Common use of Extension of Purchase Expiration Date Clause in Contracts

Extension of Purchase Expiration Date. The Issuer may advise the Funding Agent in writing of its desire to extend the Purchase Expiration Date for an additional 364 days; provided such request is made not more than 90 days prior to, and not less than 60 days prior to, the then current Purchase Expiration Date. The Funding Agent shall notify the Issuer in writing, within 30 days after its receipt of such request by the Issuer, whether the Purchasers or any of them intend to agree to such extension (it being understood that (i) such notification of intent shall neither constitute an express nor an implicit agreement by any Purchaser to extend the then current Purchase Expiration Date and (ii) the Purchasers may accept or decline such a request in their sole discretion and on such terms as they may elect and, if the Purchasers so agree, the Issuer, the Funding Agent and the Purchasers shall enter into such documents as the Purchasers may deem necessary or appropriate to reflect such extension, and all reasonable costs and expenses incurred by the Purchasers and the Funding Agent in connection therewith (including reasonable attorneys’ fees and expenses) shall be paid by the Issuer); it being understood that the failure of the Funding Agent to so notify the Issuer as set forth above shall not be deemed to be a consent to such request for extension.

Extension of Purchase Expiration Date. The Issuer may advise the Funding Agent in writing of its desire to extend the Purchase Expiration Date for an additional 364 days; provided such request is made not more than 90 days prior to, and not less than 60 days prior to, the then current Purchase Expiration Date. The Funding Agent shall notify the Issuer in writing, within 30 45 days after its receipt of such request by the Issuer, whether the Purchasers or any of them intend to agree to such extension (it being understood that (i) such notification of intent shall neither constitute an express nor an implicit agreement by any Purchaser to extend the then current Purchase Expiration Date and (ii) the Purchasers may accept or decline such a request in their sole discretion and on such terms as they may elect and, if the Purchasers so agree, the Issuer, the Funding Agent and the Purchasers shall enter into such documents as the Purchasers may deem necessary or appropriate to reflect such extension, and all reasonable costs and expenses incurred by the Purchasers and the Funding Agent in connection therewith (including reasonable attorneys’ fees and expenses) shall be paid by the Issuer); it being understood understood, that the failure of the Funding Agent to so notify the Issuer as set forth above shall not be deemed to be a consent to such request for extension. The Purchase Expiration Date shall not be extended unless all Purchasers consent to such extension or all non-consenting Purchasers have assigned their interests hereunder to a new or other Purchaser (and such non-consenting Purchasers have received all outstanding amounts payable to them under the Transaction Documents).