loans or Revolving CommitmentsLoans, as applicable, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent Agent, if applicable, the Australian Administrative Agent, and the Parent Borrower Company in connection with the establishment of such new Class or tranche (including to preserve the pro rata treatment of the extended and non-extended Classes or tranches and to provide for the reallocation of participation in Letters of Total Revolving Credit or Swingline Loans Outstandings upon the expiration or termination of the commitments under any Class or tranche), in each case on terms not inconsistent consistent with this Section 2.282.20.
(e) This Section 2.20 shall supersede any provision in Section 2.12 or Section 10.01 to the contrary.
Appears in 1 contract
Samples: Credit Agreement (MULTI COLOR Corp)