Common use of First Extension Clause in Contracts

First Extension. 7.1.1 To the extent that no Default has occurred and is continuing at the time, a Borrower may request that the Final Maturity Date for Facility A be extended for a further period of 12 Months (the First Extension Period) by giving written notice to the Lender at any time before the date which is no later than 3 Months before the original Final Maturity Date. 7.1.2 The Lender shall notify the relevant Borrower within 30 days of receipt of the request: (a) whether the Lender has received credit approval for the First Extension Period; and (b) the commercial terms applicable to the First Extension Period (including but not limited to the interest rate and interest payment dates) on which such approval is granted. 7.1.3 If: (a) the Lender received credit approval for, and consents to, the First Extension Period in writing; and (b) the Parties agree the commercial terms applicable to the First Extension Period (including but not limited to any fees, the interest rate and interest payment dates), subject to the receipt by the Lender of all (or waiver by the Lender of receipt of all or some) of the documents and evidence which the Lender considers to be necessary or desirable (if it has notified the relevant Borrower accordingly) in connection with the extension of the Final Maturity Date (the First Extension CP Documents) to the satisfaction of the Lender, acting reasonably, on or before the original Final Maturity Date, the Final Maturity Date will be extended for a further period of 12 Months in relation to such L▇▇▇▇▇’s Commitment. The Lender must promptly give notification to the relevant Borrower of receipt of the First Extension CP Documents.

First Extension. 7.1.1 To the extent that no Default has occurred and is continuing at the time, a Borrower may request that the Final Maturity Date for Facility A be extended for a further period of 12 Months (the First Extension Period) by giving written notice to the Lender at any time before the date which is no later than 3 Months before the original Final Maturity Date. 7.1.2 The Lender shall notify the relevant Borrower within 30 days of receipt of the request: (a) whether the Lender has received credit approval for the First Extension Period; and (b) the commercial terms applicable to the First Extension Period (including but not limited to the interest rate and interest payment dates) on which such approval is granted. 7.1.3 If: (a) the Lender received credit approval for, and consents to, the First Extension Period in writing; and (b) the Parties agree the commercial terms applicable to the First Extension Period (including but not limited to any fees, the interest rate and interest payment dates), subject to the receipt by the Lender of all (or waiver by the Lender of receipt of all or some) of the documents and evidence which the Lender considers to be necessary or desirable (if it has notified the relevant Borrower accordingly) in connection with the extension of the Final Maturity Date (the First Extension CP Documents) to the satisfaction of the Lender, acting reasonably, on or before the original Final Maturity Date, the Final Maturity Date will be extended for a further period of 12 Months in relation to such L▇▇▇▇▇▇’s Commitment. The Lender must promptly give notification to the relevant Borrower of receipt of the First Extension CP Documents.