Maturity Extensions Sample Clauses
The Maturity Extensions clause allows for the extension of the original maturity date of a financial obligation or contract. In practice, this means that parties can agree to postpone the date when payment or performance is due, often by mutual consent or under specified conditions. This clause is commonly used in loan agreements or bonds to provide flexibility if the borrower needs more time to fulfill their obligations. Its core function is to offer a structured mechanism for extending deadlines, thereby reducing the risk of default and accommodating unforeseen circumstances.
Maturity Extensions. (a) With respect to each Advance (1) for which the Borrower has selected a Maturity Date that will occur before the twentieth anniversary of the Requested Advance Date specified in the respective Advance Request, or (2) for which a Maturity Date that will occur before the twentieth anniversary of the Requested Advance Date specified in the respective Advance Request has been determined as provided in subparagraph (b) of this paragraph 15 (each such Maturity Date being an "Interim Maturity Date"), the Borrower may, effective as of such Interim Maturity Date, elect to extend the maturity of all or any portion of the outstanding principal amount of the respective Advance to a new Maturity Date to be selected by the Borrower in the manner and subject to the limitations specified in this subparagraph (a) (each such election being a "Maturity Extension Election"; each such elective extension of the maturity of any Advance that has an Interim Maturity Date being a "Maturity Extension"; and the Interim Maturity Date that is in effect for an Advance immediately before any such elective Maturity Extension being, from and after such Maturity Extension, the "Maturity Extension Effective Date").
(1) Except under the circumstances described in clause (3) of this subparagraph (a), the Borrower shall deliver to FFB (with a copy to RUS) written notification of each Maturity Extension Election, in the form of notification attached to this Bond as Annex 1-A (each such notification being a "Maturity Extension Election Notice"), making reference to the "Advance Identifier" (as that term is defined in the Bond Purchase Agreement) that FFB assigned to such Advance (as provided in the Bond Purchase Agreement) and specifying, among other things, the following:
(A) the amount of the outstanding principal of the such Advance with respect to which the Borrower elects to extend the maturity; and
(B) the new Maturity Date that the Borrower selects to be in effect for such principal amount after the respective Maturity Extension Effective Date, which date:
(i) may be either (I) a new Interim Maturity Date, or (II) the twentieth anniversary of the Requested Advance Date specified in the original Advance Request (if such twentieth anniversary date is a Payment Date) or the Payment Date immediately preceding such twentieth anniversary date (if such twentieth anniversary date is not a Payment Date); and
(ii) in the event that the Borrower selects a new Interim Maturity Date as the new Matur...
Maturity Extensions. (a) Notwithstanding anything to the contrary in this Agreement (but subject to Section 2.9(d)), pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Lenders of Term Loans with a like maturity date or Revolving Commitments with a like maturity date, in each case on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term Loans or Revolving Commitments with a like maturity date, as the case may be) and on the same terms to each such Lender, the Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Term Loans and/or Revolving Commitments and otherwise modify the terms of such Term Loans and/or Revolving Commitments pursuant to the terms of the relevant Extension Offer (including, without limitation, by increasing or decreasing the interest rate or fees payable in respect of such Term Loans and/or Revolving Commitments (and related outstandings) and/or modifying the amortization schedule in respect of such Lender’s Term Loans) (each, an “Extension”), so long as the following terms are satisfied: (i) no Default or Event of Default shall have occurred and be continuing at the time the offering document in respect of an Extension Offer is delivered to the Lenders or after giving effect to such Extension, (ii) except as to interest rates, fees and final maturity (which shall be determined by the Borrower and set forth in the relevant Extension Offer), the Revolving Commitment of any Lender that agrees to an Extension with respect to such Revolving Commitment extended pursuant to an Extension (an “Extended Revolving Commitment”), and the related outstandings, shall be a Revolving Commitment (or related outstandings, as the case may be) with the same terms as the original Revolving Commitments being extended (and related outstandings); provided that (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Extended Revolving Commitments (and related outstandings), (B) repayments required upon the maturity date of the non-extending Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments) of Loans with respect to Extended Revolving Commitments after the applicable Extension date shall be made on a pro rata basis with all other Revo...
Maturity Extensions. (a) The Borrowers have the right to extend the Initial Maturity Date by twelve (12) months at their sole option, provided that:
(i) the Initial Maturity Date is extended with respect to all Notes then outstanding;
(ii) the Borrowers notify the Holders in writing at least sixty (60) days prior to the Initial Maturity Date; and
(iii) on or prior to the Initial Maturity Date the Borrowers pay to the Holders a fee equal to one percent (1.0%) of the principal amount outstanding under all Notes then outstanding by wire transfer of immediately available funds to the account(s) designated by the Holders.
Maturity Extensions. (a) The Borrowers have the right to extend the Initial Maturity Date by twelve (12) months at their sole option, provided that:
(i) the Initial Maturity Date is extended with respect to all Notes then outstanding;
(ii) the Borrowers notify the Holders in writing at least sixty (60) days prior to the Initial Maturity Date; and
(iii) on or prior to the Initial Maturity Date the Borrowers pay to the Holders a fee equal to one percent (1.0%) of the principal amount outstanding under all Notes then outstanding by wire transfer of immediately available funds to the account(s) designated by the Holders.
(b) In accordance with Section 2.2(f)(iii)(A) of the Securities Purchase Agreement, if the sum of the Tranche 4 Advance and Incremental Advances committed during the Commitment Period is greater than or equal to $100,000,000, then in the event that the Borrowers (x) have not elected to exercise their right to extend the Initial Maturity Date to the Extended Maturity Date, the Holder shall have up to three (3) options to extend the Maturity Date, with the first option being a three (3)-year extension option, and the second and third options each being one (1)-year extension options, and (y) have elected to exercise their right to extend the Initial Maturity Date to the Extended Maturity Date, the Holder shall have up to three (3) options to extend the Maturity Date, with the first option being a two (2)-year extension option, and the second and third options each being one (1)-year extension options. Such options to extend the Maturity Date may be exercised unilaterally as to and on behalf of all Holders (and not less than all Holders) and as to all outstanding Notes (and not less than all outstanding Notes) by the Gotham Purchasers, in each case by providing written notice to the Company at least ninety (90) days prior to the Initial Maturity Date or Extended Maturity Date, as applicable, or prior to the then applicable Maturity Date, if the Maturity Date has been previously extended pursuant to the exercise of any such extension option by the Gotham Purchasers on behalf of the Holders. If any such extension option is exercised, the term “Maturity Date” as used herein shall refer to the extended maturity date resulting from such extension.
Maturity Extensions. The Borrower may at any time and from time to time, upon written notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders) (an “Extension Election”) no less than 10 Business Days prior to the Initial Maturity Date, elect to extend the Maturity Date to the Extended Maturity Date. Such Extension Election will become effective on the Initial Maturity Date, provided that the Borrower has paid the Extension Fee.
Maturity Extensions. The Borrowers have the right to extend the Initial Maturity Date by twelve (12) months at their sole option, provided that:
Maturity Extensions. With respect to each Advance (1) for which the Borrower has selected a Maturity Date that will occur before the twentieth anniversary of the Requested Advance Date specified in the respective Advance Request, or (2) for which a Maturity Date that will occur before the twentieth anniversary of the Requested
Maturity Extensions