Extended Loans Clause Samples
The Extended Loans clause defines the terms under which a loan period may be prolonged beyond its original end date. Typically, this clause outlines the conditions that must be met for an extension, such as timely request by the borrower, continued compliance with the loan agreement, and possible adjustments to interest rates or repayment schedules. Its core practical function is to provide flexibility for borrowers who need more time to fulfill their obligations, while also protecting the lender by setting clear rules for such extensions.
Extended Loans. (a) Notwithstanding anything to the contrary in this Agreement, subject to the terms of this Section 2.19, the Lead Borrower may at any time and from time to time when no Event of Default then exists request that all or a portion of the then-existing Revolving Loans under any Subfacility (the “Existing Revolving Loans”), together with any related outstandings, be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or any portion of the principal amount (and related outstandings) of such Revolving Loans (any such Revolving Loans which have been so converted, “Extended Revolving Loans”) and to provide for other terms consistent with this Section 2.19. In order to establish any Extended Revolving Loans, the Lead Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders) (each, an “Extension Request”) setting forth the proposed terms of the Extended Revolving Loans to be established, which shall (x) be identical as offered to each Lender (including as to the proposed interest rates and fees payable) and (y) be identical to the Existing Revolving Loans, except that: (i) repayments of principal of the Extended Revolving Loans may be delayed to later dates than the Initial Maturity Date; (ii) the effective yield with respect to the Extended Revolving Loans (whether in the form of interest rate margin, upfront fees, original issue discount or otherwise) may be different than the effective yield for the Existing Revolving Loans to the extent provided in the applicable Extension Amendment; and (iii) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such Extended Revolving Loans); provided, however, that (A) in no event shall the final maturity date of any Extended Revolving Loans at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Revolving Loans hereunder that is in effect on the effective date of the Extensions Amendment (immediately prior to the establishment of such Extended Revolving Loans) and (B) the Weighted Average Life to Maturity of any Extended Revolving Loans at the time of establishment thereof shall be no shorter than the remaining Weighted Average Life to Maturity of any other Revolving Loans then outstanding. ...
Extended Loans. The Borrower shall repay the aggregate outstanding principal amount of each Extended Loan (if any) as determined pursuant to, and in accordance with, Section 2.5 and the applicable Extension Amendment.
Extended Loans i. Notwithstanding anything to the contrary in this Agreement, the Borrower may at any time and from time to time request that all or a portion of a class of Loans (an “Existing Loan Facility”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Loans (any such Loans which have been so converted, “Extended Loans”) and to provide for other terms consistent with this Section 2.27. In order to establish any Extended Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Loan Facility) (an “Extension Request”) setting forth the proposed terms of the Extended Loans to be established which shall be identical to the class of Loans from which such Extended Loans are to be converted except that:
1. all or any of the scheduled amortization payments of principal of the Extended Loans may be delayed to later dates than the scheduled amortization payments of principal of the class of Loans being converted to the extent provided in the applicable Loan Extension Amendment;
2. the interest margins with respect to the Extended Loans may be different from the interest margins for the class of Loans being converted and upfront fees may be paid to the Extending Lenders, in each case, to the extent provided in the applicable Loan Extension Amendment;
3. the Loan Extension Amendment may provide for other covenants and terms that apply solely to any period after the latest final maturity of all classes of Loans in effect on the effective date of the Loan Extension Amendment immediately prior to the establishment of such Extended Loans; and
Extended Loans. If, on the Initial Maturity Date, (i) the Initial Loans have not been repaid in full or exchanged in full for Exchange Securities pursuant to Section 2.04 (Exchange Securities) and (ii) each of the conditions precedent set forth in Section 5.03 (Conditions Precedent to Extended Loans) have been satisfied, then the Initial Loans of each Lender then outstanding shall be deemed converted on the Initial Maturity Date into Loans ("Extended Loans") of such Lender, having the same principal amount as such outstanding Initial Loans. The Borrower promises to repay the entire principal amount of all Extended Loans on the Final Maturity Date (or earlier, if required by the terms hereof).
Extended Loans. 105 #99361848v2 (a) The Borrower may at any time and from time to time, by making an offer on a pro rata basis to each of the Lenders of the applicable Class, request that all or a portion of the Term Loans of any Class (for any such Class, the “Existing Term Loans”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Existing Term Loans (any such Existing Term Loans which have been so converted, the “Extended Term Loans”) and to provide for other terms consistent with this Section 2.
Extended Loans. (a) Subject to the terms and conditions set forth herein, each Extending Lender agrees (i) (x) to convert 100% of its existing Commitment into a 2016 Commitment (as defined below) (an “Extended Commitment”) and any outstanding Loans into Loans under the Amended and Restated Credit Agreement, and as applicable, (y) to increase its existing commitment by the amount set forth on Schedule 1.1A to Exhibit A hereto (any such increase to its existing commitment, an “Additional Commitment”), (ii) that the amount of its aggregate 2016 Commitment as of the Amendment Effective Date shall be as set forth in Schedule 1.1A to Exhibit A hereto under the heading “2016 Commitment”.
(b) The Commitments of a Lender that is not a 2016 Lender shall be replaced with an Additional Commitment of an Extending Lender and/or with a New Commitment of a New Lender, at the discretion of the Administrative Agent, and the Original Commitments of such Lender shall terminate as of the Amendment Effective Date and the Borrower shall pay any and all amounts owing to such Lender under the Original Credit Agreement in accordance with the Original Credit Agreement on the Amendment Effective Date.
Extended Loans. AMERICAS 112057218 v3 104 [AM_ACTIVE 404836320_6] #99361848v2 (a) The Borrower may at any time and from time to time, by making an offer on a pro rata basis to each of the Lenders of the applicable Class, request that all or a portion of the Term Loans of any Class (for any such Class, the “Existing Term Loans”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Existing Term Loans (any such Existing Term Loans which have been so converted, the “Extended Term Loans”) and to provide for other terms consistent with this Section 2.
Extended Loans. (a) The Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the Maturity Date of all or any portion of any class of Loans to the extended maturity date specified in such request. Such notice shall set forth (i) the amount of the applicable class of Loans to be extended (the “Extended Loans”) (which shall be in a minimum amount of $5,000,000), (ii) the date on which such Extension is requested to become effective (which shall be not less than ten (10) Business Days nor more than sixty