Extending Banks definition
Examples of Extending Banks in a sentence
If so extended, the Commitment Termination Date, as to the Extending Banks, shall be a requested date up to 364 days from the Existing Termination Date then in effect, effective as of such Existing Termination Date (such Existing Termination Date being the “Commitment Extension Effective Date”).
Furthermore, such repayments and terminations required to be made to the Non-Extending Banks on the Non-Extended Maturity Date shall not be subject to the pro rata sharing provisions of this Agreement (vis-à-vis) the Extending Banks, including without limitation Sections 10.1(a) and 10.3 hereof, unless the Revolving Credit Maturity Date for all of the Banks has occurred on or before such date.
Upon the foregoing repayment to the Non-Extending Banks, the Agent shall distribute to the Extending Banks and the Company a revised Schedule 1.2 (giving effect to the new Percentages resulting therefrom and from any assignments relating thereto), and all outstanding Advances of the Revolving Credit (if any) shall be reallocated among the Extending Banks based on such new Percentages.
In connection therewith, the Administrative Agent shall enter in the Register (A) the names of any New Banks, (B) the Maturity Date applicable to each Bank and Fronting Bank and (C) the respective allocations of any Declining Banks, Consenting Banks, Extending Banks and New Banks effective as of the Maturity Date applicable thereto.
At any time more than 30 days before such Anniversary Date Banks having aggregate Commitment Percentages of at least 80% of the Revolving Credit Commitments then in effect (the "Extending Banks") may propose, by written notice to the Borrowers, an extension of this Agreement to the date one year from the applicable Termination Date on such terms and conditions as the Extending Banks may then require.
Each Extending Bank shall be entitled to commit, effective as of the Extension Date, to purchase from the Terminating Banks, at any time after the Extension Date and on or before the Termination Date (prior to its extension hereunder), a ratable portion of the Commitments and outstanding Loans of the Terminating Banks in accordance with the Extending Bank's respective percentage of the remaining Aggregate Commitments.
Promptly following expiration of such ten day period, the Agent will notify the Borrower and the Banks of the Banks from which it has received such a notice agreeing to so renew ("Extending Banks").
If the Extending Banks notify the Administrative Agent that they are willing to accept assignments of Commitments in an aggregate amount that exceeds the amount of the Commitments of the Non-Extending Banks, such Commitments shall be allocated among the Extending Banks willing to accept such assignments in such amounts as are agreed between API and the Administrative Agent.
If the aggregate amount of such additional Commitments from Extending Banks is less than the aggregate amount of the Commitments of the Non-Extending Banks, the Guarantor shall have the right to add to this Agreement one or more new banks to replace such difference in Commitments (each Extending Bank so agreeing and each such new bank, an "Additional Commitment Bank").
In such event, the Terminating Banks shall be required to sell to such Extending Bank all or any portion of their respective Commitments and outstanding Loans, at the times specified by the Extending Banks after the Extension Date and on or prior to the Termination Date (prior to its extension hereunder).