Maturity Extension Clause Samples
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Maturity Extension. The Borrowers may elect to extend the Scheduled Maturity Date to a date that is no later than thirty (30) days following the initial Scheduled Maturity Date; provided that in no event shall the Scheduled Maturity Date extend beyond the date that is the last Business Day on or before the date that is 183 days after the Closing Date (the “Facility Extension Option”), and the Scheduled Maturity Date shall be so extended upon the satisfaction (or waiver, in writing by the Required Lenders) of the following conditions precedent:
(a) the Borrower shall have provided written notice to the Administrative Agent not less than 15 days and not more than 30 days prior to the initial Scheduled Maturity Date of its intention to exercise the Facility Extension Option;
(b) the Borrower shall have paid, or caused to be paid, to the Administrative Agent for the account of each Lender on the Scheduled Maturity Date, an extension premium in the amount of 3.0% of the aggregate principal amount of the Term Loans of such Lender then outstanding on the initial Scheduled Maturity Date, which amount shall be paid-in-kind and capitalized to the aggregate principal amount of the Term Loans;
(c) as of the initial Scheduled Maturity Date, (i) no Default or Event of Default shall have occurred and be continuing; (ii) the representations and warranties set forth in Article 3 hereof and in each other Loan Document shall be true and correct in all material respects (or, in the case of any representations and warranties qualified by materiality, Material Adverse Effect or words of similar import, in all respects) on and as of the Closing Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall have been true and correct in all material respects (or, in the case of any representations and warranties qualified by materiality, Material Adverse Effect or words of similar import, in all respects) as of such earlier date; and (iii) the Borrower shall have delivered to the Administrative Agent a certificate, dated the Scheduled Maturity Date and signed by a Responsible Officer of the Borrower, confirming compliance with the conditions set forth in this clause; and
(i) the Borrowers shall have paid all fees and premiums due and payable pursuant to and in accordance with this Agreement and the Commitment Letter prior to or as of the initial Scheduled Maturity Date and (ii) th...
Maturity Extension. (a) The Borrower may request that the Scheduled Maturity Date be extended until the Extended Maturity Date by delivering to the Facility Agent a written letter substantially in the form attached as Schedule 6 (Form of Extension Request Letter) (an “Extension Request Letter”) no later than 30 days prior to the Scheduled Maturity Date.
(b) An Extension Request Letter shall be irrevocable once delivered to the Facility Agent.
(c) Each Lender may individually elect to accept to extend the Scheduled Maturity Date (such Lender, the “Consenting Lender”) and the Facility Agent (on mutual unanimous consent between the Borrower and such Consenting Lenders and acting on the instructions of the Consenting Lenders) may agree to the Borrower’s request to extend the Scheduled Maturity Date by (i) completing the annex to that Extension Request Letter specifying for such purposes a fee to be proposed by the Borrower to the Consenting Lenders and (ii) countersigning the relevant Extension Request Letter (such countersigned Extension Request Letter, an “Extension Agreement”).
(d) The Consenting Lenders shall have no obligation to extend the Scheduled Maturity Date until the receipt of the extension fee specified in the Extension Agreement.
(e) If the Borrower delivers an Extension Request Letter within 30 days from the Scheduled Maturity Date, the Facility Agent may agree to the Borrower’s request to extend the Scheduled Maturity Date in its discretion (acting on the instructions of all Consenting Lenders).
(f) The Borrower shall repay the participation of any Lender that is not a Consenting Lender together with all amounts payable to such Lender pursuant to Clause 7.5 (Restrictions) on the Scheduled Maturity Date.
Maturity Extension. (a) Notwithstanding anything to the contrary herein, pursuant to one or more offers (each, an “Extension Offer”) made from time to time by a Borrower to all Lenders of a Class of Term Loans or a Class of Revolving Credit Commitments or Extended Revolving Credit Commitments, in each case on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term Loans, Revolving Credit Commitments or Extended Revolving Credit Commitments) and on the same terms to each such Lender, such Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Term Loans and/or Revolving Credit Commitments or Extended Revolving Credit Commitments and otherwise modify the terms of such Term Loans and/or Revolving Credit Commitments or Extended Revolving Credit Commitments pursuant to the terms of the relevant Extension Offer (including, without limitation, by increasing or decreasing the interest rate or fees payable in respect of such Term Loans and/or Revolving Credit Commitments or Extended Revolving Credit Commitments (and related outstandings) and/or modifying the amortization schedule in respect of such Lender’s Term Loans) (each, an “Extension”), so long as the following terms are satisfied: (i) no Default or Event of Default shall have occurred and be continuing at the time the offering document in respect of an Extension Offer is delivered to the Lenders or after giving effect to such Extension, (ii) except as to interest rates, fees and final maturity (which shall be determined by such Borrower and the Lenders providing the applicable Extended Revolving Credit Commitments and set forth in the relevant Extension Offer and except for provisions relating to letters of credit which shall be as agreed between such parties and the Issuing Lender) and except for other terms which become applicable only when all then outstanding Loans have been repaid and Commitments terminated, the Revolving Credit Commitment or Extended Revolving Credit Commitments of any Lender that agrees to an Extension with respect to such Revolving Credit Commitment or Extended Revolving Credit Commitment (an “Extending Revolving Credit Lender”) extended pursuant to an Extension (an “Extended Revolving Credit Commitment”), and the related outstandings, shall have the same terms as the original Revolving Credit Commitments or Extended Re...
Maturity Extension. (a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Lenders of a Class of Term Loans or a Class of Revolving Commitments or a Class of Incremental Revolving Commitments, in each case on a pro rata basis to each of the Lenders within any such Class (based on the aggregate outstanding principal amount of the respective Term Loans or Commitments of such Class) and on the same terms to each such Lender, the Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in
Maturity Extension. Subject to the terms and conditions of this Agreement, each Assignee Lender hereby extends the maturity date with respect to its Assigned Commitments (after giving effect to this Agreement) pursuant to Section 2.19 of the Existing Credit Agreement (the “Maturity Extension”).
Maturity Extension. (a) The Company, at its option and in its sole discretion, and subject to compliance with Section 4.05, may elect to extend the Stated Maturity of the Notes in whole or in part from September 30, 2027 to September 30, 2028 (a “Maturity Extension”) by providing Holders of Notes with notice of such election (an “Extension Notice”) in accordance with Section 2.14(b). As a condition to the Maturity Extension, the Company shall deposit with the Trustee or with a Paying Agent for distribution to the Holders as of such date on a pro rata basis, on or before 11:00 a.m. Eastern Time on September 30, 2027, a one-time cash extension fee equal to 0.25% of the principal amount of Notes (the “Extension Fee”) subject to the Maturity Extension.
(b) If the Company elects to exercise the Maturity Extension, the Company will, no more than 180 days and no less than 15 days prior to September 30, 2027, send to each Holder of Notes an Extension Notice in the manner provided in Section 13.01. Any Extension Notice shall state that:
(i) the Company has elected to extend the Stated Maturity of the Notes to September 30, 2028 in accordance with this Section 2.14;
(ii) the principal amount of Notes to which the Maturity Extension applies (which, if exercised for a portion of the Notes, shall be done on a pro rata basis); and
(iii) such further information as the Company deems necessary. An Extension Notice shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company.
(c) If the Company validly exercises the Maturity Extension and pays the Extension Fee in accordance with this Section 2.14, the Stated Maturity of the Notes will, automatically and without further action on the part of the Company, the Trustee or the Holders, become September 30, 2028.
Maturity Extension. At any time after the Closing Date, the Borrower and any Bank may agree, by notice to the Administrative Agent (each such notice, an “Extension Notice”), to extend the maturity date (any such extension, a “Maturity Extension”) of such Bank’s Commitments and/or Loans to the extended maturity date specified in such Extension Notice; provided that, (a) only one additional tranche of Commitments and/or Loans shall be permitted under this Section 2.4, (b) only the consent of the Borrower and respective extending Banks will be required in order to effect such Maturity Extension and (c) each Bank shall be offered the opportunity to participate in such Maturity Extension on the same terms and conditions as each other Bank. This Section 2.4 shall supersede any provisions in Section 11.2 or any provisions relating to the pro rata sharing of payments set forth in this Agreement to the contrary.
Maturity Extension. At any time at least 10 Business Days prior to the due date of the Balloon Payment, the Company shall have the right, by providing written notice to the Holder, to extend the Maturity Date by an additional 6 months (the “Maturity Extension”), subject to the payment of an extension fee amounting to 6% of the Principal amount of the Balloon Payment. The fee for the Maturity Extension shall be capitalized along with the Principal amount of the Balloon Payment, and the resulting Principal shall be subject to monthly Company Redemptions in 6 equal Principal Redemption Amounts as shown on the Redemption Schedule and will be subject to cash payment or conversion into Common Stock in accordance with Section 3(a) and 3(b).
Maturity Extension. Option The Borrower shall have the right on one occasion to extend the maturity date of the Credit Facility to the date that is twelve (12) months following the Closing Date (the “Extended Maturity Date”), provided that (i) the Administrative Agent shall have received written notice of the extension at least 30 days prior to the Initial Maturity Date, (ii) the Borrower shall have provided evidence of the existence of a LIBOR interest rate cap having terms acceptable to the Administrative Agent and (iii) on the extension date, (a) the Borrower shall have paid the Facility Extension Fee set forth on Schedule A hereto and (b) the Administrative Agent shall have received a certificate signed by a duly authorized officer of the Borrower stating that (1) no event of default has occurred and is continuing or would result from such extension, (2) the Borrower is in compliance with all financial covenants both immediately before and after giving effect to such extension, and (3) the representations and warranties contained in the Loan Documents are true and correct in all material respects as though made on and as of the extension date (except to the extent that any such representations and warranties are stated to relate solely to an earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date), provided that any such representations and warranties that are qualified as to “materiality” or “material adverse effect” are true and correct in all respects. Interest Rate, Fees, etc. As set forth on Schedule A hereto. Security The Credit Facility will be secured solely by: (i) first priority mortgages (subject to Permitted Encumbrances (to be defined)) over (x) the parcels of real property owned by a Subsidiary Guarantor in fee simple and specified in Part I of Schedule C hereto, fixtures thereon and improvements thereto and (y) if the Borrower elects not to assume the debt with respect to the parcels of real property owned by a Subsidiary Guarantor in fee simple and specified in Part II of Schedule C hereto and instead to refinance such debt with proceeds of the Credit Facility, the parcels of real property owned by a Subsidiary Guarantor in fee simple and specified in Part II of Schedule C hereto, fixtures thereon and improvements thereto, in each case, subject to the Mortgageability Provisions (collectively, the “Mortgaged Properties”); (ii) a first priority assignment (subject to Permitted Encu...
Maturity Extension. (a) [Reserved].
(b) At any time after the Effective Date, the Borrower and any Lender may agree, by notice to the Administrative Agent (each such notice, an “Extension Notice”), to extend the maturity date of such Lender’s Revolving Commitments and/or Term Loans to the extended maturity date specified in such Extension Notice.
(c) This Section 2.21 shall supersede any provisions in Section 2.18 or Section 9.02 to the contrary.