Extension of Working Capital Commitments Sample Clauses

The Extension of Working Capital Commitments clause allows for the prolongation of a lender’s obligation to provide working capital financing to a borrower beyond the original maturity date. Typically, this clause outlines the conditions under which the extension can occur, such as requiring mutual agreement, satisfaction of certain financial covenants, or payment of extension fees. Its core function is to provide flexibility for borrowers who may need continued access to working capital, while also giving lenders a structured process to assess and approve such extensions, thereby reducing uncertainty for both parties.

Extension of Working Capital Commitments. (i) Subject to the satisfaction of the conditions precedent set forth in Section 5(b) hereof, each Lender that has a Waiver Percentage hereby waives Section 2.04(b) of the Credit Agreement to the extent of the amount of such Lender's PFC Elected Commitment Reduction Waiver, whereupon (A) that portion of the Working Capital Facility equal to the PFC Extension Amount that would otherwise be reduced by application of the Net Cash Proceeds of the Proficient Food Transaction shall instead remain outstanding and (B) the amount of the Working Capital Facility shall be reduced by the amount of the difference, if any, between the Net Proceeds from the Proficient Food Transaction and the PFC Extension Amount. (ii) Subject to the satisfaction of the conditions precedent set forth in Section 5(c) hereof, each Lender that has a Waiver Percentage hereby waives Section 2.04(b) of the Credit Agreement to the extent of the amount of such Lender's IM Parks Elected Commitment Reduction Waiver, whereupon (A) that portion of the Working Capital Facility equal to the IM Parks Extension Amount that would otherwise be reduced by application of the Net Cash Proceeds of the IM Parks Transaction shall instead remain outstanding, and (B) the amount of the Working Capital Facility shall be reduced by the amount of the difference, if any, between the Net Proceeds from the IM Parks Transaction and the IM Parks Extension Amount.

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Extension of Working Capital Commitments. The Borrower may at any time and from time to time request that all or a portion of the Working Capital Commitments of a given Class (each, an “Existing Working Capital Tranche”) be amended to extend the Maturity Date with respect to all or a portion of any principal amount of such Working Capital Commitments (any such Working Capital Commitments which have been so amended, “Extended Working Capital Commitments”) (including, for avoidance of doubt, with respect to Extended L/C Loans and Extended Working Capital Loans) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Working Capital Commitments, 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 Working Capital Tranche) (each, a “Working Capital Extension Request”) setting forth the proposed terms of the Extended Working Capital Commitments to be established, which shall (x) be identical as offered to each Lender under such Existing Working Capital Tranche (including as to the proposed interest rates and fees payable) and offered pro rata to each Lender under such Existing Working Capital Tranche and (y) be identical to the Working Capital Commitments under the Existing Working Capital Tranche from which such Extended Working Capital Commitments are to be amended, except that: (i) the Maturity Date of the Extended Working Capital Commitments may be delayed to a later date than the Maturity Date of the Working Capital Commitments of such Existing Working Capital Tranche, to the extent provided in the applicable Extension Amendment; (ii) the All-In Yield with respect to extensions of credit under the Extended Working Capital Commitments (whether in the form of interest rate margin, upfront fees, commitment fees, OID or otherwise) may be different than the All-In Yield for extensions of credit under the Working Capital Commitments of such Existing Working Capital Tranche, in each case, to the extent provided in the applicable Extension Amendment; (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 Working Capital Commitments); and (iv) all borrowings under the applicable Working Capital Commitments (i.e., the Existing Working Capital Tranche and the E...

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