Extension Advisor Clause Samples

The Extension Advisor clause designates an individual or entity responsible for providing guidance or recommendations regarding the extension of a contract or project timeline. In practice, this advisor may assess progress, review circumstances that could justify an extension, and formally advise the parties on whether an extension is warranted. This clause ensures that extension decisions are informed by an impartial or expert perspective, helping to prevent disputes and facilitate fair, well-reasoned adjustments to deadlines.
Extension Advisor. 92 ARTICLE IV DISTRIBUTIONS TO CERTIFICATEHOLDERS
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Extension Advisor. (a) The Special Servicer shall submit to the Extension Advisor any Asset Strategy Report recommending that a Mortgage Loan be modified in such manner as to extend the maturity date of such loan for a period of more than three (3) years beyond the scheduled maturity date of such loan as of the Cut-Off Date (a "Modification"). The Extension Advisor shall, within ten business days of such written request, file a written report with the Trustee and the Special Servicer approving or disapproving such modification and summarizing the reasons for its determination. The initial Extension Advisor on behalf of the Holders of the Senior Certificates shall approve of such Modification if it determines that the decision of the Special Servicer to modify the Mortgage Loan is consistent with the Special Servicer standard set forth in Section 6.01. Any successor Extension Advisors shall approve such Modifications if it determines that the decision of the Special Servicer to so modify the Mortgage Loan is in the best interest of the holders of the Senior Certificates. If unusual business circumstances or the need for additional information or analysis does not allow the timely filing of such report, the Extension Advisor will, to the best of its ability, file a statement within said ten day period with the Trustee and Special Servicer setting forth the estimated additional time required to complete its determinations and the reasons for the delay and will complete its determinations in the most expeditious manner reasonably possible. (b) The initial Extension Advisor's review shall be conducted by personnel in the Real Estate Division of its Commercial Banking Services Area or similar group with experience in the administration of commercial mortgage loans. It shall consist of the review of relevant information furnished to it by the Special Servicer pursuant to clause (c) and (d) hereof and such other information as it may have or determine to obtain with respect to the subject Mortgage Loan, and the circumstances (legal, market, physical, financial and otherwise) which may impact its collection. The Extension Advisor may obtain information outside of its normal data resources to fulfill its responsibilities. (c) The Special Servicer shall, at the time of any request to the extension Advisor for approval of a Modification, furnish to the Extension Advisor copies of all Asset Strategy Reports on the Mortgage Loan being modified, a written description of the Modification in...
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Extension Advisor. 93 SECTION 3.27. Consulting Certificateholder.......... 93
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Extension Advisor. 15 FDIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
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Extension Advisor. 93 SECTION 6.15
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Extension Advisor. The Special Servicer shall obtain the prior written approval of the Extension Advisor in respect of any proposed extension of a Mortgage Loan pursuant to Section 3.10(a) with respect to which three successive extensions shall have already been granted. The Special Servicer shall advise the Extension Advisor in a written report (in reasonable detail) if any such extension after the third successive previous extension of such Mortgage Loan with respect to a Specially Serviced Mortgage Loan is proposed and the Special Servicer shall grant such extension only if the Extension Advisor approves such extension in writing. The Extension Advisory Fee shall be paid to the Extension Advisor, first from loan modification fees paid by the Borrower under the related Mortgage Loan as to which an extension was requested, and, to the extent that such loan modification fees are insufficient to pay the Extension Advisory Fee, any such shortfall shall be paid from the Servicing Compensation; provided that the reduction in Servicing Compensation shall be allocated equally between the Servicer and the Special Servicer. The Extension Advisor may be replaced at any time by the Holders of ____% of the Voting Rights allocated to each Class of Regular Certificates, other than the most subordinate such Class of Regular Certificates, by written notice to the Extension Advisor, the Trustee and the Special Servicer. Notwithstanding anything to the contrary contained herein, in no event shall the Special Servicer be the Extension Advisor.
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Related to Extension Advisor

  • Extension of the Expiry Date; Non-Extension Advance No earlier than the 60th day and no later than the 40th day prior to the then effective Expiry Date (unless such Expiry Date is on or after the date that is 15 days after the Final Legal Distribution Date for the Class B Certificates), the Borrower shall request that the Liquidity Provider extend the Expiry Date to the earlier of (i) the date that is 15 days after the Final Legal Distribution Date for the Class B Certificates and (ii) the date that is the day immediately preceding the 364th day occurring after the last day of the Consent Period (as hereinafter defined). Whether or not the Borrower has made such request, the Liquidity Provider shall advise the Borrower no earlier than the 40th day (or, if earlier, the date of the Liquidity Provider’s receipt of such request, if any, from the Borrower) and no later than the 25th day prior to the then effective Expiry Date (such period, the “Consent Period”), whether, in its sole discretion, it agrees to so extend the Expiry Date. If the Liquidity Provider advises the Borrower on or before the date on which the Consent Period ends that such Expiry Date shall not be so extended, or fails to irrevocably and unconditionally advise the Borrower on or before the date on which the Consent Period ends that such Expiry Date shall be so extended (and, in each case, if the Liquidity Provider shall not have been replaced in accordance with Section 3.05(e) of the Intercreditor Agreement), the Borrower shall be entitled on and after the date on which the Consent Period ends (but prior to the then effective Expiry Date) to request a Non-Extension Advance in accordance with Section 2.02(b)(i) and Section 3.05(d) of the Intercreditor Agreement.

  • Extension of Termination Date (a) The Borrower may at any time after the end of the Availability Period, provided that the aggregate value of all Outstandings is no more than EUR420,000,000, by written notice (the “Renewal Request”) request that the Termination Date be extended to the Extended Termination Date in accordance with a new proposed repayment schedule (“the New Repayment Schedule”) replacing the table set out in paragraph (b) of Clause 6.1 (Repayment of the Loans) (the “Extension”), provided such Renewal Request is received by the Facility Agent no earlier than one hundred and twenty (120) days and no later than ninety (90) days prior to the date on which the Borrower wants the Extension to take effect (the “Effective Date”). (b) The Facility Agent shall promptly notify each Lender and the Federal/State Guarantors of its receipt of a Renewal Request. Each Lender shall have the right, in its absolute discretion, to accept or decline any Renewal Request and the Federal/State Guarantors shall have the right to veto the Extension. A Lender and the Federal/State Guarantors which agree(s) to the Extension as requested by a Renewal Request shall notify the Facility Agent of its agreement within sixty (60) days after the date on which the Facility Agent has notified the Lenders and the Federal/State Guarantors (the “Renewal Decision Date”). If a Lender or the Federal/State Guarantors do not so notify the Facility Agent, it/they will be deemed to have declined or vetoed the Extension. (c) If all the Lenders, together with the Federal/State Guarantors, agree to the Extension, then: (i) on the Effective Date, the date for the repayment of the participations in the Loans of the Lenders as at the Termination Date will be extended to the Extended Termination Date in accordance with the New Repayment Schedule; and (ii) the Borrower shall, on the first (1st) Business Day after the Effective Date, pay to the Facility Agent for each Lender an extension fee in an amount which shall have been agreed amongst the Borrower and the Lenders prior to the Renewal Decision Date. (d) If any Lender or the Federal/State Guarantors decline to agree to or vetoes the Extension, the Borrower shall, on the Termination Date, repay in full the Loans. (e) A Renewal Request is irrevocable and may not be withdrawn.

  • Extension of Commitment Termination Date The Borrower may, no more frequently than once each year by delivering written notice to the Managing Agents (with a copy to the Program Agent), request the Lenders to extend the Commitment Termination Date for an additional 364 days past the then applicable Commitment Termination Date, with such extension to become effective with respect to any Lender Group, as of the date one or more Committed Lenders having Commitments equal to 100% of such Lender Group’s Lender Group Limit shall in their sole discretion consent to such extension (the Lenders in such a Lender Group, “Extending Lenders”). Any such request shall be subject to the following conditions: (i) at no time will any Commitment have a term of more than 364 days and, if any such request would result in a term of more than 364 days, such request shall be deemed to have been made for such number of days so that, after giving effect to such extension on the date requested, such term will not exceed 364 days, (ii) none of the Lenders will have any obligation to extend any Commitment, (iii) any such extension of the Commitment Termination Date will be effective only upon the written agreement of at least one Committed Lender and the Borrower and (iv) any request for such extension shall be made at least sixty (60) days prior to the then current Commitment Termination Date. The Managing Agent for each applicable Committed Lender will respond to any such request within thirty (30) days (with a copy to the Paying Agent) but in any event no earlier than thirty (30) days prior to the then current Commitment Termination Date, provided that any Managing Agent’s failure to respond within such period shall be deemed to be a rejection of the requested extension.

  • Extension Amendment Extended Term Loans shall be established pursuant to an amendment (each, a “Extension Amendment”) to this Agreement among Holdings, the Loan Parties, the Agent and each Extending Term Lender providing an Extended Term Loan thereunder, which shall be consistent with the provisions set forth in Section 2.10(a) above, respectively (but which shall not require the consent of any other Lender). The effectiveness of any Extension Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set forth in Section 4.2 and, to the extent reasonably requested by the Agent, receipt by the Agent of (i) legal opinions, board resolutions and officers’ certificates consistent with those delivered on the Original Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Agent and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Agent in order to ensure that the Extended Term Loans are provided with the benefit of the applicable Financing Agreements. The Agent shall promptly notify each Lender as to the effectiveness of each Extension Amendment. Each of the parties hereto hereby agrees that this Agreement and the other Financing Agreements may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Extended Term Loans incurred pursuant thereto, (ii) modify the scheduled repayments set forth in Section 2.2 with respect to any Existing Term Loan Tranche subject to an Extension Election to reflect a reduction in the principal amount of the Term Loans thereunder in an amount equal to the aggregate principal amount of the Extended Term Loans amended pursuant to the applicable Extension Amendment (with such amount to be applied ratably to reduce scheduled repayments of such Term Loans required pursuant to Section 2.2), (iii) modify the prepayments set forth in Section 2.3 to reflect the existence of the Extended Term Loans and the application of prepayments with respect thereto, (iv) make such other changes to this Agreement and the other Financing Agreements consistent with the provisions and intent of Section 12.3(g) (without the consent of the Required Lenders called for therein) and (v) effect such other amendments to this Agreement and the other Financing Agreements as may be necessary or appropriate, in the reasonable opinion of the Agent and the Parent Borrower, to effect the provisions of this Section 2.10, and the Required Lenders hereby expressly authorize the Agent to enter into any such Extension Amendment.

  • Extension of the Term At least two months prior to the third anniversary of the Effective Date, the Parties will evaluate the effectiveness of this Agreement and decide whether to extend the Term.