Maturity Extension Option definition
Examples of Maturity Extension Option in a sentence
On the Initial Maturity Date, and subject to the Maturity Extension Option (as defined below), the Company shall pay to the Holder all principal of and interest (and other amounts) accrued on this Note (collectively, the “Obligations”) either (i) in cash or (ii) to the extent permitted through an Exchange in accordance with Section 2(c) below.
If the Holder exercises the Maturity Extension Option, the Obligations shall become due on the Subsequent Maturity Date instead of the Initial Maturity Date, and Interest (and any other amounts) shall continue to accrue hereon through the full and final payment (through cash or an Exchange) of all Obligations.
If the Holder does not exercise the Maturity Extension Option, the Obligations shall be deemed due and payable on the Initial Maturity Date.
In order to exercise the Maturity Extension Option, the Holder must deliver written notice thereof no later than the fifth (5th) Business Day prior to the Initial Maturity Date specifying the amount of Obligations to which the Maturity Extension Option applies.
No Maturity Extension Option shall become effective unless (i) on the date of the applicable extension, no Default or Event of Default is continuing and (ii) on or prior to the date of the applicable extension, the Borrower has paid to the Administrative Agent, for the account of each Lender party to this Agreement as a Lender on such date, an extension fee in cash in an amount equal to 1.00% of the principal amount of such Lender’s Term Loans outstanding on such date that are being extended.
On the Initial Maturity Date, and subject to the Maturity Extension Option (as defined below), the Company shall pay to the Holder all principal of and interest (and other amounts) accrued on this Note (collectively, the “Obligations”) either (i) in cash or (ii) through an Exchange in accordance with Section 2(c) below.
The exercise of the Maturity Extension Option shall not become effective unless on the date of the Maturity Extension Notice no Default or Event of Default is then continuing.
Further provided, with respect to return-to-industry leave and consistent with the above restrictions, the Seattle College District will guarantee that the faculty member will suffer no loss in salary or fringe benefits (insurance and retirement contribution) during the period of leave in which the faculty member is gainfully employed in an approved industry.