Common use of Extension of Revolving Credit Facility Termination Date Clause in Contracts

Extension of Revolving Credit Facility Termination Date. At least 90 days but not more than 120 days prior to the Termination Date in respect of the Revolving Credit Facility, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Revolving Credit Commitments then outstanding, up to two consecutive six-month extensions of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in respect of the Revolving Credit Facility in effect at such time shall, effective as at such Termination Date (the “Extension Date”), be extended for an additional six-month period, provided that the Borrower shall have paid the Extension Fees as described in Section 2.08(d), and on the applicable Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (a) the representations and warranties contained in Section 4.01 are true and correct on and as of the Extension Date, (b) no Default or Event of Default has occurred and is continuing or would result from such extension, and (c) the Loan Parties are in compliance with the covenants contained in Section 5.04 immediately before and, on a pro forma basis, immediately after such extension, together with supporting information demonstrating such compliance. In the event that an extension of the Revolving Credit Facility is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Revolving Credit Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of an Extension Date, any and all references in this Agreement, the Revolving Notes, if any, or any of the other Loan Documents to the “Termination Date” with respect to the Revolving Credit Commitments or the Revolving Credit Facility, shall refer to the Termination Date in respect of the Revolving Credit Facility as so extended.

Appears in 3 contracts

Samples: Credit Agreement, Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

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Extension of Revolving Credit Facility Termination Date. At least 90 days but not more than 120 days prior to the Termination Date in respect of the Revolving Credit Facility, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Revolving Credit Commitments then outstanding, up to two consecutive sixa single one-month extensions year extension of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in respect of the Revolving Credit Facility in effect at such time shall, effective as at such Termination Date (the “Extension Date”), be extended for an additional six-month one year period, provided that the Borrower shall have paid the Extension Fees as described in Section 2.08(d), and on the applicable Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Extension Date, stating that: (a) the representations and warranties contained in Section 4.01 are true and correct on and as of the Extension Date, (b) no Default or Event of Default has occurred and is continuing or would result from such extension, and (c) the Loan Parties are in compliance with the covenants contained in Section 5.04 immediately before and, on a pro forma basis, immediately after such the extension, together with supporting information demonstrating such compliance. In the event that an extension of the Revolving Credit Facility is effected pursuant to this Section 2.16 (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Revolving Credit Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of an the Extension Date, any and all references in this Agreement, the Revolving Notes, if any, or any of the other Loan Documents to the “Termination Date” with respect to the Revolving Credit Commitments or the Revolving Credit Facility, shall refer to the Termination Date in respect of the Revolving Credit Facility as so extended.

Appears in 2 contracts

Samples: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel OP, LP)

Extension of Revolving Credit Facility Termination Date. At least 90 days but not more than 120 days prior to the Termination Date in respect of the Revolving Credit Facility, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Revolving Credit Commitments then outstanding, up to two consecutive six-month extensions of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in respect of the Revolving Credit Facility in effect at such time shall, effective as at such Termination Date (the “Revolver Extension Date”), be extended for an additional six-month period, provided that the Borrower shall have paid the Extension Fees as described in Section 2.08(d), and on or prior to the applicable Revolver Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Revolver Extension Date, stating that: (ai) the representations and warranties contained in Section 4.01 are true and correct in all material respects (or, (A) with respect to representations and warranties set forth in Sections 4.01(x) and (aa) and (B) representations and warranties qualified as to materiality or Material Adverse Effect true and correct in all respects) on and as of the Revolver Extension DateDate (except to the extent they relate to an earlier date, in which case such representations and warranties are true and correct in all material respects or in all respects, as applicable, on or as of such earlier date), (bii) no Default or Event of Default has occurred and is continuing or would result from such extension, and (ciii) the Loan Parties are in compliance with the covenants contained in Section 5.04 immediately before and, on a pro forma basis, immediately after such extension, together with supporting information demonstrating such compliance. In the event that an extension of the Revolving Credit Facility is effected pursuant to this Section 2.16 2.16(a) (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Revolving Credit Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extendedextended (unless further extended as provided herein). As of an a Revolver Extension Date, any and all references in this Agreement, the Revolving Notes, if any, or any of the other Loan Documents to the “Termination Date” with respect to the Revolving Credit Commitments or the Revolving Credit Facility, shall refer to the Termination Date in respect of the Revolving Credit Facility as so extended.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

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Extension of Revolving Credit Facility Termination Date. At least 90 days but not more than 120 days prior to the Termination Date in respect of the Revolving Credit Facility, the Borrower, by written notice to the Administrative Agent, may request, with respect to the Revolving Credit Commitments then outstanding, up to two twofour consecutive six-month extensions of the Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Termination Date in respect of the Revolving Credit Facility in effect at such time shall, effective as at such Termination Date (the “Revolver Extension Date”), be extended for an additional six-month period, provided that the Borrower shall have paid the Extension Fees as described in Section 2.08(d), and on the applicable Revolver Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender Party a certificate signed by a Responsible Officer of the Borrower, dated the Revolver Extension Date, stating that: (a) the representations and warranties contained in Section 4.01 are true and correct in all material respects (unless qualified as to materiality or Material Adverse Effect, in which case such representations and warranties are true and correct in all respects) on and as of the Revolver Extension DateDate (except to the extent they relate to an earlier date, in which case such representations and warranties are true and correct in all material respects or in all respects, as applicable, on or as of such earlier date), (b) no Default or Event of Default has occurred and is continuing or would result from such extension, and (c) the Loan Parties are in compliance with the covenants contained in Section 5.04 immediately before and, on a pro forma basis, immediately after such extension, together with supporting information demonstrating such compliance. In the event that an extension of the Revolving Credit Facility is effected pursuant to this Section 2.16 2.16(a) (but subject to the provisions of Sections 2.05, 2.06 and 6.01), the aggregate principal amount of all Revolving Credit Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of an (unless further extended as provided herein). As of a Revolver Extension Date, any and all references in this Agreement, the Revolving Notes, if any, or any of the other Loan Documents to the “Termination Date” with respect to the Revolving Credit Commitments or the Revolving Credit Facility, shall refer to the Termination Date in respect of the Revolving Credit Facility as so extended.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

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