Common use of Initial Extension Clause in Contracts

Initial Extension. On or before the expiration of the initial Availability Period, but no earlier than ninety (90) days prior to the expiration of the initial Availability Period, You may request in writing an extension of the Availability Period for a period of up to an additional nine (9) months (the “Initial Extension”) conditioned upon: (a) confirmation reasonably satisfactory to Us that You have completed the Availability Period Extension Milestone, (b) no Default or Event of Default has occurred and is continuing as of the date thereof and (c) receipt of the Availability Extension Fee. We may approve, in Our sole discretion, the Initial Extension in the absence of Your completion of the Availability Period Extension Milestone.