The term refers to an amendment to a syndicated loan agreement where certain lenders agree in advance to extend the maturity date of their loans. In exchange for this early non-pro rata extension of the loan maturity, the extending lenders typically receive a higher applicable margin on their extended loans. The extending lenders may receive additional compensation, including extension or amendment fees and increased commitment fees.

For links to amend & extend amendments to loan agreements, see Practice Note, What's Market: Amend & Extends. For more information on amend & extends, see Practice Note, Amend & Extends.