Example ContractsClausesExtension of Maturity Date
Extension of Maturity Date
Extension of Maturity Date contract clause examples

On any anniversary of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as [Exhibit 2.8](a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as # each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and # no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Extension of Maturity Date. (a) The Borrowers may, by written notice by the Partnership to the Administrative Agent from time to time, request an extension of the Maturity Date (such extension, the “Extension” and such extended loans, the “Extended Loans”) and the Commitments (such commitments, the “Extended Loan Commitments”) to the extended maturity date specified in such notice. Such notice shall # set forth the amount of the applicable Tranche of Commitments that will be subject to the Extension (which shall be in minimum increments of $25,000,000 and a minimum amount of $375,000,000), # set forth the date on which such Extension is requested to become effective (which shall be not less than fifteen (15) Business Days nor more than sixty (60) days after the date of such Extension notice (or such longer or shorter periods as the Administrative Agent shall agree in its sole discretion)) and # identify the relevant Tranche of Commitments to which such Extension relates. Each Lender shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent and the Borrowers. If the aggregate principal amount of

Not more than seventy-five (75) days and not less than twenty (20) days prior to each annual anniversary of the Closing Date, Borrower may, in each case, request in writing that the Lenders extend the then current 5-Year Maturity Date for an additional one year (and the Administrative Agent shall promptly give the Lenders notice of any such request); provided, however, that the 5-Year Maturity Date may be extended under this [Section 2.11] no more than two (2) times in the aggregate. Each Lender shall provide the Administrative Agent, not more than fifteen (15) days subsequent to any such request by Borrower, with written notice regarding whether it agrees to extend the then current 5-Year Maturity Date. Each decision by a Lender shall be in its sole discretion and failure by a Lender give timely written notice hereunder shall be deemed a decision by such Lender not to extend the 5-Year Maturity Date. If all of the Lenders timely agree in writing to extend the 5-Year Maturity Date, then the 5-Year Maturity Date shall be extended for an additional one year pursuant to a duly executed written amendment to this Credit Agreement.

Extension of Maturity Date; Extension Fee. Provided that Borrower is in compliance with all covenants set forth in this Agreement, and no Event of Default or any other occurrence, circumstance or event, or any combination thereof, which, with the lapse of time and/or the giving of notice, would constitute an Event of Default under this Agreement or the other Loan Documents shall have occurred and be continuing, Borrower may request to extend the Initial Maturity Date for a period of one (1) year upon notice to Bank not more than ninety (90) or less than thirty (30) days prior to the then-current Initial Maturity Date (each, an “Extension”). Each Extension shall be subject to Bank’s approval in its sole and absolute discretion. If a requested Extension is not granted, Lender shall have no obligations to make Advances following the then-current Initial Maturity Date, and Borrower shall repay the Loan as set forth in the Promissory Note.

Maturity Date Extension. Each of the following transactions will occur on the Effective Date after the conditions precedent set forth in Section 3 have been satisfied:

Extension of Maturity Date. The maturity date(s) for all term loans (but not any other facilities) under the Loan Agreement that occur after the Deferral Agreement Effective Date shall be extended by six (6) months, and the corresponding definitions of such maturity dates in the Loan Agreement shall be deemed to be amended accordingly.

On May 6, 2021, Seller requested and Buyer agreed to Seller’s request to exercise the first extension option, and thereby the Maturity Date under the Agreement was extended to May 6, 2022. This letter shall serve as confirmation that # Seller has requested that Buyer extend the Maturity Date for second one year Extension Period pursuant to [Article 3(n)] of the Agreement, # Buyer has agreed to grant a one year Extension Period pursuant to [Article 3(n)] of the Agreement, subject to Seller paying to Buyer an Extension Fee of $375,000, and Seller and Guarantor countersigning this letter, and # from and after the date of this letter, the Maturity Date under the Agreement shall be, and is hereby, extended from the first extended Maturity Date of May 6, 2022 to the second extended Maturity Date of May 6, 2023. By signing this letter below, Seller hereby represents and warrants that, as of the date hereof, the Maturity Date Extension Conditions set forth in [Article 3(n)(ii)] of the Agreement have been satisfied. The extension granted pursuant to this letter shall be conditional on Buyer’s receipt of an Extension Fee in the amount of $375,000.

This letter shall serve as confirmation that # Seller has requested that Buyer extend the Maturity Date for a one year Extension Period pursuant to [Article 3(n)] of the Agreement, # Buyer has agreed to grant a one year Extension Period pursuant to [Article 3(n)] of the Agreement, subject to Seller paying to Buyer an Extension Fee of $375,000, and Seller and Guarantor countersigning this letter, and # from and after the date of this letter, the Maturity Date under the Agreement shall be, and is hereby, extended from the Initial Maturity Date of May 6, 2021 to the first extended Maturity Date of May 6, 2022. By signing this letter below, Seller hereby represents and warrants that, as of the date hereof, the Maturity Date Extension Conditions set forth in [Article 3(n)(ii)] of the Agreement have been satisfied.

On any anniversary of the Closing Date prior to the Maturity Date, the Borrowers may request to extend the then-applicable Maturity Date (the “Existing Maturity Date”) for an additional one-year period (an “Extension Period”) to the date that is one year after the Existing Maturity Date (the “Requested Maturity Date”); provided that the Borrowers may extend the Maturity Date for a maximum two (2) such Extension Periods. The Borrowers may make such request in a notice given as herein provided and substantially in the form attached hereto as [Exhibit 2.8](a) (the “Extension of Maturity Date Request”) to the Administrative Agent not less than 30 days and not more than 90 days prior to any anniversary of the Closing Date, so long as # each of the representations and warranties contained in Section 7 and in the other Credit Documents shall be true and correct in all material respects on and as of the date of such notice and as of the commencement date of the relevant Extension Period as if made on and as of each date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and # no Default or Event of Default shall have occurred and be continuing on the date of such notice and as of the commencement date of the relevant Extension Period. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Administrative Agent, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Existing Maturity Date with respect to its Commitment. Any Lender which shall not timely notify the Borrowers and the Administrative Agent of its election to extend the Existing Maturity Date shall be deemed not to have elected to extend the Existing Maturity Date with respect to its Commitment (any Lender who timely notifies the Borrowers and the Administrative Agent of an election not to extend or fails to timely notify the Borrowers and the Administrative Agent of its election being referred to as a “Terminating Lender” and all such Lenders, collectively, the “Terminating Lenders”). The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

Extension of Maturity Date. The maturity date(s) for all term loans (but not any other facilities) under the Loan Agreement that occur after the Deferral Agreement Effective Date shall be extended by six (6) months, and the corresponding definitions of such maturity dates in the Loan Agreement shall be deemed to be amended accordingly.

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