Maturity Date Extensions Clause Samples
The Maturity Date Extensions clause allows for the extension of the original maturity date specified in an agreement. This provision typically outlines the conditions under which an extension can be requested, such as requiring notice from one party or mutual agreement, and may specify limits on the number or length of extensions permitted. By providing a structured process for extending the maturity date, this clause offers flexibility to the parties and helps prevent defaults or disputes if additional time is needed to fulfill obligations.
POPULAR SAMPLE Copied 1 times
Maturity Date Extensions. Prior to (but not less than 60 days nor more than 90 days prior to) the Extension Date and prior to (but not less than 60 days nor more than 90 days prior to) each anniversary of the Extension Date, the Borrower may make a written request to the Administrative Agent, who shall forward a copy of each such request to each of the Continuing Lenders, that the Facility Maturity Date then in effect be extended to the date which is one year after such existing Facility Maturity Date. Such request shall be accompanied by a certificate of an Authorized Officer of the Borrower stating that no Default or Event of Default has occurred and is continuing. If, by the date (a "Response Date") which is 30 days prior to the Extension Date or the relevant anniversary thereof, as the case may be, Continuing Lenders which are not Defaulting Lenders holding at least a majority of the Commitments held by Continuing Lenders which are not Defaulting Lenders agree thereto in writing, the Facility Maturity Date, and the Final Maturity Date of each Continuing Lender then consenting, shall be automatically extended to the first anniversary of the then existing Facility Maturity Date. In the event that the Borrower has not obtained the requisite percentage of Continuing Lenders to permit an extension by the relevant Response Date, the Borrower may extend the deadline for obtaining such percentage to the 30th day following such Response Date in order to take such actions, including those contemplated by Section 1.15, with respect to any Lender that is a Non-Continuing Lender after giving effect to such Response Date in order to obtain the requisite percentage of Lenders constituting Continuing Lenders to permit such extension. The Administrative Agent shall notify the Borrower and each Lender of the effectiveness of any such extension. No Lender shall be obligated to grant any extensions pursuant to this Section 1.14 and any such extension shall be in the sole discretion of each of them. A Lender's Final Maturity Date shall not be so extended pursuant to this Section 1.14 for (x) any Lender that is a Non-Continuing Lender at the time such request for extension is made and (y) any Continuing Lender at the time of such request that has not consented in writing, within the time specified above, to any such request for the extension thereof.
Maturity Date Extensions. (a) The term (the “Term”) of the Commitments (and each Bank’s obligations to make Loans and to participate in Letters of Credit hereunder) shall terminate and expire on the Maturity Date. Upon the date of the termination of the Term, any Loans then outstanding (together with accrued interest thereon and all other Obligations) shall be due and payable on such date.
(b) Notwithstanding the foregoing, AMB LP may extend the Maturity Date then in effect one time only for a period of one (1) year upon the following terms and conditions: (i) delivery by AMB LP of a written notice to the Administrative Agent (the “Extension Notice”) on or before a date that is not more than ninety (90) days nor less than sixty (60) days prior to the then-current Maturity Date, which Extension Notice the Administrative Agent shall promptly deliver to the Banks; (ii) no Event of Default shall have occurred and be continuing both on the date the Extension Notice is delivered to Administrative Agent and on the then-current Maturity Date (the “Extension Date”); (iii) AMB LP shall maintain an Investment Grade Rating from both S&P and M▇▇▇▇’▇; and (iv) AMB LP shall pay the Extension Fee to the Administrative Agent on or before the Extension Date. Any such delivery of the Extension Notice shall be irrevocable.
Maturity Date Extensions. Borrower shall have one (1) option to extend the Maturity Date of the Loan, for an additional six (6) month period, upon satisfaction of all of the following conditions: (i) no event of default shall have occurred and is continuing during the term of the Loan, and no act or event shall be then occurring which would be an event of default but for the giving of notice or the passage of time, or both; (ii) the Borrower shall have paid to Lender, a fee in the amount of $25,000 the (“Extension Fee”) for such extension; (iii) the Borrower shall have received an unconditional certificate of occupancy for the use of the Building; (iv) Skechers shall have taken occupancy and commenced to pay rent pursuant to the Lease; (v) revenue from the building shall equal or exceed a 1.40 times to debt coverage ratio using stress tests of the greater of an 8% rate or the 10-year Treasury plus 250 basis points and a 30-year amortization and (vi) the loan to value ratio does not exceed 58% based upon an updated appraisal which may be required by the Lender.
Maturity Date Extensions. Borrower may, at any time, request the ------------------------ Lenders to extend the Maturity Date then in effect for an additional 364-day period by delivering a written request to Agent. Agent shall promptly deliver to each Lender a copy of any such extension request received by Agent. If a Lender, in its sole and absolute discretion, consents to any Extension Request, such Lender shall so notify Agent in writing not later than any time specified by Agent. Any failure by any Lender so to notify Agent shall be deemed a denial thereof. (Borrower acknowledges and agrees that no Lender has promised, either expressly or impliedly, or has any obligation or commitment, to consent to such a request at any time.) If all Lenders consent to an extension request, Agent shall so notify Borrower and the Lenders and shall prepare an amendment to reflect the requested extension. If no Lender or less than all Lenders shall consent to an extension request, Agent shall so notify Borrower and the Lenders, and the Maturity Date then in effect shall remain in effect.
Maturity Date Extensions. On or before the last Business Day of each December beginning on December 31, 2001, Borrower may request the Lenders to extend the Maturity Date for an additional one-year period. Borrower shall request each such extension by appropriately completing, executing and delivering to Agent a written
Maturity Date Extensions. Existing satisfactory subordination agreements may be modified to extend their maturity dates by using either of the following methods: Amend an existing agreement to postpone its scheduled maturity date until a time mutually agreeable to the parties thereto. Bilaterally terminate the existing agreement and execute a new agreement embodying a later scheduled maturity date and terms otherwise identical to those of the former agreement. Under this method, the parties are to simultaneously execute a rider to the new agreement which recites: • Their intent to merely reflect a renewal of the existing agreement, and • That the new agreement involves no transfer of funds or securities between the parties. Under either method, filing with the SEC under subparagraph (c)(6) of Appendix D to SEA Rule 15c3-1 is not required; however, the modifications should be filed with the designated examining authority. Note that any extension of a satisfactory subordination agreement grandfathered pursuant to SEA Rule 15c3-1(g)(1), must be conformed to Appendix D no later than September 1, 1980. See interpretation 15c3-1d(b)(7)/01 for effective date of extended subordination. (SEC Letter to NYSE, November 11, 1976) (No. 77-2, June 1977) (c)(1) MISCELLANEOUS PROVISIONS (continued) /011 Extensions - Minimum Time Period Under either of the methods for extending the maturity date of satisfactory subordination agreements, it must be extended for a period of not less than one year. /02 Principal Amount Increases Parties wishing to increase the principal amount of a subordination agreement should subject the incremental amount to a new agreement conforming in all respects to Appendix D. Filing under SEA Rule 15c3-1d(c)(6) is required for the new subordination.
Maturity Date Extensions. The Borrower may effect a Maturity Date Extension with respect to one-third (1/3rd) of the Loans that are outstanding on the date that is 60 days prior to the Maturity Date (provided that a minimum of $300,000,000 aggregate principal amount of Loans remains outstanding) for an additional 90) day period by providing notice of such request to the Administrative Agent not more than 60 and not less than 30 days prior to the original Maturity Date (the “Extension Date”). The Maturity Date Extension will not be effective unless:
(a) The representations and warranties of the Loan Parties contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by “materiality”, “Material Adverse Effect” or any similar qualifier, in which case, it shall be true and correct in all respects) on and as of the date of such Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that for purposes of this Section 2.12, the representations and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively and the representations and warranties contained in Section 5.05(c) shall be deemed to refer to the statements furnished pursuant to Section 6.01(a) with respect to the fiscal year ended December 31, 2018.
(b) No Default shall exist, or would result from such proposed Extension.
(c) All fees required to be paid to the Administrative Agent, the Lenders and the Arrangers on or before the Maturity Date (including the Extension Fee) shall have been paid and the Borrower shall have delivered an officer’s certificate confirming satisfaction of clauses (a) and (b) above.
Maturity Date Extensions. (a) Subject to clause (b) below, the principal of the Loan, together with any accrued but unpaid interest shall be repaid no later than June 1, 2022 (“Maturity Date”).
(b) If, in Lender’s reasonable discretion, Borrower is making reasonable progress in achieving the necessary steps for the development of the Project in accordance with Article 2, but, on or before the Maturity Date, Borrower is not yet prepared to or authorized under this Agreement to transfer the Property to an Affordable Housing Developer for the construction of the Project, and provided there is not an uncured Event of Default under this Agreement, Borrower may request, and Lender will not unreasonably deny its consent to, an extension of the Maturity Date for (i) one year beginning immediately following the original Maturity Date (the “First Maturity Extension”) and (ii) provided Borrower requested and Lender approved the First Maturity Extension, an additional one-year extension of the Maturity Date beginning immediately following the end of the First Maturity Extension (the “Second Maturity Extension”, and together with the First Maturity Extension, each a “Maturity Extension”).
(c) Borrower may request each Maturity Extension by written notice to Lender delivered at least 30 days prior to the Maturity Date then in effect time being of the essence. If Borrower does not request a Maturity Extension or if Lender denies Borrower’s request for a Maturity Extension, then the principal of the Loan, together with any accrued but unpaid interest shall be repaid no later than the Maturity Date then in effect. If ▇▇▇▇▇▇ does not deny Borrower’s request for a Maturity Extension by the date that is 30 days after ▇▇▇▇▇▇’s receipt of ▇▇▇▇▇▇▇▇’s request, then the requested Maturity Extension will be deemed granted by Lender.
Maturity Date Extensions. The maturity dates of the August 2004 Note, the October 2004 Note and the March 2005 Note are each hereby extended to December 9, 2005, respectively.
Maturity Date Extensions. Provided that an Event of Default has not occurred, the Maker may extend the Maturity Date to the Extended Maturity Date upon not less than ninety (90) days' advance notice to the Holder (the "Extension Notice"), provided that, as of the last day of the calendar month preceding the giving of the Extension Notice (which calendar month for purposes of this determination may be no earlier than