Common use of Maturity Date Extensions Clause in Contracts

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. (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 expire, and the Borrowers shall return or cause to be returned all Letters of Credit to the Fronting Bank 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.