Extension by Banks of the Expiration Date Sample Clauses

The "Extension by Banks of the Expiration Date" clause allows banks to unilaterally extend the expiration date of a financial instrument, such as a letter of credit or a loan facility. In practice, this means that if certain conditions are met or at the bank's discretion, the validity period of the instrument can be prolonged beyond the original end date, often to accommodate delays or ongoing negotiations. This clause provides flexibility for both the bank and the counterparty, ensuring that essential financial arrangements remain in force when needed and reducing the risk of unintended lapses due to administrative or procedural delays.
Extension by Banks of the Expiration Date. Upon or promptly after delivery by the Borrower of the annual financial statements to be provided under Section 7.3.2 for the fiscal year ending March 31, 2002 or any subsequent fiscal year, the Borrower may request a one-year extension of the Expiration Date by written notice to the Banks, and the Banks agree to respond to the Borrower's request for an extension within sixty (60) days following receipt of the request; provided, however, that all the Banks must consent to any extension of the Expiration Date and the failure of the Banks to respond within such time period shall not in any manner constitute an extension of the Expiration Date.
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Extension by Banks of the Expiration Date. (a) Not more than 45 days and not less than 30 days prior to the Line of Credit Expiration Date then in effect, the Borrower, by written notice to the Administrative Agent, may request an extension of the Line of Credit Expiration Date in accordance with the following provisions of this Section Error! Reference source not found.. The Administrative Agent shall promptly notify each Bank of such request, and each Bank shall in turn, in its sole discretion, on a date (the "Consent Date") specified by the Administrative Agent after ------------ consultation with the Borrower, which shall be not earlier than 30 nor less than 15 days prior to the Line of Credit Expiration Date, notify the Administrative Agent in writing as to whether such Bank will consent to such extension. Any such notice of consent made by a Bank more than 30 days prior to the Line of Credit Expiration Date shall be revocable by such Bank, provided that such notices of consent not so revoked shall become irrevocable 30 days prior to the Line of Credit Expiration Date. Each Bank that determines not to so extend the Line of Credit Expiration Date (each, a "Non-Consenting Bank") shall promptly notify the Administrative Agent in ------------------- writing (who shall then notify the Borrower) of such determination. If any Bank shall fail to notify the Administrative Agent in writing of its consent to, or refusal of, any such request for extension of the Line of Credit Expiration Date as specified above, such Bank shall be deemed to be a Non-Consenting Bank with respect to such request. The Administrative Agent shall, not later than 10 days prior to the Line of Credit Expiration Date, notify the Borrowers of the decision of the Banks regarding the Borrower's request for an extension of such Line of Credit Expiration Date. It is understood and agreed that no Bank shall have any obligation whatsoever to agree to any request made by the Borrower for an extension of the Line of Credit Expiration Date. (b) If all of the Banks consent in writing to any such request in accordance with subsection (a) of this Section 3.8, and upon fulfillment of the conditions set forth in clause (e) of this Section 3.8, the Line of Credit Expiration Date shall, effective as at the Consent Date (hereinafter, the "Extension Date"), be extended for 364 days from the Consent Date. -------------- (c) If less than all of the Banks consent to any such request pursuant to subsection (a) of this Section 3.8, the Borrower may arran...
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Extension by Banks of the Expiration Date. Upon or promptly after delivery by NovaCare of the annual financial statements to be provided under Section 8.01(m)(ii) hereof for the fiscal year ending June 30, 1995 or any subsequent fiscal year, NovaCare, as agent for the Borrowers, may request an extension of the Expiration Date by written notice to the Agent who shall promptly deliver such notice to the Banks, and the Banks agree to respond to such request to the Agent who shall promptly deliver such response to NovaCare within sixty (60) days following NovaCare's delivery of such request. All Banks must consent to any extension of the Expiration Date in order for the extension to be effective and the failure of the Banks to respond within such time period shall not in any manner constitute consent to an extension of the Expiration Date. Borrowers may request that the Expiration Date be extended (i) until November 28, 2000 in their first request for an extension hereunder, and (ii) for one-year periods beyond the Expiration Date then in effect in any subsequent request for an extension hereunder.
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Extension by Banks of the Expiration Date. On or promptly after the first anniversary of the Closing Date and annually on each such anniversary thereafter, the Borrowers may request a one-year extension of the then-applicable Expiration Date by written notice to the Banks, and the Banks agree to respond to the Borrower's request for an extension by sixty (60) days following receipt of the request; provided, however, that the failure of any Bank to respond within such time period shall not in any manner constitute an agreement by such Bank to extend the then-applicable Expiration Date. If all Banks elect to extend, the then-applicable Expiration Date shall be extended for a period of one year. The failure of any Bank to respond to or approve such request shall constitute refusal.
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Extension by Banks of the Expiration Date 
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Related to Extension by Banks of the Expiration Date

  • Termination Upon Expiration Date The Trust shall automatically terminate on December 31, 20__ (the "Expiration Date") or earlier pursuant to Section 9.02.

  • Termination Prior to Expiration of Term This Section shall govern any termination of this Contract except as specifically provided in the following Section for termination for cause. The City reserves the right to terminate this Contract at any time, with or without cause, upon thirty (30) days’ written notice to Consultant, except that where termination is due to the fault of the Consultant, the period of notice may be such shorter time as may be determined by the Contract Officer. In addition, the Consultant reserves the right to terminate this Contract at any time, with or without cause, upon sixty (60) days’ written notice to City, except that where termination is due to the fault of the City, the period of notice may be such shorter time as the Consultant may determine. Upon receipt of any notice of termination, Consultant shall immediately cease all services hereunder except such as may be specifically approved by the Contract Officer. Except where the Consultant has initiated termination, the Consultant shall be entitled to compensation for all services rendered prior to the effective date of the notice of termination and for any services authorized by the Contract Officer thereafter in accordance with the Schedule of Compensation or such as may be approved by the Contract Officer, except as provided in Section 7.3. In the event the Consultant has initiated termination, the Consultant shall be entitled to compensation only for the reasonable value of the work product actually produced hereunder. In the event of termination without cause pursuant to this Section, the terminating party need not provide the non-terminating party with the opportunity to cure pursuant to Section 7.2.

  • Extension of Expiration Date If the Company fails to cause any Registration Statement covering Registrable Securities (unless otherwise defined herein, capitalized terms are as defined in the Registration Rights Agreement relating to the Warrant Shares (the "Registration Rights Agreement")) to be declared effective prior to the applicable dates set forth therein, or if any of the events specified in Section 2(c)(ii) of the Registration Rights Agreement occurs, and the Blackout Period (whether alone, or in combination with any other Blackout Period) continues for more than 60 days in any 12 month period, or for more than a total of 90 days, then the Expiration Date of this Warrant shall be extended one day for each day beyond the 60-day or 90-day limits, as the case may be, that the Blackout Period continues.

  • Termination Expiration Suspension Remedies (a) TERMINATION FOR NONAPPROPRIATION OR REDUCTION OF FUNDS OR CHANGES IN LAW. Enterprise Services may suspend or terminate this Participating Addendum and Purchasers may suspend or terminate applicable Purchase Orders, in whole or in part, at the sole discretion of Enterprise Services or, as applicable, Purchaser, if Enterprise Services or, as applicable, Purchaser reasonably determines that: (a) a change in Federal or State legislation or applicable laws materially affects the ability of either party to perform under the terms of this Participating Addendum or applicable Purchase Order; or (b) that a change in available funds affects Purchaser’s ability to pay under the applicable Purchase Order. A change of available funds as used in this section includes, but is not limited to a change in Federal or State funding, whether as a result of a legislative act or by order of the President or the Governor. If a written notice is delivered under this provision, Purchaser will reimburse Contractor for Goods properly ordered and/or Services properly performed until the effective date of said notice. Except as stated in this provision, in the event of termination for nonappropriation or reduction of funds or changes in law, Purchaser will have no obligation or liability to Contractor for payment of terminated Purchase Orders.

  • Dissolution Upon Expiration Date Unless earlier dissolved, the Trust shall automatically dissolve on July 30, 2040 (the “Expiration Date”), and the Trust Property shall be liquidated in accordance with Section 9.4.