Amend and Extend Transactions. Borrower may, by written notice to Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity date of the Loans and Commitments to the extended maturity date specified in such notice. Such notice shall set forth (i) the amount of the Commitments that will be subject to the Extension (which shall be in minimum increments of $5,000,000 and a minimum amount of $50,000,000), and (ii) the date on which such Extension is requested to become effective (which shall be not less than ten (10) Business Days nor more than sixty (60) days after the date of such Extension notice (or such longer or shorter periods as Administrative Agent shall agree in its sole discretion)). Each Lender 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 pursuant to procedures established by, or reasonably acceptable to, Administrative Agent 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 Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Commitments subject to the Extension Offer as set forth in the Extension notice, then the Commitments of Lenders shall be extended ratably up to such maximum amount based on the respective principal amounts with respect to which such Lenders have accepted such Extension Offer.
Appears in 1 contract
Samples: Credit Agreement (NVR Inc)
