Extension Election Clause Samples
An Extension Election clause allows one or both parties to a contract to extend the term or duration of the agreement beyond its original end date. Typically, this clause outlines the process for exercising the extension, such as providing written notice within a specified timeframe before the contract expires, and may specify how many times or for how long the extension can be invoked. Its core practical function is to provide flexibility, enabling parties to continue their business relationship without renegotiating a new contract, thereby ensuring continuity and reducing administrative burdens.
Extension Election. (a) If an Extension Election is timely made by the Company Stockholder Representatives, within 10 Business Days after such election, to the extent that the value of the Company Escrowed Shares, cash and other property held in the Company Escrow Account exceed the sum of (i) the Tax Liability Amount and (ii) an amount equal in value to 120% of the amount of any Claims against the Company Escrow Fund that have not been finally resolved and paid as of the Initial Escrow Period Termination Date, the Escrow Agent shall distribute to the Company Stockholders on a pro rata basis Company Shares equal in value to such excess.
(b) If an Extension Election is timely made by the Company Stockholder Representatives, within 5 Business Days after the Sales Tax Extension Termination Date, Parent shall deliver a notice to the Company Stockholder Representatives and the Escrow Agent (the "Final Tax Liability Notice") setting forth the amount, as of the Sales Tax Extension Termination Date, of the Tax Liability Amount (the "Final Tax Liability Amount").
(c) If the Final Tax Liability Amount is lower than the Sales Tax Claim Liability Amount as a result of a payment or payments by Parent, then promptly following each such payment, Parent and the Company Stockholder Representatives shall deliver a joint instruction to the Escrow Agent directing the Escrow Agent to deliver Company Escrowed Shares to Parent equal in value to the amount of such payment or payments by Parent.
(d) Within 10 Business Days after the delivery to the Company Stockholder Representatives and the Escrow Agent of the Final Tax Liability Notice, the Escrow Agent shall deliver Company Escrowed Shares to Parent in an amount equal to the value of the Final Tax Liability Amount. If the Company Escrowed Shares then held in the Company Escrow Fund are valued at an amount that is less than the Final Tax Liability Amount (the "Final Shortfall Amount"), the Escrow Agent shall deliver to Parent all Company Escrowed Shares together with any cash and such other property in the Company Escrow Fund necessary to make up for the Final Shortfall Amount, to the extent available. If any shares or other property remain in the Company Escrow Fund after settlement of the Final Tax Liability Amount, then (x) if there are any Claims against the Company Escrow Fund that have not been finally resolved and paid, the Escrow Agent shall reserve a number of Company Escrowed Shares equal in value to 120% of the amount of any such Claims ...
Extension Election. This Note will mature on the Initial Maturity Date, unless the maturity of all or a portion of the Principal Amount of this Note is extended in accordance with the procedures described below. In no event shall the maturity of this Note be extended beyond the Final Maturity Date. During a notice period relating to an Election Date (as defined below), the holder of this Note may elect to extend the maturity of all or any portion of the Principal Amount of this Note (in Authorized Denominations) so that the maturity of this Note will be extended to the Corresponding Maturity Date (as defined below) for the immediately following Election Date; provided, however, that if such Corresponding Maturity Date is not a Business Day, the maturity of this Note will be the immediately preceding Business Day. The Election Dates will take place monthly on the 9th day of each month, commencing on April 9, 2008 and ending on March 9, 2009, except that if any Election Date would otherwise be a day that is not a Business Day, the notice period (described below) will be extended until 12:00 Noon, New York City time, on the first Business Day following the applicable Election Date, at which time such notice will be irrevocable. The respective Corresponding Maturity Date for each Election Date is the 9th day of the calendar month which is one calendar month after (1) April 9, 2009 (in the case of an initial extension of maturity) or (2) any later date to which the maturity date of this Note has previously been extended; provided, that such maturity date shall be March 19, 2010 in respect of an election to extend on March 9, 2009 (the “Corresponding Maturity Date”). If the holder of this Note fails to make an effective election to extend the maturity of all or a portion of the Principal Amount of this Note, the maturity date of this Note (or such portion hereof) will be the Corresponding Maturity Date for the immediately preceding Election Date. For example, assuming the holder of this Note has previously made an election to extend the maturity date to May 9, 2009, if the holder of this Note fails to make an effective election to extend the maturity of all or a portion of the Principal Amount of this Note on the Election Date occurring in May 2008, this Note (or such portion hereof) will mature on May 9, 2009. If the holder of this Note elects to extend the maturity of a portion of this Note on the Election Date occurring in May 2008, such portion of this Note will then be schedul...
Extension Election. It shall be a condition precedent to the effectiveness of any Extension that no Default or Event of Default shall exist on the date of the Extension Request and on the date of the Extension.
Extension Election. Subject to the conditions set forth in Section 7.04(c), the Issuer, or the Manager acting on behalf of the Issuer, shall have the option on or before the Payment Date occurring in December 2029 to elect (the “Series 2025-1 Class A-1-V Extension Election”) to extend the Series 2025-1 Class A-1-V Anticipated Repayment Date to the Payment Date occurring in December 2030 by delivering written notice to each of the Series 2025-1 Class A-1-V Administrative Agent, the Indenture Trustee and the Servicer to the effect that the conditions precedent to such Series 2025-1 Class A-1-V Extension Election set forth in Section 7.04(c) are satisfied as of the date of the notice and acknowledging that such conditions precedent to such Series 2025-1 Class A-1-V Extension Election set forth in Section 7.04(c) are required to be effective at the time of, and after giving effect to, such extension as a condition to the extension. Upon such extension, the Payment Date occurring in December 2030 shall become the Series 2025-1 Class A-1-V Anticipated Repayment Date.
Extension Election. (a) Provided that the Borrower shall have received all necessary consents and approvals of all applicable Governmental Authorities, at least 60 but not more than 90 days prior to the first annual anniversary of the Closing Date and each such annual anniversary thereafter, the Borrower, by delivering a written notice to the Agent (which notice shall be irrevocable), may request that the Commitment Termination Date and the Termination Date be extended for an additional one year period. The Agent shall notify each Lender that the Borrower has made such request promptly upon its receipt of such notice. Each Lender, within 30 days after receipt of such notice from the Agent, shall advise the Agent as to whether it elects to extend its Commitment (such election to be in the sole and absolute discretion of each Lender). Any Lender that fails to respond to within such 30-day period shall be deemed to have elected not to extend its Commitment. Any notice by a Lender of its willingness to extend its Commitment shall be revocable (upon written notice to the Agent) until 30 days prior to such first annual anniversary or subsequent annual anniversary, as applicable. The Agent shall notify the Borrower no later than such first annual anniversary or subsequent annual anniversary, as applicable, of each Lender's decision.
(b) The Borrower's extension request shall be approved if not fewer than the Required Lenders agree to extend their Commitments. If at least the Required Lenders but fewer than all the Lenders shall consent to an Extension Election, the Commitments shall be reduced to an amount equal to the aggregate Commitments of the Lenders that shall have consented to such Extension Notice; provided that the Borrower shall have the right to accept Commitments from third-party financial institutions acceptable to the Agent exercising reasonable discretion (each, a 'Replacement Extending Lender') in an aggregate amount up to the pre-termination Commitments of the Lenders who elect not to extend (each, a 'Non-Approving Lender') (it being understood that any Lenders who elect to extend their Commitments (each, an 'Extending Lender') shall have the right to increase their Commitments up to the aggregate amount of the pre-termination Commitments of the Non-Approving Lenders before the Borrower shall be permitted to substitute any Replacement Extending Lender).
(c) Each Non-Approving Lender shall transfer its Loans and Commitment (or any portion of such Loans and Commitment...
Extension Election. Subject to the conditions set forth in Section 4.7(b)(ii) of this Series 2007-1 Supplement, the Co-Issuers, acting in their sole discretion, shall have the option on or before September 20, 2012 to elect (the “Series 2007-1 Extension Election”) to extend the Series 2007-1 Adjusted Repayment Date applicable to each Class of Series 2007-1 Notes (other than the Series 2007-1 Class A-2-I Notes) to June 20, 2013 by delivering written notice to the Indenture Trustee, the Series 2007-1 Class A-1 Administrative Agent, the Noteholders and the Series 2007-1 Class A Insurer; provided, that upon such extension, June 20, 2013 shall become the Series 2007-1 Adjusted Repayment Date. Any exercise of the Series 2007-1 Extension Election will be required to be made with respect to each Class of Series 2007-1 Notes simultaneously (other than the Series 2007-1 Class A-2-I Notes because the Series 2007-1 Class A-2-I Outstanding Principal Amount must be paid in full for the Series 2007-1 Extension Election to be effective).
Extension Election. Section 1.2(e) FGSB Closing Date................................................. Section 1.2(d)(i) FGSB Closing Notice............................................... Section 1.2(d)(i)) FGSB Election Notice.............................................. Section 1.2(d)(i) FGSB Portfolio.................................................... Section 1.2(d) FGSB Portfolio Agreement.......................................... Section 1.2(d) Fixed Charges..................................................... Section 6.4(d) GAAP.............................................................. Section 6.4(e) General Partner................................................... Section 2.5(b) Governmental Authority............................................ Section 2.35(b) Hazardous Material................................................ Section 2.35(b) Higher Price Participation Securities............................. Section 1.2(f) Indebtedness...................................................... Section 6.4(f) Incorporated Documents............................................ Section 2.11(b) Initial Closing Date.............................................. Section 1.2(b) Intangibles....................................................... Section 2.26 Investment Company Act............................................ Section 2.38 Investor..........................................................
Extension Election. Any notice given pursuant to Section 3.6(b)(i) or (ii) shall be irrevocable; provided that if the conditions set forth in this Section 3.6(b)(iii) are not met as of the applicable date of such Series 2022-1 Extension Election, the election set forth in such notice shall automatically be deemed ineffective. For the avoidance of doubt, no consent of the Trustee, the Control Party, the Controlling Class Representative, the Series 2022-1 Class A-1 Administrative Agent, any Noteholder or any other Secured Party shall be necessary for the effectiveness of any Series 2022-1 Extension Election.