Future Extensions Clause Samples
The "Future Extensions" clause defines how the agreement may be expanded or modified to include additional features, services, or terms in the future. Typically, this clause outlines the process for proposing, negotiating, and formalizing such extensions, often requiring mutual written consent from all parties involved. Its core function is to provide a structured and agreed-upon method for adapting the contract to evolving needs or circumstances, ensuring flexibility while maintaining clarity and mutual understanding.
Future Extensions. 2.1 In the event that the RDEK wishes to extend the boundaries of the SA to include additional properties, then the RDEK shall make a written request to KWSC for the extension setting out the boundaries of the proposed extension and the maximum number of water supply connections required for the extension.
2.2 If the proposed extension is approved by KWSC, then the parties shall enter into a Modification and Extension Agreement in the form set out in Schedule 3 to this Agreement.
Future Extensions. (a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Lenders of Term Loans with a like maturity date or all Lenders holding Revolving Credit Commitments with a like maturity date, in each case on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term Loans or Revolving Credit Commitments with a like maturity date, as the case may be) and on the same terms to each such Lender, the Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Term Loans or Revolving Credit Commitments and otherwise modify the terms of such Term Loans or Revolving Credit Commitments pursuant to the terms of the relevant Extension Offer (including, without limitation, by increasing or decreasing the interest rate or fees payable in respect of such Term Loans or Revolving Credit Commitments (and related outstandings) or modifying the amortization schedule in respect of such Lender’s Term Loans) (each, an “Extension”, and each group of Term Loans or Revolving Credit Commitments, as applicable, in each case as so extended, as well as the original Term Loans and the original Revolving Credit Commitments (in each case not so extended), being a “tranche”; any Extended Term Loans shall constitute a separate tranche of Term Loans from the tranche of Term Loans from which they were converted, and any Extended Revolving Credit Commitments shall constitute a separate tranche of Revolving Credit Commitments from the tranche of Revolving Credit Commitments from which they were converted), so long as the following terms are satisfied: (i) no Default or Event of Default shall have occurred and be continuing at the time the offering document in respect of an Extension Offer is delivered to the Lenders, (ii) except as to pricing (interest rate, fees, funding discounts and prepayment premiums) and maturity (which shall be set forth in the relevant Extension Offer), the Revolving Credit Commitment of any Revolving Credit Lender that agrees to an Extension with respect to such Revolving Credit Commitment (an “Extending Revolving Credit Lender”) extended pursuant to an Extension (an “Extended Revolving Credit Commitment”), and the related outstandings, shall be a Revolving Credit Commitment (or related ou...
Future Extensions. Upon the request of the Borrower, any Lender may agree to extend the maturity date applicable to its Term Loan or Revolving Credit Commitment to a date after the then applicable maturity date (with respect to Term Loans) or the then applicable commitment termination date (with respect to Revolving Credit Commitments) and such extensions shall only require the consent of the Borrower, such Lender and the Administrative Agent (in each case, such consent shall not be unreasonably withheld or delayed); provided, however, that (i) any such request for extension shall be in a minimum amount of $100,000,000 and (ii) such request and the opportunity to further extend its Term Loan or Revolving Credit Commitment shall be made available to each Term Loan Lender and/or Revolving Credit Lender, as appropriate under the circumstances.
Future Extensions. Notwithstanding anything herein to the contrary, at any time after the Third Amendment Effective Date, the Borrower may request and any Lender may agree to extend the maturity date applicable to its Term Loan or Revolving Credit Commitment to a date after April 30, 2016 (with respect to Term Loans) or the fifth anniversary of the Third Amendment Effective Date (with respect to Revolving Credit Commitments) and such extensions shall only require the consent of the Borrower, such Lender and the Administrative Agent (in each case, such consent shall not be unreasonably withheld or delayed); provided, however, that (i) any such request for extension shall be in a minimum amount of $100,000,000 and (ii) such request and the opportunity to further extend its Term Loan or Revolving Credit Commitment shall be made available to each Term Loan Lender and/or Revolving Credit Lender, as appropriate under the circumstances.
(ee) Section 3.3(a) of the Credit Agreement is hereby amended by inserting the following sentence between the first and second sentence thereof: Additionally, the Borrower will pay a fee on the aggregate drawable amount of all outstanding Letters of Credit attributable to the Extending Revolving Credit Lenders at a rate per annum equal to the Extended Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Credit Facility, shared ratably among the Extending Revolving Credit Lenders in accordance with their respective Revolving Credit Percentages and payable quarterly in arrears on each L/C Fee Payment Date after the issuance date of such Letters of Credit.
(ff) Section 6.9(b) of the Credit Agreement is hereby amended by deleting the last sentence of such clause in its entirety and replacing such sentence with the following: Notwithstanding the foregoing, the Parent, the Borrower and the Subsidiary Guarantors may elect to exclude from the requirements of this Section 6.9(b) leasehold interests in real property and fee-owned real property, to the extent that such leasehold interests and fee interests have an aggregate value, measured at the time of any such election, not in excess of $75,000,000 (valued in accordance with Schedule 6.9).
(gg) Section 6.9(c) of the Credit Agreement is hereby amended by inserting the words “or (iii) a CFC Holdco” at the end of the first parenthetical thereof.
(hh) Section 6.9(d) of the Credit Agreement is hereby amended by inserting the words “or CFC Class II Holdco” in the first and twelfth...
Future Extensions. The Township Council acknowledges that any renewal or extension of the Lease beyond the initial term must be approved by subsequent resolutions.
Future Extensions. The Town or developer of new residential construction or developments shall provide written notification to the Licensee of the availability of the access to poles for aerial construction or the access to a joint trench in underground areas. Upon such notification, Licensee shall have six months to construct the extension subject to the Line Extension Policy outlined in Section 3.1(a). Where said notification is not provided to the Licensee or when a developer does not make joint trenches available in underground areas, such line extensions shall be built, subject to the Line Extension Policy outlined in Section 3.1(a) , within six months after the roads within said line extensions or developments are accepted as Public Ways, subject to Section 3.08 (a); provided, however, that in the case of underground construction, the six month requirement shall not apply where asphalt is not available or where the Town or State has a “road-cut moratorium” in place, or with respect to both aerial and underground construction, when homes are not expected to be occupied within the next six months.
Future Extensions. (a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Lenders of Term Loans with a like maturity date or all Lenders holding Revolving Credit Commitments with a like maturity date, in each case on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term Loans or Revolving Credit Commitments with a like maturity date, as the case may be) and on the same terms to each such Lender, the Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Term Loans or Revolving Credit Commitments and otherwise modify the terms of such Term Loans or Revolving Credit Commitments pursuant to the terms of the relevant Extension Offer (including, without limitation, by increasing or decreasing the interest rate or fees payable in respect of such Term Loans or Revolving Credit Commitments (and related outstandings) or modifying the amortization schedule in respect of such Lender’s Term
Future Extensions. The Parties acknowledge that if additional time is required beyond this 45-day extension, further extensions may be considered in 45-day increments, subject to mutual agreement and continued progress toward the project benchmarks.