Extension Advisor Clause Samples
The Extension Advisor clause designates an individual or entity responsible for providing guidance or recommendations regarding the extension of a contract or project timeline. In practice, this advisor may assess progress, review circumstances that could justify an extension, and formally advise the parties on whether an extension is warranted. This clause ensures that extension decisions are informed by an impartial or expert perspective, helping to prevent disputes and facilitate fair, well-reasoned adjustments to deadlines.
Extension Advisor. 92 ARTICLE IV DISTRIBUTIONS TO CERTIFICATEHOLDERS
Extension Advisor. (a) The Special Servicer shall submit to the Extension Advisor any Asset Strategy Report recommending that a Mortgage Loan be modified in such manner as to extend the maturity date of such loan for a period of more than three (3) years beyond the scheduled maturity date of such loan as of the Cut-Off Date (a "Modification"). The Extension Advisor shall, within ten business days of such written request, file a written report with the Trustee and the Special Servicer approving or disapproving such modification and summarizing the reasons for its determination. The initial Extension Advisor on behalf of the Holders of the Senior Certificates shall approve of such Modification if it determines that the decision of the Special Servicer to modify the Mortgage Loan is consistent with the Special Servicer standard set forth in Section 6.01. Any successor Extension Advisors shall approve such Modifications if it determines that the decision of the Special Servicer to so modify the Mortgage Loan is in the best interest of the holders of the Senior Certificates. If unusual business circumstances or the need for additional information or analysis does not allow the timely filing of such report, the Extension Advisor will, to the best of its ability, file a statement within said ten day period with the Trustee and Special Servicer setting forth the estimated additional time required to complete its determinations and the reasons for the delay and will complete its determinations in the most expeditious manner reasonably possible.
(b) The initial Extension Advisor's review shall be conducted by personnel in the Real Estate Division of its Commercial Banking Services Area or similar group with experience in the administration of commercial mortgage loans. It shall consist of the review of relevant information furnished to it by the Special Servicer pursuant to clause (c) and (d) hereof and such other information as it may have or determine to obtain with respect to the subject Mortgage Loan, and the circumstances (legal, market, physical, financial and otherwise) which may impact its collection. The Extension Advisor may obtain information outside of its normal data resources to fulfill its responsibilities.
(c) The Special Servicer shall, at the time of any request to the extension Advisor for approval of a Modification, furnish to the Extension Advisor copies of all Asset Strategy Reports on the Mortgage Loan being modified, a written description of the Modification in...
Extension Advisor. 93 SECTION 3.27. Consulting Certificateholder.......... 93
Extension Advisor. 15 FDIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Extension Advisor. 93 SECTION 6.15
Extension Advisor. The Special Servicer shall obtain the prior written approval of the Extension Advisor in respect of any proposed extension of a Mortgage Loan pursuant to Section 3.10(a) with respect to which three successive extensions shall have already been granted. The Special Servicer shall advise the Extension Advisor in a written report (in reasonable detail) if any such extension after the third successive previous extension of such Mortgage Loan with respect to a Specially Serviced Mortgage Loan is proposed and the Special Servicer shall grant such extension only if the Extension Advisor approves such extension in writing. The Extension Advisory Fee shall be paid to the Extension Advisor, first from loan modification fees paid by the Borrower under the related Mortgage Loan as to which an extension was requested, and, to the extent that such loan modification fees are insufficient to pay the Extension Advisory Fee, any such shortfall shall be paid from the Servicing Compensation; provided that the reduction in Servicing Compensation shall be allocated equally between the Servicer and the Special Servicer. The Extension Advisor may be replaced at any time by the Holders of ____% of the Voting Rights allocated to each Class of Regular Certificates, other than the most subordinate such Class of Regular Certificates, by written notice to the Extension Advisor, the Trustee and the Special Servicer. Notwithstanding anything to the contrary contained herein, in no event shall the Special Servicer be the Extension Advisor.