Extended Revolving Loan Commitments Sample Clauses
The Extended Revolving Loan Commitments clause allows certain lenders to extend the maturity date of their revolving loan commitments beyond the original term. In practice, this clause sets out the conditions under which lenders may agree to extend their commitments, such as requiring borrower consent, specifying notice periods, and possibly adjusting interest rates or fees for the extended period. Its core function is to provide flexibility for both borrowers and lenders, enabling continued access to credit while accommodating changing financial needs or market conditions.
Extended Revolving Loan Commitments. If the Initial Maturity Date shall have occurred at a time when Extended Revolving Loan Commitments are in effect, then such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Lenders to purchase participations therein and to make payments in respect thereof pursuant to Sections 3.04 and 3.05) under (and ratably participated in by Lenders under the applicable tranche pursuant to) the Extended Revolving Loan Commitments up to an aggregate amount not to exceed the aggregate principal amount of the unutilized Extended Revolving Loan Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated). Except to the extent of reallocations of participations pursuant to the prior sentence, the occurrence of the Initial Maturity Date shall have no effect upon (and shall not diminish) the percentage participations of the Lenders under the Revolving Loan Commitments in any Letter of Credit issued before the Initial Maturity Date.
Extended Revolving Loan Commitments. (a) (i) On the Initial Maturity Date, Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Lenders to purchase participations therein and to make payments in respect thereof pursuant to Sections 3.04 and 3.05) under (and ratably participated in by Lenders under the applicable tranche pursuant to) the outstanding 2023 Extended Revolving Loan Commitments and any Extended Revolving Loan Commitments up to an aggregate amount not to exceed the aggregate principal amount of the unutilized 2023 Extended Revolving Loan Commitments and the Extended Revolving Loan Commitments at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated).
Extended Revolving Loan Commitments. (a) If the Initial Maturity Date shall have occurred at a time when Extended Revolving Loan Commitments are in effect, then such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Lenders to purchase participations therein and to make payments in respect thereof pursuant to Sections 3.04 and 3.05) under (and ratably participated in by Lenders under the applicable tranche pursuant to) the Extended Revolving Loan Commitments up to an aggregate amount not to exceed the aggregate principal amount of the unutilized Extended Revolving Loan Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated).
(b) To the extent not reallocated pursuant to clause (a) of this Section 3.07, but without limiting the obligations with respect thereto, the applicable Borrower shall either (i) provide cash collateral with respect to such Letters of Credit on the Initial Maturity Date in accordance with Section 3.02(b) or (ii) enter into backstop arrangements reasonably acceptable to the applicable Issuing Lender. If, for any reason, such cash collateral is not provided, such backstop arrangements are not entered into and the reallocation does not occur, the Lenders under the maturing tranche shall continue to be responsible for their participating interests in the Letters of Credit; provided that, notwithstanding anything to the contrary contained herein, (A) the continuing participations of the Lenders under the maturing tranche shall be included in the calculation of the Required Lenders (with each such Lender being deemed to have a Revolving Loan Commitment in the amount of such continued participation) and (B) upon any subsequent repayment of the Loans, the reallocation set forth in Section 3.07(a) shall automatically and concurrently occur to the extent of such repayment.
(c) Except to the extent of reallocations of participations pursuant to Section 3.07(a), the occurrence of the Initial Maturity Date shall have no effect upon (and shall not diminish) the percentage participations of the Lenders under the Revolving Loan Commitments in any Letter of Credit issued before the Initial Maturity Date.
Extended Revolving Loan Commitments. (a) Subject to the terms and conditions set forth herein, (i) each Extended Revolving Loan Lender agrees to make Extended Revolving Loan Commitments to the Borrowers on the Second Restatement Effective Date in an amount equal to its Extended Revolving Loan Commitment (as defined below) and (ii) each Extended Revolving Loan Lender agrees to convert on the Second Restatement Effective Date the aggregate amount of its Original Revolving Loans into Extended Revolving Loans to the extent that such Original Revolving Loans are not converted into New Term Loans in accordance with Section 3 below. The “Extended Revolving Loan Commitment” of any Extended Revolving Loan Lender shall be the amount of its Original Revolving Credit Commitment (after giving effect to any conversion of such Extended Revolving Loan Lender’s Original Revolving Loans into New Term Loans) or such lesser amount as is determined by Credit Suisse Securities (USA) LLC and National City (collectively, the “Arrangers”) and the Company and notified to such Lender on or prior to the Second Restatement Effective Date. The amount of each Lender’s Extended Revolving Loan Commitment is set forth on Schedule A hereto. Notwithstanding anything herein or in the Existing Credit Agreement to the contrary, the aggregate principal amount of the Extended Revolving Loan Commitments shall be as determined by the Arrangers and the Company; provided that in no event shall the aggregate principal amount of the Extended Revolving Loan Commitments exceed the aggregate principal amount of the Original Revolving Loan Commitments (after giving effect to any conversion of such Extended Revolving Loan Lender’s Original Revolving Loans into New Term Loans) immediately prior to the Second Restatement Effective Date.