Extension Procedure Clause Samples
The Extension Procedure clause outlines the process by which parties can formally extend deadlines or timeframes specified in an agreement. Typically, this clause details the steps required to request an extension, such as providing written notice within a certain period before the original deadline, and may specify any conditions or approvals needed for the extension to take effect. Its core practical function is to provide a clear and agreed-upon method for adjusting timelines, thereby reducing disputes and ensuring flexibility when unforeseen delays occur.
Extension Procedure. The Labor-Management Committee’s approval is required for extensions. Requests must be made thirty (30) days prior to reaching the one thousand forty (1,040)- hour deadline. Any extension granted by the Labor-Management Committee will result in the employee continuing their employment as a temporary employee doing temporary work.
Extension Procedure. Tenant may exercise its right to extend this Lease for each of the Extended Terms by giving notice to Landlord not less than one (1) year (the "Deadline Date") prior to the expiration of the then current Initial or Extended Term. If Tenant does not timely notify Landlord of Tenant's election to renew by the Deadline Date, Landlord shall at any time after the expiration of the Deadline Date, but at least ninety (90) days before the expiration of this Lease, give to Tenant and to each Tenant Leasehold Mortgagee a written notice stating that the Deadline Date has passed. Tenant or any Tenant Leasehold Mortgagee may nevertheless exercise the right to renew within thirty (30) days after the receipt of Landlord's notice. Notwithstanding the foregoing, if Tenant or any Tenant Leasehold Mortgagee does not exercise its option to extend the Term for any Extended Term, the Lease shall terminate at the end of the then current Term, giving to Landlord all rights, title and interest in the Development, including, but not limited to, the right to enter the property and take full possession of the Development without any compensation or payment to Tenant free and clear of any mortgages or security interests. The terms, covenants, conditions and provisions in effect during the Extended Terms shall be the same as those in effect during the Initial Term.
Extension Procedure. Tenant shall be entitled to extend the Initial Lease Term for three (3) additional and consecutive five (5) year periods (each, an “Extension Term”; collectively, the “Extension Terms”) as to all or a portion of the Premises, provided any exercise of an extension option by Tenant relative to less than all of the then-current Rentable Area of the Premises shall be subject to the terms and provisions in Section 4(d) below in this exhibit. The first Extension Term, if timely and properly exercised by Tenant, shall commence as of the expiration of the Initial Lease Term, and each subsequent Extension Term, if timely and properly exercised by Tenant, shall commence as of the expiration of the immediately preceding Extension Term. Provided, however, it shall be a condition precedent to Tenant’s right to exercise its option for any of the Extension Terms that Tenant shall have timely and properly exercised its option to extend the Lease Term for all prior Extension Terms (unless Landlord shall have recognized Tenant’s exercise of such prior Extension Term(s) notwithstanding Tenant’s failure to timely and properly exercise same, in which case such failure by Tenant shall be deemed to have been cured). In the event Tenant desires to exercise its option to extend the Lease Term for the first Extension Term, Tenant shall so notify Landlord by delivering to Landlord a written notice confirming such exercise by Tenant (an “Extension Notice”) not later than two hundred seventy (270) days prior to the last day of the Initial Lease Term. In the event Tenant desires to exercise its option to extend the Lease Term for the second and subsequent Extension Terms, Tenant shall so notify Landlord by delivering to Landlord an Extension Notice not later than two hundred seventy (270) days prior to the last day of the then-current Extension Term.
Extension Procedure. Subject to Subsection (d) of this Paragraph 7, Tenant shall be entitled to extend the Term for one (1) additional two (2) year period (the “Extension Term”). The Extension Term, if exercised by Tenant hereunder, shall commence as of the end of the
Extension Procedure. (a) Except as otherwise set forth on Annex I, each Existing Letter of Credit shall have an expiration date no later than the earlier of (A) the first anniversary of its date of issuance, and (B) five (5) Business Days before the Maturity Date (known at the time of such issuance); provided that, any Existing Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods, which shall in no event extend beyond the date referred to in clause (B) above.
(b) If any Existing Letter of Credit shall be scheduled to expire by its terms, but the underlying obligation of the Company or a Subsidiary of the Company to provide such Existing Letter of Credit to the beneficiary thereof has not expired or will not expire concurrently with the expiration of such Existing Letter of Credit (as certified in writing to the Administrative Agent by a responsible officer of the Company), such Existing Letter of Credit shall be extended or renewed, and the Lenders shall be deemed to have authorized such extensions or renewals (such extended or renewed Existing Letter of Credit, an “Extended Letter of Credit”); provided that, with respect to such extension or renewal (A) the face amount of such Extended Letter of Credit shall not exceed the face amount of such Existing Letter of Credit, (B) the conditions to drawing under the Extended Letter of Credit shall be identical to such conditions under such Existing Letter of Credit, (C) the request by an officer of the Company or such Subsidiary shall be deemed a certification of such Person that the underlying contractual obligations are the same obligations that the Existing Letter of Credit being extended or renewed was issued to support and (D) the beneficiary under the Extended Letter of Credit shall either be (aa) the same as the beneficiary under such Existing Letter of Credit or (bb) a successor to or Affiliate of the beneficiary under such Existing Letter of Credit.
(c) As to any Existing Letter of Credit that has automatic extension provisions (including an evergreen provision), the Lenders shall be deemed to have authorized the applicable Issuing Bank to extend such Existing Letter of Credit at any time to an expiry date not later than the earlier of (A) one year from the date of such issuance or an anniversary of any such extension and (B) the date that is five (5) Business Days prior to the Maturity Date.
Extension Procedure. It is the intent of the Company that extensions will be called at least 30 minutes prior to the start of the main meal break; however, extensions will be called at least 15 minutes prior to the main meal break. For Midnight shifts the notification will be by the end of the first meal break.