Example ContractsClausesextension of revolving credit termination dateVariants
Extension of Revolving Credit Termination Date
Extension of Revolving Credit Termination Date contract clause examples

Extension of Termination Date. (i) So long as no Default or Unmatured Default has occurred and is continuing, the Company may on up to two occasions, upon at least 45 days and not more than 60 days prior to any annual anniversary of the date hereof, by written notice to the Agent (who shall promptly provide a copy of such notice to each Lender), propose to extend the Termination Date by one year. Each Lender may, not more than 30 days nor less than 20 days prior to such anniversary date, elect by written notice to the Company and the Agent to extend its Termination Date by a period of one year. The Agent will notify the Company, in writing of [[Organization B:Organization]]’ decisions no later than 15 days prior to such anniversary date. No Lender (or any successor thereto) shall have any obligation to extend its Termination Date, and any decision by a Lender to extend its Termination Date shall be made in its sole discretion independently from any other Lender. Any Lender that does not respond to a request to extend the Termination Date shall be deemed to be a Non-Consenting Lender.

Extension of Termination Date. (i) So long as no Default or Unmatured Default has occurred and is continuing, the Company may on one occasion, upon at least 45 days and not more than 60 days prior to any annual anniversary of the date hereof, by written notice to the Agent (who shall promptly provide a copy of such notice to each Lender), propose to extend the Termination Date by one year. Each Lender may, not more than 30 days nor less than 20 days prior to such anniversary date, elect by written notice to the Company and the Agent to extend its Termination Date by a period of one year. The Agent will notify the Company, in writing of [[Organization B:Organization]]’ decisions no later than 15 days prior to such anniversary date. No Lender (or any successor thereto) shall have any obligation to extend its Termination Date, and any decision by a Lender to extend its Termination Date shall be made in its sole discretion independently from any other Lender. Any Lender that does not respond to a request to extend the Termination Date shall be deemed to be a Non-Consenting Lender.

Extension of Termination Date. (a) So long as no Default or Unmatured Default has occurred and is continuing, the Company may on up to two occasions, upon at least 45 days and not more than 60 days prior to any annual anniversary of the date hereof, by written notice to the Agent (who shall promptly provide a copy of such notice to each Lender), propose to extend the Termination Date by one year. Each Lender may, not more than 30 days nor less than 20 days prior to such anniversary date, elect by written notice to the Company and the Agent to extend its Termination Date by a period of one year. The Agent will notify the Company, in writing of the ’ decisions no later than 15 days prior to such anniversary date. No Lender (or any successor thereto) shall have any obligation to extend its Termination Date, and any decision by a Lender to extend its Termination Date shall be made in its sole discretion independently from any other Lender. Any Lender that does not respond to a request to extend the Termination Date shall be deemed to be a Non-Consenting Lender.

Extension of Termination Date. So long as no Default or Unmatured Default has occurred and is continuing, the Borrower may on up to two occasions, upon at least 30 days and not more than 45 days prior to the then scheduled Termination Date (whether May ​, 2024 or, if extended, November ​, 2024), by written notice to the Agent (who shall promptly provide a copy of such notice to each Lender), extend the Termination Date by six months.

The Termination Date may be extended on up to two occasions in the manner set forth in this subsection # for a period of one year from the Termination Date then in effect. If the Company wishes to request an extension of the Termination Date, the Company shall give notice to that effect to the Administrative Agent not less than 45 nor more than 90 days prior to the first or second anniversary of the date hereof, or at both times, whereupon the Administrative Agent shall promptly notify each of the Lenders of such request. Each Lender will use its best efforts to respond to such request, whether affirmatively or negatively, as it may elect in its sole discretion, within 30 days of such notice to the Administrative Agent. Any Lender not responding to such request within such time period shall be deemed to have responded negatively to such request. The Company may request the Lenders that do not elect to extend the Termination Date to assign their Commitments in their entirety to one or more Assignees pursuant to [Section 11.06] which Assignees will agree to extend the Termination Date. If Lenders having more than 50% of the aggregate amount of the Commitments (including such Assignees and excluding their respective transferor Lenders) respond affirmatively, then, subject to receipt by the Administrative Agent of counterparts of an Extension Agreement in substantially the form of [Exhibit H] hereto duly completed and signed by the Company, the Administrative Agent and such Lenders, the Termination Date shall be extended to the first anniversary of the Termination Date then in effect with respect to such Lenders (but not with respect to Lenders not so responding affirmatively). Any extension of the Termination Date pursuant to this subsection # shall be subject to satisfaction of the conditions set forth in [Section 3.02(b)] and [Section 3.02(c)], and any request for an extension by the Company hereunder shall constitute a representation and warranty that such conditions are satisfied at the time of such extension and after giving effect thereto.

SECTION # Extension of Termination Date. (a) At least 30 days but not more than 60 days prior to the next Anniversary Date, the [[Organization A:Organization]], by written notice to the [[Organization B:Organization]], may request an extension of the Termination Date in effect at such time by one calendar year from its then scheduled expiration. The [[Organization B:Organization]] shall promptly notify each Lender of such request, and each Lender shall in turn, in its sole discretion, not later than 20 days prior to such Anniversary Date, notify the [[Organization A:Organization]] and the [[Organization B:Organization]] in writing as to whether such Lender will consent to such extension. The delivery of such notice shall constitute a representation and warranty that on the date of such notice # the representations and warranties contained in Section 4.01 are correct in all material respects on and as of the date of such notice (provided that, for the purposes of such representation, # all references in the representations and warranties contained in [Section 4.01(e)] to consolidated balance sheets, consolidated statements of income, cash flow and retained earnings for the [[Organization A:Organization]] and its Consolidated Subsidiaries shall be deemed to refer to the corresponding versions of those documents most recently delivered to the [[Organization B:Organization]] pursuant to [Section 5.01(e)(ii)] prior to the date of the notice contemplated in this [Section 2.15(a), (B)] all references in the representations and warranties contained in [Section 4.01(e) and 4.01(f)])] to “SEC Reports” shall be deemed to refer to the [[Organization A:Organization]]’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current Reports on Form 8-K filed with the Securities and Exchange Commission prior to the date of such notice and # the final sentence of [Section 4.01(e)] shall be deemed revised to read “Except as set forth in the SEC Reports, since the date of the most recently delivered consolidated financial statements delivered to the [[Organization B:Organization]] in accordance with [Section 5.01(e)(ii)], there has been no Material Adverse Change”; and # there exists no Default. If any Lender shall fail to notify the [[Organization B:Organization]] and the [[Organization A:Organization]] in writing of its consent to any such request for extension of the Termination Date prior to 20 days prior to such Anniversary Date, such Lender shall be deemed to be a Non-Consenting Lender with respect to such request. The [[Organization B:Organization]] shall notify the [[Organization A:Organization]] not later than 15 days prior to such next Anniversary Date of the decision of the [[Organization C:Organization]] regarding the [[Organization A:Organization]]’s request for an extension of the Termination Date.

The Company on one or more occasions may, in each case by notice to the [[Person A:Person]] (which shall promptly notify the Lenders) not less than 45 days and not more than 90 days prior to each or any of the third, fourth and fifth anniversaries of the Effective Date (each anniversary, an “Anniversary Date”), request that each Lender extend such Lender’s Termination Date to the date (the “New Termination Date”) that is one year after the then Final Termination Date. Each Lender, acting in its sole discretion, shall, by written notice to the [[Person A:Person]] given no later than the date (the “Consent Date”) that is 20 days prior to the relevant Anniversary Date (provided that, if such date is not a Business Day, the Consent Date shall be the next succeeding Business Day), advise the [[Person A:Person]] as to:

# may, by delivering a request to extend the Termination Date (an “Extension Request”) to the Agent (who shall promptly deliver a copy to each of ), not more than 45 days and not less than 30 days in advance of any anniversary of the Closing Date prior to the Termination Date (such anniversary date, the “Relevant Anniversary Date”), request that extend the Termination Date in effect at such time (the “Existing Termination Date”) to the first anniversary of such Existing Termination Date. Each Bank, acting in its sole discretion, shall, by written notice to the Agent given not later than the date that is the 15th day after the date of the Extension Request, or if such date is not a Business Day, the immediately following Business Day (the “Response Date”), advise the Agent in writing whether or not such Bank agrees to the requested extension. Each Bank that advises the Agent that it will not extend the Existing Termination Date is referred to herein as a “Non-extending Bank”; provided, that any Bank that does not advise the Agent of its consent to such requested extension by the Response Date and any Bank that is a Defaulting Bank on the Response Date shall be deemed to be a Non-extending Bank. The Agent shall notify , in writing, of ’ elections promptly following the Response Date. The election of any Bank to agree to such an extension shall not obligate any other Bank to so agree. The Termination Date may be extended no more than two times pursuant to this [subsection 2.22].

Section # Extension Option. (a) At any time on and after the first anniversary of the Effective Date through the date that is 45 days prior to the Termination Date in effect on the date hereof, the Borrowers may request an extension of the Termination Date for a period of one year from the Termination Date then in effect by providing written notice to that effect to the Administrative Agent not less than 30 days nor more than 90 days prior to the date on which such extension is to take effect (each such request, an “Extension Request”), whereupon the Administrative Agent shall promptly notify each of the Lenders of such Extension Request; provided that, # in no event shall more than two Extension Requests be made and # any second Extension Request shall not be made earlier than at least 12 months after the date of the first Extension Request. Each Lender will use its best efforts to respond to any such request, whether affirmatively or negatively, as it may elect in its sole and absolute discretion, within 30 days of any such notice to the Administrative Agent. If any Lender shall not have responded affirmatively within any such 30-day period, such Lender shall be deemed to have rejected the Borrowers’ proposal to extend its Commitment and only the Commitments of those Lenders which have responded affirmatively shall be extended.

If (after giving effect to any assignments pursuant to paragraph # of this [Section 2.6.4]) having Commitments equal to at least 50% of the Commitments in effect immediately prior to the applicable anniversary date consent in writing to a requested extension (whether by execution or delivery of an assignment agreement pursuant to [Section 13.3] or otherwise) not later than one Business Day prior to such anniversary date, the Agent shall so notify the Company, and so long as no Default or Unmatured Default shall have occurred and then be continuing (and the Company shall have so certified to the Agent) on the proposed effective date of such execution, the Termination Date then in effect shall be extended for the additional one-year period as described in paragraph # of this [Section 2.6.4], and all references in this Agreement and in the Notes to the “Termination Date” shall, with respect to each Lender other than a Non-Consenting Lender for such extension, refer to the Termination Date as so extended. Promptly following each extension of the Termination Date, the Agent shall notify the of the extension of the scheduled Termination Date in effect immediately prior thereto.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.