Refinancing Revolving Credit Commitments Sample Clauses
The "Refinancing Revolving Credit Commitments" clause allows for the replacement or modification of existing revolving credit commitments with new or amended commitments, typically under updated terms. In practice, this clause enables the borrower and lenders to agree on refinancing arrangements, such as extending maturity dates, adjusting interest rates, or changing lenders, without requiring full repayment and reissuance of the facility. Its core function is to provide flexibility in managing credit facilities, ensuring that the borrower can adapt to changing financial needs or market conditions while maintaining access to revolving credit.
Refinancing Revolving Credit Commitments. The Borrowers may, on one or more occasions, upon giving no less than five Business Days’ prior written notice (or such shorter period as may be agreed to by the Administrative Agent) (which notice may take the form of a draft of the relevant Refinancing Revolving Credit Commitments Amendment) (the “Refinancing Revolving Credit Commitments Notice”) to the Administrative Agent, refinance all (and not less than all) of the Revolving Credit Commitments with a new revolving credit facility under this Agreement (such refinancing of the Revolving Credit Commitments, the “Refinancing Revolving Credit Commitments”). Each such Refinancing Revolving Credit Commitments Notice shall specify the date (the “Refinancing Revolving Credit Commitments Effective Date”), which shall be a Business Day, on which the Borrowers propose that such refinancing shall be consummated. Any such refinancing, and the incurrence of Refinancing Revolving Credit Commitments hereunder, shall be subject to the following:
(i) No Event of Default shall have occurred and be continuing.
(ii) Substantially concurrently with the incurrence of any Refinancing Revolving Credit Commitments, the Borrowers shall terminate the existing Revolving Credit Commitments, and repay, prepay and pay all of the then outstanding Revolving Credit Loans and other Revolving Credit Exposure associated with such terminated Revolving Credit Commitments (together with any accrued but unpaid interest and fees thereon and any premiums, if any, with respect thereto); provided that (x) any such termination of the Revolving Credit Commitments shall be subject to, and effected in accordance with, Section 2.08(b) and (y) notwithstanding the foregoing, any undrawn Letter of Credit outstanding on the Refinancing Revolving Credit Commitments Effective Date may, subject to arrangements satisfactory to the Issuing Lender of such Letter of Credit, the Borrowers, the Administrative Agent and the Issuing Lender under such Refinancing Revolving Credit Commitments, be “rolled” under such Refinancing Revolving Credit Commitments on and with effect from the Refinancing Revolving Credit Commitments Effective Date.
(iii) The Borrowers shall pay any applicable amounts as and when required pursuant to Section 2.14 in connection with the prepayment, repayment, reduction or termination, as applicable, of the Revolving Credit Loans and Revolving Credit Commitments being refinanced by such Refinancing Revolving Credit Commitments and the initial Bor...
Refinancing Revolving Credit Commitments. Subject to the terms and conditions set forth herein, on the Third Amendment Effective Date, each Refinancing Revolving Credit Lender hereby exchanges its Revolving Credit Commitment (and Revolving Credit Loans) for a Refinancing Revolving Credit Commitment (and Refinancing Revolving Credit Loans).
Refinancing Revolving Credit Commitments. This Amendment is a Refinancing Amendment referred to in Section 2.15 of the Credit Agreement, and the Borrower, the Consenting Revolving Credit Lenders, the Additional Amendment No. 11 Refinancing Revolving Lenders and the Administrative Agent hereby agree that: