Commitment Extension Clause Samples

A Commitment Extension clause allows for the extension of an existing obligation or agreement period beyond its original end date. Typically, this clause outlines the conditions under which an extension can be requested, such as requiring written notice before the current term expires or mutual agreement between the parties. Its core practical function is to provide flexibility, ensuring that parties can continue their relationship or obligations without renegotiating a new contract, thereby preventing disruptions or lapses in service.
Commitment Extension. The Company shall have the right to make requests for one-year extensions of the Termination Date; any such request shall be received by the Agent at least 30 days (but not more than 60 days) prior to any anniversary of the Effective Date. Each such request shall be irrevocable and binding upon the Borrowers. The Agent shall promptly notify each Lender of any such request. If a Lender agrees, in its individual and sole discretion, to so extend its Commitment (an "Extending Lender"), it will notify the Agent, in writing, of its decision to do so within 30 days after receipt of such notice from the Agent but in any event, no later than 15 days prior to the next anniversary of the Effective Date. The Commitment of any Lender that fails to accept the Company's request for extension of the Termination Date (a "Declining Lender") shall be terminated on the Termination Date originally in effect (without regard to extension by other Lenders). The Company shall have the right to first, accept from the Extending Lenders increases in their respective Commitments by an aggregate amount up to the amount of all Declining Lenders' Commitments and second, to identify Eligible Assignees that agree to accept assignments of Commitments ("Replacement Lenders") in an amount equal to the amount of all Declining Lenders' Commitments not otherwise assumed by Extending Lenders, in each case by requiring each Declining Lender to assign in full its rights and obligations under this Agreement to one or more Extending Lenders or Replacement Lenders, provided that (i) such assignment is otherwise in compliance with Section 9.07, (ii) such Declining Lender receives payment in full of the principal amount of all Advances owing to such Declining Lender, together with accrued interest thereon to the date of such payment of principal and all other amounts payable to such Declining Lender under this Agreement and (iii) any such assignment shall be effective on the date specified by the Company and agreed to by the applicable Extending Lenders or Replacement Lenders and the Agent. If, but only if, Extending Lenders and/or Replacement Lenders provide Commitments in an aggregate amount equal to 100% of the aggregate amount of the Commitments outstanding immediately prior to the Termination Date in effect at the time the Company requests such extension, the Termination Date shall be extended by one year.
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Commitment Extension. Each of the Borrower and each Extending Bank hereby agrees that the Maturity Date with respect to the Commitment of such Extending Bank shall be December 6, 2028. It is understood and agreed that the Maturity Date with respect to the Commitment of any Declining Bank shall remain the existing Maturity Date (without regard to the extension applicable to the Commitments of the Extending Banks that is memorialized hereunder (the “Subject Extension”); provided that the Borrower shall continue to have the right to replace any Declining Bank (with respect to all or any portion of its Commitment) following the effective date hereof.) Each of the parties hereto agree that irrespective of any conflict with the terms of the Credit Agreement: (a) for purposes of the Extension Provisions, (i) the Notice Date with respect to the extension of the Commitments of the Extending Banks that is memorialized hereunder (the “Subject Extension”) shall be January 9, 2025 and (ii) that such Notice Date shall satisfy the applicable requirements of the Extension Provisions with respect to the Subject Extension and (b) this Agreement shall (i) constitute written notice to the Borrower from the Administrative Agent of the Banks’ decision with respect to the Subject Extension and
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Commitment Extension. (a) The Administrative Borrower may, not later than 180 days before the Termination Date, by notice to the Administrative Agent, request that the Termination Date then in effect (the “Existing Termination Date”) be extended to the date 364 days after the Existing Termination Date. The Administrative Agent shall promptly notify the Lenders of such request. (b) Each Lender, in its sole discretion, shall advise the Administrative Agent whether or not such Lender agrees to such extension. If a Lender agrees to such extension (an “Extending Lender”), it shall notify the Administrative Agent, in writing, of its decision to do so no later than 150 days prior to the Existing Termination Date. A Lender that determines not to so extend its Commitment shall so notify the Administrative Agent promptly after making such determination and is herein called a “
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Commitment Extension. 66 SECTION 9.10. Confidentiality ............................................ 66 SECTION 9.11. Governing Law .............................................. 67 SECTION 9.12. Execution in Counterparts .................................. 67 SECTION 9.13. Judgment .................................................. 67 SECTION 9.14. Jurisdiction, Etc. ........................................ 67 4 FIVE YEAR CREDIT AGREEMENT Dated as of November 4, 1996 COCA-COLA ENTERPRISES INC., a Delaware corporation (the "Company") Bottling Holdings (Great Britain) Ltd., a corporation organized under the laws of England ("UK Holdings" and, together with the Company, the "Initial Borrowers"), the banks, financial institutions and other institutional lenders (the "Initial Lenders") listed on the signature pages hereof, CITIBANK INTERNATIONAL PLC ("Citibank International"), as agent (the "Agent") for the Lenders (as hereinafter defined) and BANK OF AMERICA NT&SA, DEUTSCHE BANK AG, NEW YORK BRANCH, NATIONSBANK, N.A. and UNION BANK OF SWITZERLAND, as co-agents (the "Co-Agents") for the Lenders, agree as follows:
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Commitment Extension. 55 SECTION 8.11. Execution in Counterparts...................................................... 55 SECTION 8.12. Confidentiality................................................................ 56 SECTION 8.13. Termination.................................................................... 56 SECTION 8.14. Jurisdiction, Etc.............................................................. 56 SECTION 8.15.
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Commitment Extension. Lessee may request Lessor to extend the Outside Completion Date for an additional period of one (1), two (2), three (3), four (4), five (5) or six (6) months by appropriately completing, executing and delivering to Agent a written request in the form of Exhibit F(1) (a "Commitment Extension Request"). Lessee shall deliver the Commitment Extension Request to Agent not more than three (3) months and not less than two (2) months before the original Outside Completion Date. Agent shall promptly deliver to Lessor and each Participant three (3) copies of each Commitment Extension Request received by Agent. If Lessor or a Participant, in its sole and absolute discretion, consents to the Commitment Extension Request, such Person shall evidence such consent by executing and returning two (2) copies of the Commitment Extension Request to Agent not later than the last Business Day which is not less than twelve (12) Business Days prior to the original Outside Completion Date. Any failure by Lessor or any Participant so to execute and return a Commitment Extension Request shall be deemed a denial thereof. If Lessee shall deliver a Commitment Extension Request to Lessor pursuant to the first sentence of this Subparagraph 2.09(a), then not later than ten (10) Business Days prior to the original
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Related to Commitment Extension

  • Initial Extension of Credit The obligation of Lenders to make the initial Credit Extension hereunder is subject to the condition precedent that Administrative Agent shall have received all of the following, each dated (unless otherwise indicated or otherwise specified by Administrative Agent) the Closing Date, in form and substance satisfactory to Administrative Agent:

  • Commitment Within 20 days after the Title Company receives a copy of this contract, Seller shall furnish to Buyer a commitment for title insurance (Commitment) and, at Buyer's expense, legible copies of restrictive covenants and documents evidencing exceptions in the Commitment (Exception Documents) other than the standard printed exceptions. Seller authorizes the Title Company to deliver the Commitment and Exception Documents to Buyer at Buyer's address shown in Paragraph 21. If the Commitment and Exception Documents are not delivered to Buyer within the specified time, the time for delivery will be automatically extended up to 15 days or 3 days before the Closing Date, whichever is earlier. If the Commitment and Exception Documents are not delivered within the time required, Buyer may terminate this contract and the ▇▇▇▇▇▇▇ money will be refunded to Buyer.

  • Commitments and Credit Extensions 2.01Loans.

  • Term Loan Commitment As to each Term Loan Lender, the amount equal to such Term Loan Lender’s Term Loan Commitment Percentage of the aggregate principal amount of the Term Loans from time to time outstanding to the Borrower.

  • Initial Credit Extension The Lenders shall not be required to make the initial Credit Extension hereunder unless the Borrower has furnished to the Administrative Agent (with sufficient copies for the Lenders, in the case of all documents): (i) Copies of the articles or certificate of incorporation of the Borrower and each Guarantor, as well as any other information required by Section 326 of the USA PATRIOT ACT or necessary for the Administrative Agent or any Lender to verify the identity of the Borrower and each Guarantor as required by Section 326 of the USA PATRIOT Act, together with all amendments, and a certificate of existence/good standing, as applicable, each certified by the appropriate governmental officer in its jurisdiction of incorporation. (ii) Copies, certified by the Secretary or Assistant Secretary of the Borrower and each Guarantor, of its by-laws and of its Board of Directors’ resolutions and of resolutions or actions of any other body authorizing the execution of the Loan Documents. (iii) An incumbency certificate, executed by the Secretary or Assistant Secretary of the Borrower and each Guarantor, which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of the Borrower and each Guarantor authorized to sign the Loan Documents, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower or the applicable Guarantor. (iv) A certificate, signed by the chief financial officer or treasurer of the Borrower, stating that on the initial Credit Extension Date no Default or Unmatured Default has occurred and is continuing. (v) A written opinion of counsel to the Borrower and the Guarantors, addressed to the Administrative Agent and the Lenders in the form approved by the Administrative Agent. (vi) Notes payable to the order of each of the Lenders. (vii) Written money transfer instructions, in substantially the form of Exhibit C, addressed to the Administrative Agent and signed by an Authorized Officer of the Borrower, together with such other related money transfer authorizations as the Administrative Agent may have reasonably requested. (viii) The insurance certificate described in Section 5.18. (ix) The fees due and payable in accordance with the Fee Letters. (x) If the initial Credit Extension will be the issuance of a Facility LC, a properly completed Facility LC Application. (xi) Evidence that the Existing Credit Agreement has been terminated, and that all amounts outstanding thereunder have been paid in full. (xii) Such other documents as any Lender or its counsel may have reasonably requested.